Grieg prioritizes post-smolt strategy after disappointing 2023 harvest, earnings

The company's post-smolt strategy will apply to both its Norwegian and Canadian operations
Grieg Seafood's Adamselv smolt site
Grieg Seafood's Adamselv smolt site | Photo courtesy of Grieg Seafood
4 Min

Grieg Seafood has eventual hopes of harvesting between 120,000 and 135,000 metric tons (MT) of Atlantic salmon annually, but after missing its initial 2023 harvest guidance of 87,000 gutted-weight tons (GWT) by some margin, the Bergen, Norway-headquartered producer has gone back to the drawing board to get its harvest goals back on track.

The group’s newly published 2023 annual report confirmed it harvested just 72,015 GWT in 2023; that volume was 15 percent lower than 2022’s 84,697 GWT.

Grieg said biological events impacted its 2023 harvest, particularly in the Finnmark region of Norway, where harvest volumes totaled 8,000 GWT lower than expected. The Spironucleus salmonicida parasite, winter ulcers, and microjellyfish blooms have heavily impacted survival rates and operational efficiency in Finnmark, according to the company.

“Biological challenges have impacted survival rates and operational efficiency, resulting in reduced volumes, increased handling costs, and lower price realization,” Grieg CEO Andreas Kvame said. “We are also turning every stone to mitigate winter ulcers, including new vaccines and probiotic treatments to enhance fish health. However, due to the long production cycle, it will take some time to realize the positive impacts of these measures.”

Grieg reached a milestone in 2023 after completing its first harvests from its Newfoundland region in Q4 2023. Kvame said this development, in addition to its targeting new licenses and adoption of cutting-edge technology will ... 

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