Aker Qrill and Rimfrost Clash Over Control of Antarctic Krill Vessel
The longstanding rivalry between Norwegian industrialist Kjell Inge Røkke and fishery entrepreneur Stig Remøy has reignited, as Aker Qrill Company announced the purchase of a partially built krill trawler from Tersan Shipyard in Turkey. The vessel was originally commissioned by Remøy’s company, Rimfrost, which has vowed to reclaim it.
Aker Qrill Company, a subsidiary of Røkke’s Aker group, confirmed the acquisition of the vessel earlier this week, citing plans for extensive modifications to create a “state-of-the-art krill fishing vessel.”
The purchase marks the second time a Røkke-affiliated company has taken over a Rimfrost vessel, following the acquisition of the Juvel after Rimfrost’s bankruptcy in 2017.
The move has drawn sharp criticism from Remøy, who claims the vessel was nearly complete and could have been operational within months. “Our goal is to regain control of this vessel to complete what would be the world’s most sustainable and innovative krill fishing ship,” Remøy stated, adding that legal and contractual complexities with Westcon, a Norwegian shipyard, had delayed the project.
Complications with Contracts and Claims
The dispute over the vessel is the latest in a string of conflicts between Aker and Rimfrost, which have spanned more than a decade. These have included numerous legal battles over patents and interests, with Rimfrost claiming victories in most cases or reporting that Aker withdrew its claims.
The ownership structure of Aker Qrill Company has added a layer of complexity. In 2023, Røkke sold a 60% stake in the company to U.S.-based private equity firm American Industrial Partners (AIP). While the arrangement complies with Norwegian fisheries regulations, which require at least 60% Norwegian ownership of vessels operating in the Antarctic krill fishery, questions have been raised about the sale’s compliance with broader legal frameworks.
Røkke retains indirect control through the ship-owning entity, Aker Biomarine Antarctic, ensuring compliance with Norwegian laws, despite his relocation to Switzerland.
What’s at Stake?
Antarctic krill, a key ingredient in health supplements and aquaculture feed, represents a lucrative yet contentious segment of Norway’s fishing industry. With licenses regulated by international agreements and limited quotas, control over vessels like this one is a high-stakes matter.
For now, Aker Qrill appears determined to proceed with its plans, while Rimfrost insists, “The last word has not been said.”
