Strong growth in profitability for Grieg Seafood

From the presentation the company reports about improved operational and biological performance, continued strong market prices in all markets, result negatively affected by premature harvesting of ISA infected fish in Shetland. Solidity and financial situation considerably improved during the quarter. Market conditions have been very favourable in the period with spot prices increasing significantly. This has been the main factor contributing to the positive development in profitability for Grieg Seafood, in particular in second quarter. All market areas have seen strong and increasing prices in the quarter, as a result of the overall tighter market supply. It is expected that the reduced supply of salmon globally will continue and cause a favourable market balance and good prices going forward. EBIT before IFRS adjustment of biomass reached 5.73 NOK/kg and increase of 382% in second quarter, and 3.85 NOK/kg in the first half 2009. In particular the operations in Norway have seen a strong improvement in profitability in the quarter. The result in Shetland has both in the quarter and for the first half year been strongly negatively influenced by premature harvesting of the remaining sites where the ISA virus was identified. Fixed price contracts have had a negative impact on the profitability in Norway, in particular in second quarter.