September 2, 2005

Norway's Pan Fish strengthens market position

Norwegian aquaculture giant Pan Fish ASA has strengthened its market position through two other recent acquisitions besides that of Murray seafood.

Pan Fish Scotland has recently bought over a salmon farming company and smolt producer in Scotland, Corrie Mohr, valued at EUR8 million. This would make Pan Fish Scotland completely self-sufficient in smolt, and would half its smolt costs in Scotland, the company said.

Meanwhile, Pan Fish Norway acquired the remaining 50.1 percent of the shares in Oppdrettslaks for EUR635,000 which owned a salmon production licence. Pan Fish Norway assumed control of a large fish farming bay, as the licence was located close to its other operations.

Pan Fish also recently sold its 11.9 percent minority stake in Austevoll Havfiske in Norway, saying money from the sale would be used either for core business activities or for reducing debt.

Although the company's fish farming business reported revenues of EUR53.3 million in this year's second quarter, compared with EUR65.9m during the same period in 2004, the reduction was mainly due to a 35 percent reduction in harvesting volumes.

Pan Fish hoped to capitalise on currently strong salmon demand in the EU and US, with the support of its latest acquisitions.