Bergen, Norway-headquartered salmon-farming firm Mowi recently posted record results in both its fourth-quarter and full-year 2024 reports, and the recent acquisition of a controlling stake in fellow farming company Nova Sea will allow it to grow even further, according to CEO Ivan Vindheim.
Delivering Mowi’s latest results on 12 February, Vindheim said the deal announced at the end of January to acquire the remaining shares of Nova Sea will strengthen Mowi’s position as “a global and national powerhouse for innovation and sustainable aquaculture” and ensure it is “instrumental and a catalyst for the further sustainable growth in Northern Norway.”
Nova Sea’s 52,000-gutted-weight-tonnage (GWT) salmon farm, located in Northern Norway’s Production Area (PA) 8, is known for its industry-leading margins and biological metrics, Vindheim said, adding that having been a minority owner in Nova Sea since 1995, it’s a company that Mowi already knows well.
“It was a day of joy when we finally decided to fully join our forces after 30 years. Good things come to those who wait, they say. I think that’s particularly true in this case, because together, we will have 157,000 GWT of harvest volumes in Northern Norway,” Vindheim said. “These volumes will provide the basis for significant synergies in the value chain, including improved [maximum allowed biomass] utilization and biological performance, in addition to enhanced license and site portfolio, not to mention reduced costs."
Mowi’s share acquisition, which is still subject to approval by various competition authorities, is expected to be completed in the second half of 2025.
“Mowi’s idiosyncratic growth continues unabated, and with Nova Sea on board, we now expect to see a harvest of 600,000 GWT next year and not 2029, which was the original target,” Vindheim said.
For 2025, Mowi had originally forecast a harvest of 520,000 GWT but has now upped this to 530,000 GWT. Mowi has also increased its 2029 target volume …
