Legacy of 2023’s technical problems continues to haunt Atlantic Sapphire

by
Editorial Staff

“The company has since seen higher levels of maturation in the fish groups that are expected to be harvested in H12024.”

Troubled land-based salmon farmer Atlantic Sapphire has revealed that the problems caused by increased water temperatures in 2023 are set to continue this year.

In a stock exchange update issued on Thursday, the Florida-based company reported a total harvest volume of approximately 310 tons (HOG) for the three months ending December 31, 2023. The net biomass gain during the same period was around 1,100 tons (RLW), with the standing biomass estimated at just over 3,000 tons (RLW) as of year-end.

Following the Q3 2023 Operational Update, Atlantic Sapphire has been closely monitoring the maturation levels of its biomass.

“The company has since seen higher levels of maturation in the fish groups that are expected to be harvested in H12024, which may impact price achievement and the ability of these fish groups to achieve the same biological performance as seen in June 2023,” the company wrote.

However, other fish groups, not affected by the temperature issues reported in Q3 2023, are continuing to perform in line with expectations.

Atlantic Sapphire is actively progressing with its Phase 2 expansion, aiming to increase its annual production capacity to 25,000 metric tons. This expansion is part of the company’s goal to achieve a harvest target of 220,000 metric tons by 2031.

In October, company co-founder Johan Andreassen stepped down from his role as CEO.  Although the company has initiated the search for Andreassen’s replacement, the timeline for appointing a new CEO remains uncertain.

Atlantic Sapphire is set to release its comprehensive Q4 2023 Operational Update in February 2024.

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