Grieg Seafood reports positive farming results amid high seawater temperatures.
Grieg Seafood reported solid biological performance in its Norwegian operations during the third quarter, despite high seawater temperatures that challenged production.
Harvest volumes totalled 6,820 tonnes, compared with 8,543 tonnes in the same period last year. In Rogaland, the company achieved an operational EBIT of NOK 3.2 ($0.32) per kilo, supported by strong freshwater production and larger smolt releases from its Tytlandsvik and Årdal Aqua facilities.
The company said it entered the fourth quarter with biomass close to maximum permitted levels, reflecting stable underlying operations.
Grieg Seafood is also progressing with the divestment of its Finnmark and Canada operations, a process that has now been approved by Norwegian and US competition authorities. The company expects final clearance from Canadian regulators and completion of the transaction during the fourth quarter.
As part of a new operating model reflecting its smaller footprint, Grieg Seafood has reduced head office staffing by around 55%, with further cost optimisation measures underway.
The company also continued negotiations through the quarter with a new banking syndicate led by SEB and Nordea, and said discussions were in their final phase heading into Q4.
Following the sale of its overseas operations, Grieg Seafood will concentrate activities in southwestern Norway, with headquarters in Bergen and farming centred in Rogaland.
CEO Nina Willumsen Grieg said the company remains focused on cost efficiency and operational improvements:
“Despite the biological challenges from high seawater temperatures, Rogaland delivered a positive EBIT and strong freshwater performance, positioning us well for the coming quarters.”
