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Aker Seafoods on Friday announced that it has increased a credit facility allowing it to finance of the its fishing vessel construction program as well the spinoff of its Norway Seafoods Group subsidiary, which is expected to occur this month.

Through an agreement with NB Bank and Nordea Bank Norge, the credit facility has been increased to a maximum of NOK 1.53 billion, with final maturity in September 2018.

In addition to building new fishing vessels, the financing will provide a 10-year subordinated loan of NOK 100 million to Norway Seafoods.

In April 2010, Aker Seafoods announced that it is spinning off its sales, marketing, distribution and processing activities in Norway, France and Denmark into a separate entity.

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