Marine Farms Gets Funds for Organic Growth

The Fish Site
by The Fish Site
19 June 2008, at 1:00am

NORWAY - Norwegian aquaculture company Marine Farms ASA has signed a preliminary agreement for a NOK240 million multi-currency credit facility with DnB NOR Bank.

The facility will be in addition to a NOK510 million facility already in place, and will enable Marine Farms to fund its scheduled organic growth over the next few years.

Marine Farms is planning to increase its production from 15,000 tonnes to 30,000 tonnes of fish.

The new credit facility is expected to be finalised by the end of the month.

Marine Farms, headquartered in Bergen, Norway, has fish farming operations in Norway, the UK, Spain, Belize and Vietnam. The company has some 500 employees and reported sales of NOK735.4 million in 2007.