GRIEG Seafood has outlined plans to increase production and lower operating costs over the next two years, helped by introducing some of the latest technology.
In a Capital Markets Presentation in Oslo yesterday under the title ‘A salmon farming company entering the digital era’, the salmon farming company said that while its harvest volumes had remained stable over a period of time, revenues had increased substantially thanks to rising salmon prices.
It also confirmed its growth ambitions with a target of annual harvest volumes of 100,000 tonnes by 2020, with cost at or below industry average.
This will be carried out through improved utilisation of current capacity and driven by a post smolt strategy, delaying the length of time before the smolt are transferred to the sea.
Grieg, whose operations are based in Norway, Shetland and British Columbia, said it is aiming for production costs ‘in line with or below the weighted industry average, targeting a figure of NOK 37.90 per kg by 2020’.
Turning to new technology, Grieg revealed that it planned to develop digital salmon farming by applying advanced sensor systems, data, artificial intelligence and automation to help increase yields and efficiency.
It also aimed to secure strong biological performances through a wide range of technological and operational initiatives.
CEO Andreas Kvame (pictured) told the meeting: ‘Our objective is to ensure sustainable growth in the years ahead by combining great people, nature and technology.
‘We believe salmon will be an increasingly important food source globally, and that Grieg Seafood will be able to create value for multiple stakeholders, including the communities in which we operate, our employees and shareholders, while we provide salmon to the world.’
He said later the company was working towards a survival rate of 93 per cent, compared with an industry average of 85 per cent.