Quotas generate bulk of proceeds for HAVFISK ASA in sale of fishing boat

HAVFISK ASA has entered into an agreement to sell additional quotas for fishing of cod, haddock and saithe, according to HAVFISK.

With reference to notification released 3 July 2013, HAVFISK informed that a Letter of Intent was signed regarding the sale of a vessel and quotas. Today a new agreement is signed with the same buyer. The new agreement replaces the former Letter of Intent. The new agreement implies an increase in the number of quota units that are sold. The total agreed purchase amount for vessel and quotas are NOK 113.6 million, where the vessel is valued to NOK 1.6 million.

The total sale includes 1.35 quota units of cod and haddock, 1.38 quota units of saithe north of the 62 parallel and 1.0 quota unit for fishing saithe south of the 62 parallel. The vessel «Jergul» is included in the sale. The agreement values one quota unit to about NOK 84 million. The sale is planned concluded in the first quarter 2014 and is subjected to approval from Norwegian authorities. 

- The sale of the quotas is part of the on-going process to reveal underlying values and obtain an optimal fleet and quota structure. The transaction contributes to create shareholder values, says CEO Olav Holst-Dyrnes.

After the transaction is completed HAVFISK will have 28.26 quotas for cod and haddock, 30.53 quota units for saithe north of the 62 parallel and 10 quotas for fishing saithe south of the 62 parallel. HAVFISK also has quotas to fish shrimps and silver smelt.

HAVFISK is Norway's largest fishery company with 10 trawlers. The company has contracted three new trawlers to replace older vessels. « Jergul» is one of the replaced vessels. Two other vessels were sold in 2012. The first of the three new vessels, «Gadus Poseidon» came into operation in the third quarter in 2013. The second vessel in the new building series, «Gadus Njord» was taken over 15 November 2013. The last of the contracted vessels is planned delivered in the first quarter 2014.  The new vessels will increase the company`s catch capacity.