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Marine Harvest Incur Losses of 2.8 Billion NOK

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CHILE - Marine Harvest, the world's largest aquaculture company, suffered losses amassing to over 2.8 billion Kroner over the course of 2008. The company says that the biological situation in Chile is still deteriorating and they are looking to dramatically downsize their operations in this area.

The losses incurred by Marine Harvest are highlighted in contrast with the 45 million Kroner profits which the company achieved in 2007. In a fourth quarter report the company revealed that many of its sites that have been confirmed with ISA are still to be harvested out in 2009, as a result previous break-even targets are no longer achievable.

The report predicts further significant losses to come, and also low harvest volumes throughout the remainder of this year and into 2010.

Despite of plans to dramatically downsize the Chilean operation, Marine Harvest say that they are still confident in the long term potential in the area. But for now, Marine Harvest will concentrate on building it's presence in Norway and North America.