Fisheries and Aquaculture

The seafood sector is one of Norway’s most important and forward-looking industries, forming the backbone of coastal communities. With growing international demand, major investments in technology and increasingly stringent environmental requirements, the fisheries and aquaculture sector faces a complex and dynamic regulatory framework. Succeeding in this environment requires in-depth industry knowledge, strategic insight and legal precision.

At Arntzen Grette, we have some of Norway’s leading experts in fisheries and aquaculture law. We know the industry – from farming and processing to investment, technology and export. As a full-service legal advisor to the seafood sector, we support the entire value chain – from innovation-driven start-ups to listed companies – with advice that combines industry understanding, regulatory insight and strategic business guidance.

Our assistance covers, among other things, development projects, rights protection, capital raising, regulatory processes, succession planning, dispute resolution and commercial transactions. We work closely with management and advisors, delivering focused and responsible legal support that creates value – wherever in the value chain the business operates.

We have assisted, among others:

Arctic Seafarm as the principal provider of legal assistance in connection with the development of a pioneering land-based aquaculture facility.
Aqualoop AS – Structuring, contractual support and legal framework for the development and construction of the “Big Dipper”, a unique offshore aquaculture solution
FarmOcean Subsea AS – Establishing the corporate structure and legal foundations for an innovative offshore aquaculture concept.
Gaia Salmon Holding AS – Acting as sole legal advisor throughout the development of Gaia’s land-based farming project, including support with capital raising and M&A
Frøy ASA – Advising on its listing on the Oslo Stock Exchange; Frøy is a key provider of wellboat and service operations to the aquaculture sector

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28 September 2022

Introduction of source rent taxation for the aquaculture industry

The Norwegian government today introduced a proposal to subject aquaculture to a new source rent taxation regime. Until now, the industry has only formed part of the ordinary corporate income tax regime (in addition to a certain minor special duties).

What we have done

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Arntzen de Besche has assisted Frøy Kapital AS and BEWI Invest with the establishment of Frøya Laks, and co-location agreement with Måsøval

We are proud to have assisted in the establishment and recapitalization of Frøya Laks, which is a collaboration between Helge Gåsøs Frøy Kapital and BEWI Invest. Frøya Laks is now entering into cooperation with Måsøval on the operation of 2,433 tonnes MAB (maximum allowable biomass) which they purchased at the State auction in 2022.

Arntzen de Besche has assisted Nutreco in a strategic investment in Andfjord Salmon

Animal research and nutrition specialist Nutreco and the Norwegian seafood group Holmøy are taking part in a private placement in Andfjord Salmon. In addition, Andfjord Salmon has entered into an operational feed supply agreement with Nutreco’s aquaculture business line, Skretting. We are proud to assist Nutreco as legal advisors in this process.

Arntzen de Besche assists Nordlaks with the hydra innovation project

We are proud to assist Nordlaks with another exciting and complex innovation project. Hydra is a semi-closed production tank for aquaculture. The technology was invented and designed in Norway, and will be built in Turkey by the Gemak shipyard group from the summer until delivery in the first quarter of 2024.

Arntzen de Besche asissts NTS in transaction with Norway Royal Salmon

Salmon farmers NTS and Norway Royal Salmon (NRS) have entered into a transaction agreement with the aim of merging NRS with NTS' wholly owned fish farming company SalmoNor. Arntzen de Besche assists NTS as legal advisor in this transaction, which creates the world's sixth largest salmon farming company.

Arntzen de Besche assisted NTS ASA with the acquisition of Norway Royal Salmon ASA

In July 2021 NTS ASA made a mandatory offer of 100% of the shares in Norway Royal Salmon ASA of NOK 209 per share. This was later increased to NOK 240 per share, which priced all shares in the company at NOK 10.4 billion. The acceptance deadline expired on 26.08.21, and NTS ASA received acceptances that together with already owned shares mean that NTS ASA owns approximately 70.6% of the outstanding shares in Norway Royal Salmon ASA.

Arntzen de Besche has assisted NTS ASA with a bid for Norway Royal Salmon ASA

NTS ASA has today submitted a bid for all shares in Norway Royal Salmon (NRS). With a price of NOK 209 per share, the bid ends at NOK 9.4 billion, almost two billion more than the marked value before the bid was submitted. Arntzen de Besche has been legal advisor in this bid which is the latest in a number of large and complex transactions where they have assisted NTS ASA, most recently by merger with Salmonor AS, announced on 2 June 2021, with a value of approximately NOK 3 billion.

Arntzen de Besche congratulates Frøy ASA on its IPO at Oslo Stock Exchange

Arntzen de Besche has assisted FRØY ASA in connection with its initial public offering and listing on the Oslo Stock Exchange. The company recently completed a public offering valuing the Company at approximately NOK 5.2 billion and is expected to commence trading on the Oslo Stock Exchange (OSEBX) as of 29 March 2021, with the ticker “FROY”.

Arntzen de Besche assists Ecofisk in securing first round of equity capital from external investors

Arntzen de Besche is proud to have assisted Ecofisk, a company aiming to establish a state of the art land based fish farming facility in Espevik in Western Norway, with raising its first round of equity capital from external investors. The investors include both technology suppliers and industrial players.

Arntzen de Besche has assisted Ice Fish Farm AS in connection with private placement, secondary sale and admission to trading on Merkur Market

On Friday 5 June, Ice Fish Farm AS was admitted to trading on Merkur Market, a multilateral trading facility operated by Oslo Stock Exchange. In connection with the admission to trading, Ice Fish Farm raised NOK 301.5 million in a private placement, in addition to a secondary sale of NOK 89 million from existing shareholders. The private placement attracted very strong interest in the market and was multiple times oversubscribed.

NTS merges with Frøy Gruppen

The Board of Directors in OSE-listed company NTS ASA has entered into an agreement with Gåsø Næringsutvikling AS to merge with Frøy Gruppen. Arntzen de Besche has been legal advisor to both parties in the transaction.