Mowi aiming for 600,000 MT of annual salmon production by 2029

A photo of Underwater Contracting's Foover machine, which removes salmon mortalities
As part of its growth plans, Mowi intends to invest in new technology, such as through an expanded partnership with Underwater Contracting to up its use of the firm's remotely operated vehicle tech | Photo courtesy of Underwater Contracting
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At its 2024 Capital Markets Day on 26 September, Mowi announced it is looking to gradually raise its annual farmed Atlantic salmon harvest by an additional 100,000 metric tons (MT) over the next five years.

The Bergen, Norway-headquartered firm's plan for the next half-decade also include increasing its revenues by EUR 3 billion (USD 3.3 billion) and reducing costs by up to EUR 400 million (USD 445.5 million), according to CEO Ivan Vindheim.

With the expectation that Mowi’s Farming division will achieve a “milestone” harvest of 500,000 MT this year, the company is shooting for better utilization of its license capacity while also improving productivity and biological performance of its existing production through post-smolt investments.

“By releasing more smolt and increasing our use of post-smolt, we will be able to harvest 600,000 MT of salmon [by] 2029, thereby reinforcing our position as the world’s top producer of Atlantic salmon,” Vindheim said.

Mowi is not the only Norwegian firm prioritizing post-smolt investments, as several firms in the country are aiming to attain greater biological control over their production processes.

Grieg announced earlier this year that it was investing more heavily in such a strategy after its 2023 harvest totals fell below expectations. And Andfjord Salmon said it has plans to use spare pool capacity as part of a post-smolt production strategy for supplying ocean-based farming operations around the country.

The focus for Mowi will largely stay on sea-based farming techniques, but the firm said it is also keeping its eye on emerging technologies and will invest in them if, and when, it sees fit. 

To that end, Underwater Contracting (UCO) and Mowi have announced an expansion in their partnership, originally established in 2018, focusing on the integration of remotely operated vehicle (ROV) technology in salmon farming. 

This collaboration will see a 40 percent expansion in the number of ROVs taken by Mowi for use on its sites.

“UCO is proud to provide solutions that solve subsurface challenges not only in aquaculture but also across industries such as renewable energy, oil and gas, and environmental surveying,” UCO Managing Director Michael Bower said in a release. “Our research and development efforts, all based in Scotland, are key to delivering practical, usable solutions that enhance our customers’ operations.”

With post-smolt as a focal point, Mowi plans to reduce costs by ... 


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