Sølvtrans re-establish operations in Chile

The total contract value for the two vessels is USD 15.5 million.

Sølvtrans had three vessels in operations in Chile until spring 2009. Due to the ISA situation, the company decided to terminate the operations. The company has retained several key employees from its Chilean subsidiary and expects to be in full operations soon after the vessels arrive in Chile.

The vessels will mobilize to Chile as soon as the formal financing is approved. Sølvtrans is in constructive discussions with its banks and expects a decision shortly.

Invertec is a leading aquaculture company, supplying salmon and scallop products world-wide. The company is listed in Chile. Tornagaleones is a well-established company producing smolt and doing salmon farming.

The vessels Frøyfisk and Frøyhav are both modern vessels of 660 m3, built in 2001 and 2003 respectively. Acoording to the recently approved Chilean regulations, the vessels will be equipped with UV filters prior to commencing operations.