Denied a loan to buy a ship to demonstrate the possibilities of fishing from larger ships, he, his brother-in-law Per Larsen, Jacob Jacobsen and Poul's brothers bought a wrecked ship at auction and rebuilt her at Vágur.
Lacking funds to acquire a ship to demonstrate the feasibility of large-scale fishing, he, along with his brother-in-law Per Larsen, Jacob Jacobsen, and Poul's brothers, purchased a salvaged vessel at an auction and rebuilt it in Vágur.