“What is happening now is not comparable to anything I have been to before”: Møgster no longer with a board position in DOF

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Lerøy’s majority owner, Helge Møgster, is now without a board position in the supply shipping company giant he himself built.

Like many other salmon farming families, the Møgster family has also a commitment to ships. Helge Møgster, together with his late brother Ole Rasmus, has built two large companies, the fishing conglomerate Austevoll Seafood, whose most important asset is the majority ownership in the Lerøy Seafood Group, and the supply company DOF.

DOF has long been plunged into debt following an aggressive growth plan. The shipping company was not alone in debt-financed growth, and the result from that is that the market is oversupplied to death. The supply of ships exceeds demand, by a good margin. Rates have fallen, a large number of ships are laid up and shipping companies are no longer able to pay interest and installments to their creditors.

When Helge Møgster left the general meeting at Storebø on Thursday, he was without a board position in the company, which today has 67 ships and 71 ROVS in the fleet. 18 of the vessels are not in use.

Lawyer Hans Olav Lindal has now assumed the position of Chairman of the Board.

“What is happening now is not comparable to anything I have been to before,” said Møgster to Bergen Tidende.

“It is very sad to see something you have built up throughout your life being in such a difficult situation. There are sad things and I do not have a complete overview of how we can recover this. I just have to say that,” admitted Møgster.

Møgster and his family are still the largest owners in DOF. For now.