Diseases force Grieg into 4Q write downs

Fish farming company Grieg Seafood took a hit in 4Q 2012 in the form of a combined NOK 88 million (USD 15.9 million, EUR 11.9 million) write down, in part due to fish stocks being ravaged by diseases.

In the U.K., Grieg’s Hjaltland location “has experienced extraordinary mortalities in connection with required lice treatments in one production area, where the fish stock suffered from Amoebic Gill Disease,” according to a 4Q report from Grieg.

As a result, the 2012 harvest volume dropped by about 2,400 metric tons (MT), and cost the company a NOK 45 million (USD 8.1 million, EUR 6.1 million) write down.

It wasn’t any easier for the company’s British Columbia location, where the company had a 4Q write down of NOK 43 million (USD 7.8 million, EUR 5.8 million). That write down came from a furunculosis outbreak at the hatchery there, leading to a cull to stem the outbreak.


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