Alfreð Tulinius and Bárður Hafsteinsson, naval engineers at Nautic ehf., are to be responsible for the design.
The design and testing of the model is expected to be fully completed by June 2014. A decision will subsequently be made by the parties as to whether to embark on building three fresh fish trawlers.
If an agreement is reached, the first trawler to be delivered will arrive in mid-year 2016.
A draft appearance design of the trawlers, which are 55 m in length and 13.5 m wide, has already been completed.
The Ceiliktrans shipyard currently has a pelagic fishing vessel under construction for HB Grandi.