Norway Seafoods sells trout farming activity in France and writes down value of assets

Oslo, January 31st, 2013: Norway Seafoods has entered into an agreement with Groupe Aqualande S.A.S to sell most of the company’s French farming operations. The transaction includes the sale of five land based trout farms in France, including biomass and operating equipment. The agreement also comprises the transfer of 30 employees to Groupe Aqualande S.A.S. The transaction is expected to be concluded during the 2nd quarter of 2013 and settled by cash payment of EUR 6.5 – 7.0 million depending on biomass at completion.

Norway Seafoods will continue to produce and sell trout products to its customers and has secured a long term (5 years) supply agreement with Groupe Aqualande S.A.S and its main owner Société Coopérative Agricole des Aquaculteurs Landais to ensure continued raw material supply. Following the transaction Norway Seafoods will retain its sales and processing activities in France, as well as a subleased farm in France and a fish farm in Spain.

Norway Seafoods will write down the value of assets in France, including the value of trout farms and goodwill. The write down is expected to amount to NOK 73 million and reduce equity by NOK 65 million after tax effects. The write down will influence the 2012 accounts.

- We will continue to serve our customers high quality trout through our agreement with Groupe Aqualande. We are pleased that we have found a local, industrial partner. The transaction will enable Norway Seafoods to dedicate more efforts on our core activities within sales and processing, says Thomas Farstad, CEO at Norway Seafoods.

For further information, please contact:
Thomas Farstad, CEO, tel: +47 70 11 86 00
Gunnar Aasbø-Skinderhaug, CFO, tel: +47 70 11 86 00

© Norway Seafoods | Buøyveien 7, 8340 Stamsund | Phone: +47 76 06 20 00 | Fax: +47 76 05 21 60 |

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