Marine Farms - Marine Farms ASA has entered into an agreement to sell Sjølaks AS

Contact information

Marine Farms ASA
Postboks 2032, Nordnes
5817 Bergen
Norway

Phone: +47 55 90 44 70
Fax: +47 55 23 46 45

NO 930 501 778 MVA

Login

Marine Farms ASA has entered into an agreement to sell Sjølaks AS

Marine Farms ASA has entered into an agreement with Northern Lights Salmon AS to sell 100% of its shares in Sjølaks AS. The transaction value including interest bearing debt amounts to approximately NOK 58 mill, which gives an EV/EBIT multiple for 2005E of approximately 23. Marine Farms will book a NOK 6.8 mill profit as a result of the transaction.

It has not been optimal for Sjølaks AS to operate just 2 licences in Northern-Troms. The company tried for a while to increase the number of licences, but without any success. Marine Farms ASA therefore decided earlier this autumn to put its Norwegian salmon operations up for sale.

Marine Farms’s main activities after the sale will be salmon in the UK and seabass/seabream in Spain. All production will be within the EU and therefore not be affected by any possible trade restrictions. In 2005 the Company acquired new businesses both in the UK and in Spain and the focus on bigger and more efficient business units will continue going forward. In addition, the Company will look for opportunities within new marine species such as cod (juvenile production) and cobia (both juvenile production and fish farming). The Company is now well positioned for further growth.

The Board of Directors are very satisfied with the outcome of the sale.

For more information, please contact:
Pål Angell-Hansen / CFO
Tel: +47 55 90 44 70
E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it