Reduced second-quarter salmon harvest for Grieg

Published on
July 15, 2021
Grieg Seafood Group ASA's Finnmark, Norway operation.

Grieg Seafood Group ASA (GSF) harvested approximately 17,800 metric tons (MT) of gutted weight salmon in the second-quarter of this year, according to its latest trading update.

While the quarter’s volume was some 6,110 MT less than the Bergen, Norway-headquartered salmonid producer harvested in the corresponding period of last year, it didn’t include volumes from its Shetland operation, which is classified as held for sale. In Q2 2020, this region harvested 5,600 MT.

With regards to its reported regions, Rogaland in Norway contributed the most fish in the quarter with 7,800 MT, followed by British Columbia, Canada (B.C.) with 5,200 MT, and Finnmark (also in Norway) with 4,800 MT.

The average regional farming costs per kilogram were NOK 45.80 (USD 5.24, EUR 4.43) for Rogaland, NOK 50.70 (USD 5.80, EUR 4.90) for Finnmark, and CAD 8.60 (USD 6.88, EUR 5.81) for B.C.

GSF’s complete Q2 2021 report will be released on 18 August.

GSF harvested some 13,600 MT of salmon in Q1 2021, with the Norwegian farm sites of Rogaland and Finnmark contributing some 5,300 MT and 7,400 MT, respectively, while its B.C, operations produced just 900 MT in the period.

Last month, the company entered into an agreement with Scottish Sea Farms Ltd. for the disposal of all its shares in Grieg Seafood Hjaltland UK Ltd., the parent company of Grieg’s Shetland business. The enterprise value is set to GBP 164 million (USD 227.3 million, EUR 192.1 million), assuming a normalized working capital, and to be adjusted for cash and debt.

GSF said that its strategy is to concentrate future farming activities in Norway and Canada, where it sees the largest potential for profitable growth. The group’s aim is to grow its salmon production to 130,000 MT by 2025.

Contributing Editor reporting from London, UK

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