AUSTEVOLL SEAFOOD ASA BUYS INTO SHETLAND CATCH

Pelagic fish processor, Shetland Catch, has today (Wednesday 20 June) confirmed that Austevoll Seafood ASA has entered into a Letter of Intention to acquire 50 per cent of the company's share capital.

The agreement is subject to formal approval by existing shareholders who are involved in the package, as well as a legal and financial due diligence process, which is due for completion in mid August 2007.

Austevoll Seafood ASA is a vertically integrated fisheries group operating in pelagic fisheries, fishmeal and oil production, processing of pelagic products for consumption, and sales in Norway, Europe and South America.

As part of the agreement a new sales company will be formed, the principal shareholders of which will be Austevoll Seafood ASA and Shetland Catch.

Managing director of Shetland Catch, Simon Leiper, said: "This is a great opportunity to become involved with one of Europe's leading fish processing companies and we very much look forward to establishing the joint sales company, which will open up opportunities to expand our existing pelagic product markets and develop new ones."

"The two existing main shareholders in Shetland Catch - Lerwick Port Authority and the Shetland Fish Producers Organisation recognise the future potential in taking the company forward and, as a result, will also be purchasing additional shares in Shetland Catch alongside the Austevoll uplift."

Further information

Simon Leiper, managing director, Shetland Catch, T: 01595 695740
E: simon@shetlandcatch.com or John Goodlad, chairman, Shetland Catch, T: 07834 774 821 or 01595 880182 or E: john.goodlad@shetlandcatch.com

Notes to editor

Shetland Catch is the largest processing plant in Europe with a processing capacity of approximately 1,000 tonnes per day, and an annual raw material intake of between 75,000 and 80,000 tonnes.