LATEST INVESTMENT IN SHETLAND SALMON FARMS

Scottish Sea Farms Ltd are delighted to announce that we have successfully completed the acquisition of both Hoove Salmon Limited (in Receivership) and Papil Salmon Farm Limited (in Receivership) in Shetland which were formerly owned by Hoove salmon Limited. “These acquisitions are a strategic investment for Scottish Sea Farms and further strengthens our operating activities in Shetland”. “The acquisition brings an additional 5,000 tonnes of farming capacity to our existing operations and demonstrates our commitment to having a sustainable farming business in Shetland.” “It is our intention to stock these farms with smolts during 2006.” said Managing Director Jim Gallagher

Bruce Cartwright, of PricewaterhouseCoopers LLP comments:

“I am delighted that the sale of the assets has concluded. The quality of the sites is reflected in the number of parties with whom we have been working over the last months towards this sale. Now that it is concluded, a presence in Shetland has been secured for this important industry”.


Scottish Sea Farms employs a total of 270 staff in existing operations in both mainland and Shetland of which 80 staff are employed in Shetland. The company currently produces 22,000 to 24,000 tonnes of gutted salmon annually in Scotland and is Scotland’s second largest producer of salmon. It has a reputation as a high quality, premium producer with market leading quality standards and processes. The business is profitable and has performed strongly in a highly competitive global market.