Welcome   Sponsored By
Subscribe | Register | Advertise | Newsletter | About us | Contact us
If you would like to send us an article, contact Margaret Stacey
   


Indre Harøy smolt release - Photo courtesy from Salmon Evolution

Salmon Evolution – Results for the first quarter 2022

  (NORWAY, 5/27/2022)

First quarter highlights

  • First fish tanks and related technical installations at Indre Harøy completed and put into operation
  • First smolt batch released at Indre Harøy late March as per original timeline – next smolt release planned in Q2 2022
  • Batch 1 performing in line with expectations – stable farm conditions with strong initial feed numbers and low mortality – average weight of ~725 grams as of 21 May
  • Phase 1 construction continuing according to plan – phase 1 capex estimate unchanged
  • Initiated phase 2 preparations at Indre Harøy – signed Heads of Terms with Artec Aqua for phase 2 build-out
  • Available liquidity of NOK 1,056 million per 31 March 2022 including committed undrawn credit facilities and adjusted for April 2022 private placement

Subsequent events

  • Completed NOK 300 million private placement to partly fund planned Indre Harøy phase 2 build out and smolt facility expansion

All 12 fish tanks in phase 1 are now assembled with most of the structures and buildings completed. Following a period of testing and commissioning started in December last year with the first part of the facility commenced operations late March.

Indre Harøy phase 2 illustration - Photo courtesy from Salmon Evolution

Capex during the first quarter amounted to 244 million. In addition, NOK 13.5m of internal G&A were capitalized. Q1 2022 saw good progress at the construction site. Together with timing effects as to delivery dates of high value equipment, this contributed to the high Q1 capex.

Following an extensive commissioning and testing period commenced already in December, Salmon Evolution took over the first part of the facility on 26 March. The handover included inter alia the water intake station and the first two fish tanks together with connecting infrastructure and technical installations. Later the same day, Salmon Evolution successfully completed its first smolt release consisting of about 100,000 smolt with an average weight of around 300 grams. Following the positive confirmation of the fish transfer process and a customary short adaption period for the fish, initial feeding commenced.

First smolt release at Indre Haroy - Photo courtesy from Salmon Evolution

Along with the Company’s technicians being accustomed with the facility, feeding has been gradually increased. Throughout this process feed waste has been carefully monitored to avoid overfeeding. The Company is very pleased to see that the fish is responding very well to feeding and on 30 April a significant milestone was reached when the daily feeding volume for the first time exceeded 1 ton, which represented more than 2% of the standing biomass. The positive trend has continued in May with average daily feeding exceeding 2% of the biomass.

Commenting on the development, CEO Håkon André Berg, said:

"Since we started construction back in May 2020, the first smolt release has been the moment that we all have been waiting for. I am extremely proud of our organization and the fact that we have been able to adhere to our ambitious timeline, even with the challenges faced us during the pandemic.

At the same time, this is just the beginning. As we now move forward, our number one priority is the biology in our farm. Good biology will improve fish quality and translate into strong growth, which finally will be reflected in the financial performance. With our organization now totaling almost 50 highly skilled employees, I am more confident than ever in our mission - extending the ocean potential.”

In addition, on 7 February 2022 Salmon Evolution announced that the company had entered into a Heads of Terms with Artec Aqua for the phase 2 build-out at Indre Harøy. Phase 2 is expected to in principle be identical to phase 1 and add a further 7,900 tons HOG of annual production, bringing the total planned production volume to 15,800 tons HOG per annum. The final design and construction agreement will include financing reservations providing Salmon Evolution with the necessary flexibility to align the phase 2 build out with the Company’s overall financing plan.

Photo courtesy from Salmon Evolution

Further, on 5 April 2022 Salmon Evolution completed a private placement raising gross proceeds of NOK 300 million at a subscription price of NOK 9.00 per share. The private placement attracted strong interest from Norwegian, Nordic and international high-quality investors and was significantly oversubscribed. The net proceeds from the private placement will be used to (i) partly fund the second phase of the Indre Harøy facility, (ii) smolt facility expansion and (iii) for general corporate purposes.

Source: Salmon Evolution

[email protected]
www.seafood.media


Information of the company:
Address: Eikremsvingen 2C,
City: Molde
State/ZIP: (NO-6422)
Country: Norway
Phone: +47 901 16 803
E-Mail: [email protected]
More about:


Location:



 Print


Click to know how to advertise in FIS
MORE ARTICLES
Loch Duart Salmon Pioneers Sustainability and Health Advancements with BioMar’s innovative Blue Impact Feed
Peter Pan Seafood Bolsters Food Safety and Compliance with Automation
Thai Union’s Factory in Portugal Inaugurates Factory Store with Own Product Line
Volvo Penta Introduces All-New IPS Professional Platform
Adding Value to Your Fish Product Line
The Shrimp of the Future
Elsinore Affordable Masago Caviar Available at Waitrose Supermarket
Born in the Pandemic, Biloxi Shrimp Co. Celebrates Its Third Anniversary
Copper River Salmon Celebrates Forty Years of Fresh
SIMBA Upgrades Logistics Module
Steakholder Foods 3D Bio-Prints First Ready-to-Cook Cultivated Grouper Fish
trū® Protein Achieves Upcycled Food Association Certification
Hooked Foods Secures Investment From Top-Tier Investors & Opens Crowdfunding Campaign
Kvarøy Arctic’s International Scholarship Continues to Empower Women in Aquaculture
Blue Star Foods Ramps Shipments to Just Food For Dogs
Suzumo Presented Labor Saving Sushi Robots
Hinojosa Presents Latest Offerings in Sustainable Packaging for the Fishing Sector
Lee Fish USA Appoints Lisa Hogan as Vice President of Business Development
xpertSea Simplifies the Journey to Sell Shrimp Responsibly
Krill Arctic Foods Introduces Krill Meat in the US
More Articles...

Lenguaje
FEATURED EVENTS
  
TOP STORIES
2023 Zhoushan•China Squid Industry Conference | The world's most important squid event in the world
China 2023 Zhoushan•China Squid Industry Conference invites participants to actively promote The 2023 Zhoushan·China Squid Industry Conference will be held at the Zhoushan Putuo Hilton Intern...
AquaSorter, a solution to automate the aquaculture
Switzerland Bionomous was selected to receive the support of Innosuisse in the frame of the Swiss Accelerator. The project AQUASORTER (Automation and QUALity SORting Tools for the aquacultuRe indus...
Squid fisheries are booming in a regulatory vacuum
Worldwide The following is an excerpt from an article published by China Dialogue Ocean: The expansion of squid fisheries in parts of the high seas has left scientists and conservationists concerned about the ...
Produce sets the squid catch limit at 420,000 tons
Peru Measure is established to guarantee sustainable extractive activities of the resource during the year 2023. Photo: Produce The Ministry of Production (Produce) established, through ministerial res...
 

Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Grupo Pereira Headquarters
Costa Meeresspezialitäten GmbH & Co. KG
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2023 Seafood Media Group Ltd.| All Rights Reserved.   DISCLAIMER