SalMar’s offshore expansion continues, but will Shetland still be part of it?
SalMar Ocean had been evaluating the possibility of an offshore salmon farm east of Shetland, but the company’s recent ownership change raises questions about whether the project will proceed.
Just days after reports emerged that SalMar Ocean was engaging with regulators about a pilot project three to 12 nautical miles offshore, parent company SalMar ASA completed its takeover of the division, acquiring Aker’s 15% stake and making SalMar Ocean a wholly owned subsidiary.
The move saw a management shake-up, with CEO Roy Reite and CFO Trine Sæther Romuld stepping down.
SalMar takes full control of $400 million offshore farming company
Before the restructuring, Romuld described Shetland’s eastern waters as a promising site for offshore aquaculture. “The entire eastern side of Shetland is considered prosperous for exposed aquaculture, i.e. further offshore than traditional aquaculture,” she told Shetland News. “We have a good dialogue with the relevant authorities, and we are in an early phase of community engagement.”
However, with new leadership in place, it is unclear whether SalMar Ocean will continue pursuing offshore development in Shetland or shift its focus elsewhere.
Scottish Interest and Local Concerns
The Scottish Government has signalled support for offshore salmon farming as part of its Vision for Sustainable Aquaculture strategy, with ongoing work to clarify the regulatory framework for farms located three to 12 nautical miles offshore.At the same time, the Shetland Fishermen’s Association has raised concerns about the impact of offshore aquaculture on fishing grounds, citing “spatial squeeze” due to competing interests, including offshore wind projects, subsea cabling, and environmental protections.
“From a fishing point of view, we’ll be squeezed inshore and offshore,” said Sheila Keith, executive officer of the Shetland Fishermen’s Association.
Will the Project Move Forward?
SalMar’s takeover of SalMar Ocean underscores the company’s commitment to offshore aquaculture, but whether Shetland remains part of those plans is unclear.
The abrupt management change and lack of confirmation on whether discussions with regulators will continue leave the future of the project uncertain.
SalmonBusiness has contacted SalMar for comment.
