Mowi planning to spin off wellboat company

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Salmon giant announcing plans to cash in shipping assets.

In 2016 Mowi entered into an aquaculture shipping joint venture named DESS Aquaculture Shipping, of which Mowi owns 50 per-cent.

“Mowi’s reason for entering into aquaculture shipping was a response to the growing demand for well boat capacity and to reduce cost. DESS Aquaculture Shipping has developed into a highly competitive wellboat company having ten vessels in operations, two under construction and another two to be contracted shortly. Mowi’s stake in DESS Aquaculture Shipping has from the start been defined as a non-core asset. DESS Aquaculture Shipping has now reached a critical size and is well positioned for further growth. Thus, the Board has found it timely to initiate a potential divestment of Mowi’s 50% stake in DESS Aquaculture Shipping,” Mowi wrote in the second quarter report.

In July, DESS Aquaculture shipping took delivery of the new wellboat ” Aqua Havsøy” which will start on a charter with Mowi Region North in Norway. The wellboat has a capacity of 3,900 m3.