Baffin Fisheries Announces Letter of Intent to Acquire New Build 75 m Trawler

IQALUIT, NU, Friday June 16, 2017 – Baffin Fisheries announces today it has signed a letter of intent (LOI) with Norway’s Havyard Ship Technology for the design and construction of a new Arctic trawler to fish cold water turbot and shrimp in the Arctic Ocean adjacent to Nunavut. The vessel under consideration is 75 meters long and 17 meters wide, with a capacity to hold up to 1,200 tonnes, nearly double the capacity of the largest vessel currently operating in Nunavut.

“Acquiring a new, efficient, purpose-built factory trawler will allow us to improve operations, create new Inuit employment opportunities, and ensure more Nunavut seafood resources are harvested by Inuit owned vessels and companies. The acquisition of this modern vessel with the very latest fishing and navigation technology signals that Baffin Fisheries are investing in the future,” said Baffin Fisheries Chairman and President Jacopie Maniapik.

The letter of intent allows Baffin Fisheries to enter into a shipbuilding contract with Havyard before the end of August 2017, with a potential delivery date for the vessel in April 2019.

“This is a long-term, strategic decision that demonstrates our confidence in the industry, and the strength of Inuit-owned companies. This is a great day for our Company, our communities and for Nunavut,” Jacopie Maniapik said.

The new vessel is expected to replace the Company’s first trawler, Inuksuk I, which will be 32 years old when the new vessel is delivered.

Baffin Fisheries Background

Baffin Fisheries is jointly owned by five Hunters and Trappers Associations (HTAs) in Nunavut: Amarok HTA (Iqaluit), Pangnirtung HTA (Pangnirtung), Mayukalik HTA (Kimmirut), Mittimatalik HTA (Pond Inlet), and Namautaq HTA (Clyde River). Each HTA elects representatives two individuals to sit on the Board of Directors.

Fleet

Baffin Fisheries is 100% Inuit-owned, and owns 100% of its fleet of four fishing vessels, which includes two large factory freezer multi-species trawlers and two factory freezer gillnetters.

Health, Safety and Environment Statement

Baffin Fisheries considers effective Health, Safety and Environmental (HS&E) Management to be of the utmost importance to its business. The objective of our company HS&E Program is to prevent all workplace accidents, injuries and illness, and to promote health, safety and the protection of the environment in every task undertaken by employees on behalf of the company.

For further information about Baffin Fisheries:

Jacopie Maniapik President and Chairman	Methusalah Kunuk Vice-President and Vice-Chair	Leo Maktar Corporate Treasurer
[email protected]	[email protected]	[email protected]
867-473-1504	867-979-3070	867-222-0912