Måsøval subsidiary Ice Fish Farm planning dual public listing

Måsøval's new processing facility in the town of Ulvan
Måsøval is now hiring employees for its new processing facility in the town of Ulvan | Photo courtesy of Måsøval/Facebook

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 ... 

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