CNN  — 

The so-called “scallop wars” appear to have ended peacefully. Following confrontations between British and French fishermen last week, the two countries announced a compromise Wednesday: British vessels will stay out of French waters in exchange for compensation.

Industry representatives met in London after five British boats, outnumbered by an estimated 35 French vessels, were chased from France’s scallop-rich Baie de la Seine. The incident took place 12 nautical miles off the Normandy coast.

Video of the incident broadcast by France 3 Normandie showed smoke bombs and rocks being thrown at British crews, while a number of boats appeared to be rammed.

The French are restricted to a harvesting season running from October 1 to May 15, and accused their British counterparts, who are allowed to fish throughout the year, of unfair competition.

Representatives from the British and French fishing industries decided to renew the agreement that had been in place in previous years, involving vessels 15 meters long and over. They also agreed in principle for UK vessels under 15 meters to be included in the deal, subject to the compensation package.

Details will be defined in Paris on Friday.

British and French fishing vessels were involved in clashes in the English Channel last week.

Tensions were much higher earlier this week. France’s navy was “ready to intervene” if there were any further skirmishes, French Agriculture Minister Stéphane Travert warned.

CNN’s Saskya Vandoorne reported from Paris. James Masters wrote from London.