New Zealand King Salmon to lease country’s first dedicated wellboat

The company will lease the vessel under a long-term agreement with Norwegian operator Sølvtrans, which services salmon producers in Tasmania and owns a large share of the global wellboat fleet. The arrangement is expected to cost approximately NZD 9 million per year (USD 5.4 million).

In a statement to shareholders on 9 February, the Board of New Zealand King Salmon said it was pleased to advise that it had entered into the agreement with Sølvtrans, subject to shareholder approval. The move was approved at the Annual Shareholder Meeting on the 18 February.

Wellboats are widely used in major salmon-farming countries, including Norway, Chile, Australia, Scotland, the Faroe Islands, and Canada. New Zealand is currently the only major salmon-producing nation where the industry does not routinely use such vessels.

The specialised ships are designed to transport live fish in tanks with controlled water quality. They support more accurate counting and grading of fish, improve water conditions by reducing carbon dioxide and adding oxygen and ozone, and reduce reliance on manual pen tows.

Chief executive Carl Carrington said it was a transformational moment for the business and the New Zealand salmon sector, and was an important step in building a more resilient, efficient, and future-ready company. He said the wellboat would be a game changer.

“The wellboat strengthens the resilience of our core operations, lifts fish welfare standards, and provides greater flexibility to farm productively and efficiently, both now and into the future.

“As a core piece of infrastructure, it will also enable us to sustainably farm in the open ocean.”

According to Carrington, the vessel is expected to boost annual harvest volumes by 2,000 tonnes, while potentially generating $60 million or more per year in annual revenue. He said the company anticipates more than 100 wellboat movements in the first financial year.

Carrington added that the vessel will form a core part of the company’s future open-ocean strategy and is a key enabling asset for its Blue Endeavour project.