Marine Harvest affected by eruption

Calbuco Volcano in southern Chile has erupted for the first time since 1972. This image was taken by the Suomi NPP satellite's VIIRS instrument in a high resolution infrared channel around 0515Z on 23 April 2015. Credit: NOAA/NASA Calbuco Volcano in southern Chile has erupted for the first time since 1972. This image was taken by the Suomi NPP satellite's VIIRS instrument in a high resolution infrared channel around 0515Z on 23 April 2015. Credit: NOAA/NASA
Industry Database

Marine Harvest has reported that none of its staff were injured in the recent Calbuco volcanic eruption in southern Chile last week, but confirms that 6.8 million fry, 2.4 million eyed eggs and around 3,700 broodstock have been lost.

The company has two sites located within the 20 kilometre 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.

Marine Harvest says it is in close dialogue with its insurance supplier, and preliminary assessment is that insurance proceeds related to physical assets will exceed asset net book values. In addition, Marine Harvest has insurance coverage of its biomass. The company is in discussion with its insurance provider to determine if the recorded value qualifies for full recovery, with the outcome of such discussions at this stage uncertain.

The company says that stocking plans and expected harvest volumes for 2015 and 2016 will not be affected by these events.

Marine Havest’s sea water operations in Region X and Region XI have not been affected by the volcanic eruption.

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