Froy secures €20 million contract to supply service vessels to salmon farming company

by
editorial staff

Can cut fuel consumption by 50%.

Norwegian-based aquaculture company Froy has secured a NOK 200 million (€20 million) contract to supply two new service vessels to an undisclosed “large Norwegian salmon farmer.”

The two service vessels will be equipped with battery packs that allow them to cut their fuel consumption by 50% compared with a conventional diesel boat.

The multi-year charter agreement includes a four-year fixed extension of an ongoing time charter contract and a five-year fixed time charter contract for a new build under construction, according to the company.

“We think is great to have renewed trust. The agreement extends a long-term relationship with an important and large client for us. The contract is important for us not just because of its large size, but also as it demonstrates Frøy’s ability to deliver market leading solutions with a significant reduction in carbon footprint,” Froy CEO Tonje Foss said.

“The long contract durations further provides earnings visibility and strengthen our position as a leading provider of aqua services to the Norwegian salmon farming industry. This shows that our employees do is of a high standard, providing us with satisfied customers,” Foss added.

Froy’s order book is currently worth NOK 6.2 billion (€620.1 million).

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