Quotas for 2016

On 9 October 2015, Norway and Russia signed the fisheries agreement for 2016. It was agreed to continue a cod quota of 894,000 tonnes, which is the same as the 2015 quota. The total cod quota is divided between Norway, Russia and third-party countries using the same pattern as in previous years. Norway’s quota for 2016 is 401,240 tonnes, including 21,000 tonnes of coastal cod and 7,000 tonnes of research catch.

The quota for haddock was increased to 244,000 tonnes, in line with the harvesting rule, up from 223,000 tonnes the previous year. The Norwegian haddock quota is thus 118,700 tonnes, including the research quota.

HAVFISK won the court case against Hermes AS – the case has been appealed

We refer to reports in interim and annual reports and in stock exchange releases regarding an agreement for the sale of the vessel Jergul including 1.35 quota units for cod and haddock. The agreement did not come into effect due to lack of approval by the authorities, which was a prerequisite for the implementation of the agreement. The agreement expired on 1 July 2014 since no approval had been received from the authorities. The implementation of the transaction was later rejected by the authorities.

HAVFISK won the case, which was heard in Nord-Troms District Court in November 2015. In its judgement of 11 November, the court concluded that the claim against HAVFISK should be dismissed and HAVFISK awarded costs. For further information see stock exchange report of 11 December 2015.

Hermes AS has appealed the verdict to the Court of Appeal and it is expected that the case will be heard during 2016.

Higher quota ceiling for cod trawling and ring netting

The government decided on 23 January 2015 to raise the quota ceilings for the cod trawler and ring netting vessel groups, in order to improve efficiency and ensure profitability over time for these vessel groups. Technological progress, changes in the annual quotas and cost and price trends make this both natural and necessary, according to the former fisheriesminister Elisabeth Aspaker in a press release. In the long term, higher quota ceilings could mean greater flexibility and increased opportunities for more efficient operations at HAVFISK.

The Glitnir case

We refer to the earlier stock exchange releases and reports in interim and annual reports regarding the action brought by the administration committee of the Icelandic bank Glitnir hf.  The Icelandic supreme court found in favour of HAVFISK in March 2015 and Glitnir's entire claim against HAVFISK was dismissed. The decision of the court is final.

The provision for loss of NOK 195 million, of which NOK 158 million was included in the annual financial statements for 2013, was reversed in the annual financial statements for 2014, ref. note 4.