Kingfish Company warns of cost overruns, delays hitting expansion projects
The Kingfish Company has warned investors to expect potential cost overruns and delays in its efforts to build a new recirculating aquaculture system (RAS) farm in the U.S. state of Maine, as well as in its expansion of its Kats, The Netherlands RAS unit.
Work on the Dutch farm is already underway, with the RAS system installation and facility construction in its final stage, the Kats-based firm said in its H1 2022 financial results. When complete, the expansion will increase the farm’s capacity from 1,250 MT to 3,500 MT annually, but the current state of the global economy is slowing The Kingfish Company’s estimated opening date for the newly renovated facility and has resulted in “significant extra costs during the expansion of the farm in Zeeland" ...
Photo courtesy of The Kingfish Company