SalMar takes full control of offshore joint venture

The deal involves acquiring Aker’s 15% stake consisting of a million SalMar shares and cash worth NOK 76 million (£5.4m).

 

SalMar already owns 85% of SalMar Aker Ocean, which was set up in November 2021 as a "bold new venture."

 

Offshore is seen by many as the next major development and growth opportunity in salmon farming. Even though the Norwegian government has mapped out three possible areas between Norway and Scotland, however, development so far has been slow largely due to lack of official action.

 

When SalMar launched the venture three and a half years ago with the industrial investment group Aker, Salmar Aker Ocean said the aim was to go worldwide with offshore salmon farming with the aim of providing the world’s most reliable and intelligent operation.

 

But now the two participants have said that after thorough assessments and discussions, have concluded that the technological development and opportunities for offshore – semi-offshore aquaculture in and outside Norway can be more effectively addressed as an integrated part of the SalMar Group.

 

The same applies to the possibility of assessing technical and regulatory framework conditions across locations and production areas.

 

Salmar’s Strategy Director, Runar Sivertsen said the company would continue  to develop offshore farming, but it depends on regulatory developments and the capital needed for a particular project.

 

SalMar has expanded considerably since the original announcement and is now Norway’s second largest farmer of Atlantic salmon.

 

SalMar said that Roy Reite and Trine Sæther Romuld, CEO and chief financial officer of SalMar Aker Ocean respectively, are stepping down now that the business is incorporated and managed as a wholly owned subsidiary of SalMar.

 

Anders Fjellheim will be the company’s new CEO.