Grieg plans to increase production

ANOTHER Norwegian salmon farmer has produced impressive results for the third quarter of this year.
Grieg Seafood says its EBIT for the three month period (before biomass fair value adjustment) was NOK 186 million against a loss of NOK 44 million for the same quarter last year.
Revenue for the quarter totalled NOK 1,553 million, an increase of 25 per cent on Q3 2015.
The harvested volume during Q3 was 13,411 tonnes against 19,480 tonnes for the corresponding period last year.
The company said there were lower than expected production volumes in Shetland and British Columbia, Canada, during the period.
With the results came the announcement that Grieg plans to increase production by 10 per cent in the two-year period between 2017 and 2019 and is applying for ten development licences in Rogland in order to secure this.
It also disclosed that it is planning to use offshore technology ‘in close collaboration with both farmed and oil related technology suppliers’.
There will also be a focus on improving the survival rate and improving the well-being of the fish.
Grieg seafood said there was a strong underlying demand for salmon and good prices could therefore be expected during the remaining months of 2016 and into 2017.
The harvested volume for 2016 is expected to be 66,000 tonnes, around 2,000 tonnes less than expected due to lower production in Shetland and British Columbia. Harvest volume for 2017 is estimated at 73,000 tonnes.
Picture: Grieg Seafood Shetland managing director Grant Cumming