Neptune Receives $5 Million in Additional Insurance

Laval, Québec, CANADA Insurance monies are helping Neptune Technologies & Bioressources Inc. rebound from an explosion at its production plant last November.

Neptune, a supplier of krill oil, has received an additional $5 million in insurance, the company said today. That brings Neptune's total insurance recovery to $11.7 million.

Andre Godin, Neptune's chief financial officer, said Neptune could receive total insurance funds of between $15 to $20 million.

"We will continue to pursue the balance of our insurance claims and expect further recoveries, which will be announced if and when received," he said in a statement.

On Nov. 8, 2012, an explosion and fire destroyed Neptune's production plant in Sherbrooke, Québec. Neptune is reconstructing a facility that is adjacent to the former plant. The new plant is expected to have the capacity to produce more than 150,000 kilograms of NKO (Neptune Krill Oil) per year.

In its latest financial report for the period ending May 31, the company said it is continuing to cooperate with authorities in the continuing investigation over what caused the explosion.