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HALIFAX, June 25 /CNW/ - (TSX:CLR.UN): Clearwater Seafoods Limited
Partnership ("Clearwater") announced today that it expects the delivery date
of the clam vessel that is currently in construction to be delayed as a result
of an accident that occurred during movement of the vessel within the shipyard
Colin MacDonald, Chief Executive Officer ("CEO") stated " This will not
have a financial impact on 2007 distributable cash but will delay the growth
in earnings of our clam business that we expected to realize in 2008. "
Mr. MacDonald continued "early this morning we were informed by the
shipyard that our new clam vessel capsized while being towed from the wharf to
the dry-dock. We have been informed that all people on board at the time are
safe. The vessel is currently situated in approximately 16 meters of water
near the wharf. Both Clearwater and the shipyard have notified their Insurance
Although it is very disappointing news it is important to state this
accident impacts only the growth in our clam business for 2008. It will not
impact the current year's distributable cash, as it does not impact the other
21 vessels in Clearwater's fleet or other areas of business. This vessel was
expected to add to our clam business profit in 2008. While it is difficult to
estimate the time to recover from this accident or the delay on the clam
business profit growth, early estimates are approximately 12 to 18 months.
Both Clearwater and the shipyard have insurance coverage for the vessel.
Mr. MacDonald concluded, "As soon as we have further information on the
extent of the damage incurred, the impact this will have on the delivery of
the vessel and the options we have to deal with the impact on our clam
business we will provide additional updates".
Clearwater is recognized for its consistent quality, wide diversity and
reliable delivery of premium seafood, including scallops, lobster, clams, cold
water shrimp, crab and groundfish.
Since its founding in 1976 Clearwater has invested in science, people,
technology, resource ownership and resource management to preserve and grow
its seafood resource. This commitment has allowed it to remain a leader in the
global seafood industry.
For further information:
For further information: Robert Wight, Chief Financial Officer,
Clearwater, (902) 457-2369; Tyrone Cotie, Director of Corporate Finance and
Investor Relations, Clearwater, (902) 457-8181.