SalMar fortune rises $180 Mn ahead of ramp-up

Aslak Berge

SalMar surprised both analysts and investors by reporting quarterly results today that were noticeably better than expected.

SalMars share price rose by a comfortable 11.6 percent in the wake of its third-quarter earnings report.

That means an increase in its overall market capitalization of USD364 million, wherein 53.4 percent is controlled by Witzoe-family investment vehicle, Kverva. Kvervas ownership post in Froyas farming flagship is now priced at USD1.9 billion.

Read 24-year-old ‘salmon’ heir Norway’s richest
Read Witzoe earned €270m in 2016

At today’s earnings report presentation in Oslo, there was special focus on SalMars “prestigious” Ocean Farm 1, the sea rig now operating offshore Trondheim fjord.

When Ocean Farm’s trial stage is over a year from now, SalMar hopes to convert the project’s eight aquaculture permits into ordinary concessions that can be included in the company’s (maximum allowed biomass) portfolio, reports TDN Finans.

“This is a project, and we still haven’t let the maximum number of fish into the cage yet. We’re focusing on completing the project in a good way first,” SalMar managing director Trond Williksen said in his earnings remarks.

Williksen added that if (the project) works, they’ll think about making it a little more commercial in Phase 2 in about a year.


Related Articles