Having recently celebrated its first year without founder Kjell Inge Røkke in the driver's seat, the American Seafoods Group has proved that it manages very well without him. The company, which laid the foundation for Rokke's fortune, continues to rake in millions of dollars.

A good year "We achieved just over three billion Norwegian kroner in turnover," President and CEO Bernt O. Bodal, told IntraFish. This is an increase of nearly 25 per cent on the previous year. Bodal declined to comment on net profit margins but said "shareholders are happy with the operation". The group previously reported operating profit margins of 30-35 per cent.

Restructuring and restricting The key to the company's success is ironically responsible for the exile of Norwegian fishing magnate Kjell Inge Røkke from the company's helm and globally from the American fishing industry. The ruthless restructuring of American fishing policy placed restrictions on ownership as well as dramatically downsizing fleet capacity.

For American Seafoods restructuring meant halving the trawler fleet. At the same time, a quota system, agreed to by fisheries companies, replaced the so-called Olympic Fishery near Seattle, which meant that the remaining fleet could fish for greater volumes over longer periods of time.

The regulations have been extremely beneficial for American fishing boat owners, he added. "Last year we had problems with one of the vessels. But it didn't affect the operation, as we have a fixed quota. If the same had happened during the Olympic Fisheries run, the problem would have been serious," Bodal said.

For American Seafoods shareholders, the prospects for 2001 look promising. The pollock quotas have been increased by 40 per cent and besides the trawler fleet the group also own Frionor and Bayside Bistro.

US halt foreign monopoly Bodal has been with American Seafoods since its establishment. When the US authorities put a halt to foreign dominance Kjell Inge Røkke was forced to sell out. As an American citizen Bodal, took over the group together with Wall Street investors and two Alaskan co-ops, Coastal Village Region Fund and Central Bering Sea Fishermen's Association, both of which are mainly First Nations groups.

Oystein Ingila - Fiskaren Journalist

Living the good life with American owners