In the long-term, Grieg Seafood Newfoundland is expected to have a potential annual capacity between 30,000 and 45,000 tonnes
Grieg Seafood, a Norwegian seafood company, announced that it has been granted five new farming licenses in Newfoundland, Canada.
The license allocation for Grieg Seafood is part of the previously announced plan to develop operations at Placentia Bay in the region.
With the new licences, Grieg Seafood now has eight licences in the region which correspond to a total production capacity of up to 30,000 tonnes in the annual harvest.
The first harvest in Newfoundland is expected to begin in 2022-23. In the region alone, the farming activities of Grieg are expected to contribute up to 15,000 tonnes in annual harvest by 2025. The potential long-term annual harvest in the region could between 30,000 and 45,000 tonnes.
Grieg Seafood CEO Andreas Kvame said: “This is another important milestone on our journey of sustainable growth.
“With these five new licenses, we have come one step further in the development of a new farming region in Newfoundland. With close proximity to the important US East Coast market, the Newfoundland farming operations are core to our 2025 strategy.
“Here, we aim for global growth, cost leadership in the regions where we operate and value chain repositioning, evolving from a supplier to an innovative partner for selected customers in the US and European markets.”
Grieg Seafood Newfoundland has 11 licenses in the Placentia Bay area
Grieg Seafood Newfoundland has long-term exclusive farming rights in the Placentia Bay area. The project includes 11 licenses.
Previously, the company secured three of the licenses and the remaining licenses are in a different stage of the application.
In Marystown, Grieg Seafood’s recirculating aquaculture systems (RAS) fresh-water facility, including hatchery, nursery, smolt and post-smolt divisions are under construction.
In July this year, the company reached a milestone when the first eggs were placed into the hatchery.
Grieg Newfoundland is owned by Grieg Kapital (39%), Kvasshøgdi (39%), Ocean Choice International (OCI) (19.5%) and Knut Skeidsvoll (2.5%).
As per the deal, Grieg Seafood will now acquire a 99% stake in the company and OCI will retain the remaining 1% stake.