Grieg values Shetland assets at £125m

GRIEG Seafood has placed a total net asset value on its ‘for sale’ Shetland business at 1,481 million kroner – or £125m.

The figure is published in the company’s 2020 annual report. Grieg said it still intends to sell the operation and expects to complete the process this year, although it did not disclose whether it was currently in meaningful negotiations.

The biological assets are valued at NOK 449.8m (£38m) and the property and plant at almost NOK 720m (£61m). Intangible and deferred tax assets etc make up most of the remainder.

It has appointed DNB Markets and Nordea Markets to advise on a “potential divestment of the Shetland assets”, which are no longer shown as part of the group’s main accounts.The future focus will now be on its fish farming operations in Norway and Canada.

Grieg Seafood Shetland harvested 15,705 tonnes last year, against 11,273 tonnes in 2019.The Shetland operation made a net loss (for the period from discontinued operations in 2020) of NOK 231.5m (£19.5m) compared to a profit of NOK 18.9m (£1.6m) in 2019.