Norwegian fish farming company Pan Fish said it has signed an agreement to sell its Pan Pelagic ASA unit for NKr70m (US$9.9m) in cash in order to reduce debts.

Pan Fish, the world’s number two salmon farmer after Dutch Nutreco, said the unit would be sold to the firm’s chief executive Arne Stang, reported Reuters.

The deal is expected to reduce Pan Fish’s debts by Kr180m.