The two John Fredriksen dominated companies Marine Harvest and Deep Sea Supply has signed a letter of intent to establish a 50/50 joint venture, it is stated in a message.
The joint venture company will operate breeding shipping, and will build, own and operate aquaculture vessels, and the goal is to consolidate the industry to achieve economies of scale.
the companies believe according to the message that there is considerable room for efficiency improvements, both in terms of cost reductions in new buildings and cost effective operations.
As a result of the agreement takes Marine Harvest aim to reduce their costs related to shipping. Livestock company charters currently 44 vessels at a cost of around 100 million euros annually.
Joint venture, according to the message will be Marine Harvest’s preferred supplier of farmed vessels, but the purpose of the agreement is also to compete for external clients.
at the same time the joint venture enter into management agreements with Deep Sea Supply, which shall cover all necessary services including technical management, ship management and other corporate services.
Please note that Periscopus by Trygve OBI owns four million shares, representing a stake of 0.9 percent in Marine Harvest.
Read the full release here.
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