January 16, 2008

Marine Harvest to add charges in Chile's fourth quarter accounts

Marine Harvest announced plans to book an additional charge of NOK80 million (US$15 million) to fourth quarter accounts following infectious salmon anemia (ISA) crisis in Chile.

The amount is on top of the NOK54.1 million (US$10 million) already announced at the end of last year which will be used to fund expected destruction or slaughter of affected units and other losses.

The figure will also cover a minor harvesting/destruction cost in the fourth quarter in excess of the provision made in the third quarter, Marine Harvest said.

Despite reports on the deterioration of the company's Chilean fish stocks, the group has reiterated confidence in the business and said the outlook for its operations in the southern hemisphere remain positive for the long term.

Marine Harvest's third quarter performance has been adversely affected by the highly contagious ISA that has been spreading to many Chilean salmon farms.

The company said that it may move production sites to other areas where no traces of the disease have been reported.