AKVA group ASA and OJSC Russian Sea Group have signed a contract for two complete cage farms to be installed in the salmon-farming operations of Russian Sea - Aquaculture LLC in the Murmansk region.

Each farm will have an annual production capacity of up to 5,000 tons. The total contract value is approximately 50 million NOK (€ 6.18 M) and is to be delivered in the first and second quarter of 2014.

Russia remains a focus area for salmon development for AKVA, said Trond Severinsen, COO - Exports of AKVA group ASA. "We are proud to work with a leading player such as Russian Sea - Aquaculture LLC in this development of the industry in Russia. This contract is strategically important for AKVA group's long term success in this market," said Severinsen.

Russian Sea - Aquaculture plans to launch these third and fourth farms in the second quarter of 2014. "We see strong advantages in working with an established player in the field. We believe that this contract represents an important step toward the development of the aquaculture industry in Russia, and for Russian Sea - Aquaculture as a company," said CEO Inna Golfand.

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