Managing director Eric Barratt said the San Nikunau was probably worth $20 million-$25 million and had been detained since July after allegations it failed to properly document oily water discharges.
“We have confidence that we have not incurred anything or done anything that they allege is improper but we have a great deal of difficulty persuading them of that,” Barratt said.
“The most imperative issue for us is getting the vessel released to go fishing and that’s what we’re focused on at the moment.”
NZX-listed Sanford expects the vessel to be released shortly.
Another vessel, the San Nanumea, was detained in Pago Pago by American Samoan authorities for legal issues related to injury claims from a number of current and former crew but was released under bond after a few weeks, with the claims being dealt with through lawyers appointed by the company’s insurers.
The legal costs of investigations and defending any charges were covered by insurance and the company provided in the latest accounts for any costs that might not be covered, although the amount was not specified.
Sanford’s net profit for the year ended September 30 was $22.3 million, compared with $25 million the previous year, with revenue of $464 million up from $421.1 million.
The result was similar to the previous year when taking into account a one-off gain of $3.4 million included last year for the sale of emissions trading scheme units, Sanford said.
