Cermaq puts investments worth €400 million on hold

by
editorial staff

When the proposal for a resource rent tax on Norwegian aquaculture was presented, the authorities opened for returning permits purchased at fixed prices in 2022. Cermaq therefore terminates the purchase of 689 tons MAB at a value of NOK 134 million (€13.4 million).

“The proposed resource rent tax om salmon farming has created considerable uncertainty among both fish farming companies and in the supplier industry sector. Reduced investments and projects on hold will result in lower activity and a risk of layoffs in the supplier industry. This will affect jobs in many coastal municipalities and will become reality for the aquaculture industry unless there are changes to the resource tax proposal,” Lars Galtung, Chief Sustainability Officer at Cermaq Group, said.

Cermaq bought its share of the offered capacity increase based on the traffic light system. Cermaq paid NOK 134 million (€13.4 million), money that was to be transferred to the Aquaculture Fund which is distributed to municipalities with farming sites.

Lars Galtung, Chief Sustainability Officer at Cermaq Group.

“We will terminate the purchase because we do not have sufficient overview of the impact the proposal will have on future valuation and profitability,” Galtung said.

Cermaq Norway is putting investments of up to NOK 4 billion (€400 million) on hold due to the proposal for a resource rent tax.

“Since 2016, we have invested more than NOK 5 billion (€500 million) in Northern Norway and had plans for investments of up to NOK 4 billion (€400 million) in the next few years. Now we need to get an overview of the consequences of the resource rent tax before any projects can be implemented,” he concluded.

Cermaq Forsand. Photo: Entec
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