Frøya, Norway-headquartered salmon-farming group Måsøval has completed its purchase of a Mowi harvesting facility in the Norwegian town of Ulvan, with the group confirming it has signed the final contract and is in the process of taking over operations.
In a filing with the Oslo Stock Exchange, Måsøval said it aims to continue the facility’s harvesting operations, eventually developing them beyond their current capabilities. Måsøval said the facility should be ready for operation by the end of Q3 2024.
Måsøval CEO Helge Kvalvik said he was “very pleased” with the acquisition of the facility, calling it “an important milestone” for the group in its attempts to vertically integrate its value chain.
“In addition to the increased capacity and flexibility we now control and have in-house, [the facility] also provides VAP capabilities. In sum, it gives us increased flexibility toward our production, and importantly, we can better meet market demands,” Kvalvik said.
In a separate filing, Måsøval advised that wholly owned subsidiary Måsøval Service has entered into a time charter agreement with Njord Kya AS, a subsidiary of Njord Aquashipping AS, for the wellboat MS Njord Kya, which is currently under construction and expected to be operational by the end of 2024. The charter is for three years, with options of two periods of two years.
Måsøval wants to increase its wellboat capacity to meet production targets, as well as to ensure that the best solutions are available in respect to fish welfare and quality.
The choice of wellboat solution was made after a tender process, in which the company found two suitable vessels that complied with its needs. Njord Kya was chosen because it was a newbuild; it was also the cheapest option and had the best technical solutions in line with Måsøval's specifications.
At another Måsøval-owned company, Ice Fish Farm, an Icelandic salmon producer majority-owned by Måsøval, intends to carry out a listing of the company's shares on Nasdaq First North Iceland, which will be in addition to its existing listing on Euronext Growth Oslo.
The dual listing is expected to be approved on the same date as the company's planned capital markets day – 28 May 2024 – and its first day of trading is expected to be 29 May. It is subject to publication of a company description, approval by Nasdaq Iceland of a listing application, and a fulfillment of other customary listing conditions.
No offering of shares will be carried out in connection with the dual listing, and it won’t have any impact on the total number of shares outstanding in the company.
Ice Fish Farms CEO Guðmundur Gíslason said because its operations are in Iceland, a dual listing on First North Iceland was “a natural and logical next step” for the company.
“Since listing on Euronext Growth Oslo in 2020, we have significantly grown the business and become the leading aquaculture entity in the east fjords of Iceland. Combined with the fact that we have experienced an increased interest in Ice Fish Farm by Icelandic investors and a significant part of the company’s shares are currently held by Icelandic investors, we believe now is the right time to pursue a dual listing in Iceland,” Gíslason said.
