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Marine Harvest Reports Losses From Volcanic Eruption

28 April 2015

CHILE - Following the eruption of Calbuco volcano in Chile, Marine Harvest has reported that it has suffered fish losses but that all its staff are safe and well.

All the company's employees affected by the eruption are safe and there have been no reports of any injuries to staff.

Marine Harvest has clearly defined emergency routines in place for such potential events, and is pleased to see that staff have responded well in the current unfortunate circumstances.

In terms of production losses, Marine Harvest has two sites located within the 20 kilometer exclusion zone, put in place by the national emergency office ONEMI.

Rio Blanco is a fresh water hatchery handling eggs and producing fry, and Copihue is a broodstock facility.

Volcanic material and landslides have affected such operations adversely. In this incident 6.8 million fry, 2.4 million eyed eggs and around 3,700 broodstock have been lost.

Marine Harvest is currently in close dialogue with its insurance supplier. Its preliminary assessment is that insurance proceeds related to physical assets will exceed asset net book values.

In addition, the company has insurance coverage of its biomass and is in discussion with its insurance provider if the recorded value qualifies for full recovery. The outcome of such discussions is at this stage uncertain.

Marine Harvest also noted that its stocking plans and expected harvest volumes for 2015 and 2016 will not be affected by the aforementioned events and its sea water operations in Region X and Region XI are also not effected.

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