Gaia Salmon files for bankruptcy after heavy losses and court ruling
Land-based salmon farmer Gaia Salmon has filed for bankruptcy following a court-ordered compensation payment and heavy financial losses in 2024, according to Intrafish, which first reported the story.
Chief executive Trine Sæther Romuld confirmed to the publication that the company was unable to secure further financing. “Despite great efforts from our employees and strong support from the local community, we have unfortunately not succeeded in reaching a financing solution,” she said in an email to Intrafish.
The bankruptcy follows a ruling from the Oslo District Court, which ordered Gaia Salmon to pay NOK 75 million ($7.3 million) in compensation and NOK 4.7 million ($460,000) in legal costs to suppliers Eyvi and Total Betong. The court found that Gaia Salmon had breached an exclusivity agreement related to the construction of its facility at Træna.
Financial statements for 2024 show that the company recorded a loss of NOK 127 million ($12.3 million) on revenues of NOK 105.7 million ($10.2 million), with costs related to raw materials, wages, and operations far exceeding income.
The company’s collapse marks one of the most significant failures among Norway’s newer generation of land-based salmon farming ventures.
