Bakkafrost to invest £160 million in SSC

BAKKAFROST is planning to invest more than £160 million in its new acquisition, the Scottish Salmon Company, over the next four years, the Faroese fish farmer has revealed. The company disclosed the scale of its spending intentions today in its annual report – titled ‘A Year Marked by Disruptions, Volatility and New Opportunities’ – and…

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Storms cost Bakkafrost a million salmon

RECENT storms around the Faroe Islands are expected to cut Bakkafrost’s harvest expectations this year by up to 10 per cent, the company revealed today. The unexpectedly severe weather hit the North Atlantic archipelago over a four-day period between February 28 and March 2, causing significant  damage on the islands and to two of Bakkafrost’s farming sites in…

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Scottish Salmon Company hires former Mowi boss

FORMER Mowi Scotland chief Alan Sutherland has been appointed as marine director of the Scottish Salmon Company. Sutherland was managing director at what was then Marine Harvest for nine years until 2016, when he was replaced by the company’s current boss, Ben Hadfield. With a career in aquaculture spanning almost four decades, Sutherland will be…

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Bakkafrost plans move to offshore farming

BAKKAFROST is poised to move out into the open sea because bays and inlets around the Faroe Islands are filling up with cages. The company said it wants to expand its salmon farming operation, but is running out of space. So it has applied to the government in Torshavn for permission to develop future new farms to…

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Scottish Salmon Co boost for Bakkafrost Q4

BAKKAFROST today spoke about an exciting future ahead following its acquisition of the Scottish Salmon Company five months ago. The Faroese salmon farmer delivered significantly improved results for the final quarter of 2019, which includes SSC’s contribution from October 8, the date when consolidation was completed. The total operating EBIT (earnings before interest and tax) totalled 415.3…

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WWF hails ‘sustainability example’ of salmon farmers

THE World Wildlife Fund (WWF) has recognised the positive impact on sustainability made by the Global Salmon Initiative (GSI), a group which represents 50 per cent of the world’s farmed salmon production. In an article, published on its website, the WWF acknowledges how the salmon producers’ model of pre-competitive collaboration has helped transform the industry…

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Bakkafrost shares soar after SSC deal

BAKKAFROST share prices have climbed by more than 20 per cent since it bought the Scottish Salmon Company (SSC) three months ago. They were being quoted on the Oslo Stock Exchange seafood index yesterday at NOK 693 (£60 plus) per share, with predictions they could touch NOK 700 shortly. The share price was under NOK 500 less…

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Scottish Salmon Company secures £100m growth package

THE Scottish Salmon Company, recently acquired by the Faroese aquaculture group Bakkafrost, has secured a £100 million refinancing package to help move the business forward over the next five years. In a financial announcement last night it said: ‘The Scottish Salmon Company PLC is pleased to announce that its wholly owned subsidiary, the Scottish Salmon Company…

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Scottish Salmon Company harvest rise

THE Scottish Salmon Company is on course to produce a healthy 10 per cent plus increase in its harvest volume for 2019. In a trading update by new owner Bakkafrost, the harvest output for the final quarter of the year is 7,900 tonnes gutted weight, an increase of around 900 tonnes on Q4 in 2018. The total for…

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Anderson leaves SSC in Bakkafrost shake-up

CRAIG Anderson, CEO of the Scottish Salmon Company for the past six years, is to stand down, following Bakkafrost’s recent purchase of the firm. He will be replaced by the managing director of the Faroese producer’s Havsbrun site, Odd Eliasen, effective immediately. Eliasen has broad experience in the fish farming industry and has been active…

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