HOUSTON, May 10 /PRNewswire-FirstCall/ -- Omega Protein
Corporation (NYSE: OME), the nation's leading producer of Omega-3
fish oil and specialty fish meal products, today updated the status
of effects the oil spill caused by the Deepwater Horizon rig has
had on the Company's fishing operation in the Gulf of Mexico.
As previously announced, the oil slick has had an adverse effect
on the Company's ability to operate in the fishing grounds east of
the Mississippi River Delta, near its Moss Point, Mississippi facility. Regulators
have closed this area to commercial fishing until at least
May 17, 2010. In addition, on
May 9, 2010, the Louisiana Department
of Fisheries and Wildlife (LDWF) announced additional areas closed
to commercial fishing, extending from the eastern shore of South
Pass of the Mississippi River westward to the eastern portion of
Atchafalaya Bay at Point au Fer, Louisiana.
As previously announced, in response to the spill, the Company
relocated its Moss Point fishing
fleet to fishing grounds on the west side of the Mississippi River
Delta. Docking and re-supply for the Moss
Point fleet have been relocated to the Company-owned
facility at Morgan City,
Louisiana. That fleet continues to process fish at
Moss Point, as well as at the
Company's other two Louisiana
facilities in Abbeville and
Cameron.
Currently, the Company believes that the new May 9 LDWF restrictions will not materially
affect its Morgan City operations.
However, the Company is developing an additional contingency
response plan to move its vessels from Morgan City, Louisiana farther west to its
Abbeville and Cameron facilities should the May 9 restrictions begin to impact the Company's
fish catch or should further restrictions be implemented.
The oil spill has not had a material adverse effect on the
volume of Company's fish catch as of May 9,
2010.
"We are thankful that Omega Protein's flexibility and scale have
allowed it to react swiftly to this disaster," said Joe von Rosenberg, Omega Protein's Chief
Executive Officer. "Fortunately, our response plan has allowed us
to redeploy our Moss Point vessels
to our other facilities."
In addition, the Company's Reedville,
Virginia plant with its ten fishing vessel fleet started its
fishing season on the Atlantic today.
The Company does not have reason to believe that the health of
the Gulf Coast menhaden resource will be affected by any
contamination from the oil spill, and is confident that its
stringent quality control protocols will continue to ensure the
high quality of its products. Omega Protein pledges that regardless
of the oil spill's impact, the high quality of its fish meal and
fish oil products will not be compromised.
About Omega Protein
Omega Protein Corporation is the nation's largest manufacturer
of heart-healthy fish oils containing Omega-3 fatty acids for human
consumption, as well as specialty fish meals and fish oil used as
value-added ingredients in aquaculture, swine and other livestock
feeds. Omega Protein makes its products from menhaden, an Omega-3
rich fish that is not utilized as seafood, but which is abundantly
available along the U.S. Gulf of
Mexico and Atlantic Coasts.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: The
statements contained in this press release that are not historical
facts are forward-looking statements that involve a number of risks
and uncertainties. The actual results of future events described in
any of these forward-looking statements could differ materially
from those stated in the forward-looking statements. Important
factors that could cause actual results to be materially different
from those forward-looking statements include, among others: (1)
the fact that the oil spill is not yet under control and the
situation may worsen materially, causing further restrictions on
commercial fishing to be implemented, (2) the effect of the oil
spill on the Company's operations and fish catch, both short-term
and long-term, (3) the effect of government intervention in
connection with the oil spill, including without limitation, any
restrictions that may be imposed on navigation and access to the
Company's facilities or restrictions on the sale of marine proteins
produced from the Gulf of Mexico,
(4) the disruption and bottlenecks caused by the Company's response
plans on its operations, (5) the effect of the oil spill,
short-term and long-term, on the menhaden fishery or ecosystems
supporting that fishery, and (6) customer perceptions about marine
products from the Gulf of Mexico
due to concerns about contamination or availability. Other factors
are described in further detail in Omega Protein's filings with the
Securities and Exchange Commission, including its reports on Form
10-K, Form 10-Q and Form 8-K.
SOURCE Omega Protein Corporation