Category Archives: Financial Reporting

Grieg Seafood to end operations on the Isle of Skye in Scotland

Grieg Seafood will end operations on its five farms on the Isle of Skye in Scotland, due to the long distance between Skye and its main operations on Shetland. The distance is too great to operate the two areas as one unit, and the Skye operation is too small to be operated as a separate unit. As supportive resources and equipment for the Skye operations have had to travel all the way from Shetland, Grieg Seafood has regrettably not been able to maintain the fish welfare and production standards that it has for the rest of the company.  The transportation of resources and fish between Skye and Shetland has also had a high carbon footprint in comparison to other salmon farming operations.

In August 2019, Grieg Seafood initiated a strategic evaluation of its Skye operations. The company has now concluded that it will end its operations on the five farms in Skye, and look for alternative set-ups for these farms outside the company.

The decision was expedited due to an incident of high mortality at three of the Skye farms between late July and early-September 2020, mainly caused by abnormal levels of jellyfish. Unfortunately, 627 000 fish (approximately 1500 tonnes) were lost. Operations at the impacted sites are discontinued immediately, while operations at the two remaining farms will end after harvest in the coming months.

Grieg Seafood has 25 talented employees on the Isle of Skye, and the company regrets that this decision per now is expected to result in the loss of 8 jobs. Some of the employees will be able to continue working for Grieg Seafood should they want to relocate to Shetland.

Andreas Kvame, CEO of Grieg Seafood ASA, said:

“As we have had to move supportive equipment and resources for our Skye farms back and forth from the Shetland isles, we have regrettably not been able to maintain the fish welfare and production standards that we have in the rest of the company. Therefore, we have decided to end our operations in Skye and will look for alternatives for the farms and the remaining employees outside the company.

I regret to say that the decision per now is expected to cause the loss of 8 jobs in Skye, and we are in dialogue with our staff about that. Grieg Seafood is grateful to our Skye employees for the tremendous job they have done, especially over the last months with uncertainty due to our strategic evaluation and a challenging biology in the sea. I want to thank them for their dedication to our livestock and to Grieg Seafood.”

Grieg Seafood receives five new farming licenses in Newfoundland

Grieg Seafood is granted five new farming licenses in Newfoundland, reaching eight licenses in the region, corresponding to a total production capacity of up to 30 000 tonnes of annual harvest.

The allocation is part of the previously communicated plan for the development of the Placentia Bay operations.

“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 is 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,” says Andreas Kvame, CEO of Grieg Seafood ASA.

Farming activities in the Newfoundland region is expected to contribute with 15 000 tonnes of annual harvest by 2025 and has a long-term annual harvest potential of 30 000-45 000 tonnes. The first harvest is expected to be in 2022/2023. 

Grieg Seafood Newfoundland has long-term exclusive farming rights to the Placentia Bay area. The project comprises 11 licenses. Previously, Grieg Seafood had received three of the licenses. The remaining licenses are in different stages of application.

 “We will build the Newfoundland region step-by-step and in line with best practice from our best performing operations in our Norwegian regions. We are committed to farm with as low environmental impact and as high fish welfare as possible, and to contribute to local jobs and value creation in the Marystown area. It is important for us to be a good partner to the local communities and local authorities to create value for all,” says Kvame.

A RAS fresh-water facility, including hatchery, nursery, smolt and post smolt divisions, is currently under construction in Marystown. Grieg Seafood Newfoundland reached another milestone in July 2020, as the first eggs were placed into the hatchery.

Q2 2020 results – Stable volume and cost in turbulent market

Highlights

  • Harvest volume of 23 910 tonnes, up 10 % from Q2 2019 (21 802 tonnes)
  • Earnings impacted by low market prices due to effects of Covid-19, amounting to NOK 211 million vs Q2 2019
  • Margin in Finnmark still impacted by winter ulcers
  • Continued cost reductions in BC. Shetland somewhat impacted by lower survival rate
  • Group total of 20 sites ASC certified at quarter end, 36% of net production
  • Successful completion of senior unsecured Green Bond issue of NOK 1 billion
  • Construction of RAS facility and approval of licenses in Newfoundland according to plan
  • First members of the new sales organization appointed
  • New guidance of 95 000 tonnes (100 000) in 2020 due to reduced growth in Finnmark caused by lower than average seawater temperatures in addition to market adjustments

Covid-19

The Covid-19 pandemic continued to impact the market situation also in the second quarter. The escalation of the pandemic and measurements taken by governments around the world to address the situation, have caused uncertainties for producers, processors and end consumers. Nevertheless, despite the challenging circumstances, demand for Atlantic salmon remained strong and Grieg Seafood has been able to maintain efficient operations throughout the quarter.

Financial results

The Grieg Seafood Group harvested 23 910 tonnes GWT in Q2 2019, compared to 21 802 tonnes in Q2 2019.

Average realized price during the quarter was down compared to the second quarter last year, mainly driven by lower market price impacted by market turbulence related to Covid-19, in addition to lower prices achieved on downgraded volumes in Finnmark. The reduction is partly offset by the 10% higher harvest volume.

Total revenues during the quarter amounted to NOK 1.4 billion, down from NOK 1.5 billion in the second quarter of 2019.

Farming cost during the quarter increased from the same quarter last year. The increase is mainly related to negative currency effects and increased cost per kilo in Rogaland due to lower harvest volume.

Group’s EBIT before fair value adjustment of biological assets ended at NOK 3 million during the quarter, down from NOK 302 million in the second quarter of 2019, where reduced prices and increased costs amounts to some NOK 211 million and NOK 95 million of the decrease respectively.

Commenting on the Group’s performance, CEO Andreas Kvame, said:

“The second quarter of 2020 was impacted by the continuous effect of the Covid-19 pandemic. Thanks to our fantastic employees, I am proud to state that Grieg Seafood has been able to maintain efficient operations throughout the quarter. Employee safety and wellbeing is our priority, and we have kept in place all HSE measures implemented at the beginning of the pandemic to reduce the risk of Covid-19 outbreaks as much as possible.

We have particularly seen disruptions in the US market due to Covid-19, which is mainly supplied by our British Columbia region. However, lower prices in the US have been matched by improved biology, lower costs and increased competitiveness in BC.

In Finnmark and Rogaland, the underlying biology remains strong. However, due to low seawater temperatures during the winter and spring, we have experienced reduced growth in Finnmark. Based on this external factor in combination with expectations of low market prices in the short term, we have decided to optimize production, utilize our existing licenses and postpone some harvest to 2021.

In Shetland, cost has remained high during the quarter, due to few synergies between our operations on the Shetland isles and Skye in Scotland.

In our new Newfoundland region, the first eggs were put into the hatchery in July, according to schedule. First harvest is expected in 2022/23.

While we are in the middle of a pandemic, we have not set our commitments to sustainability on hold. Reducing our environmental footprint and improving fish welfare are key factors to achieve our financial and operational targets. Over the last months, we received ASC certification on two new sites, and we strengthened our greenhouse gas reduction target. With Brazilian soy in our feed, we are also concerned about the increasing deforestation rates in the country. We are committed to use our market power to push towards an end to soy-related deforestation where we source soy, the Brazilian Cerrado biome.”

Strategic priorities

Improving sustainability is key to increasing our profits. By focusing on reducing our environmental impact and improving fish welfare, we aim to increase harvest rates and reduce production cost.

We aim to provide our shareholders with a competitive return on capital invested and have set a ROCE target of 12%. Our investments reflect our growth strategy: digitalization, post-smolt, biosecurity and fish welfare, including continuous evaluation of expansion opportunities

Digitalization in salmon farming includes applying advanced sensors, big data, artificial intelligence and automation, to support better farming decisions. Post smolt improves biosecurity, survival rates and allows for a more efficient farming cycle, while expansion opportunities will allow for improved flexibility, biosecurity and fish welfare.

With a strict focus on biosecurity and fish welfare, Grieg Seafood aims to achieve strong biological performance through the implementation of a broad range of technological and operational initiatives, including large smolt, GSF Precision Farming and other preventive operational measures aimed at combating sea lice and algae. The group targets an average survival rate in seawater above 93%.

Outlook

In the short term, operational efficiency and biosecurity are the top priorities in Grieg Seafood.

The salmon market will continue to be impacted by the Covid-19 situation adding uncertainty and putting pressure on prices in the short term. However, Grieg Seafood see limited impact on operations due to the Covid-19 situation.

The contract share for the Norwegian operations will increase in the second half of 2020 with prices well above current spot prices. Estimated contract shares for the third quarter is 63 per cent and 5 per cent for Norway and the UK, respectively, with full year estimates of 32 per cent and 8 per cent.

In 2019, a total of 25.2 million smolt with an average weight of 190 grams was stocked to sea, with the aim of harvesting 100 000 tonnes in 2020. However, during winter and spring low seawater temperatures in Finnmark have impacted growth.

Due to the limited growth in combination with expected sluggish market prices in the short term, Grieg Seafood has decided to postpone some harvest to 2021, reducing expected harvest volume to 95 000 tonnes for 2020.

In the third quarter, expected harvest volume is 21 400 tonnes, with the following area distribution:

  • Rogaland:              5 300 tonnes
  • Finnmark:              4 500 tonnes
  • Shetland:               5 600 tonnes
  • BC:                        6 000 tonnes

Grieg Seafood maintains the long-term harvest volume target of 150 000 by 2025.

Results presentation

CEO Andreas Kvame and CFO Atle Harald Sandtorv will present the results by webcast today, Tuesday 18 August at 08:00 CEST.

The presentation and subsequent Q&A will be held in Norwegian and can be followed at www.griegseafood.com or at https://channel.royalcast.com/webcast/hegnarmedia/20200818_1/

An English transcript of the presentation will be made available at www.griegseafood.com within a few days after the presentation.

For further enquiries, please contact:

Andreas Kvame, CEO

Cell phone: +47 907 71 441

Atle Harald Sandtorv, CFO

Cell phone +47 908 45 252

About Grieg Seafood

Grieg Seafood ASA is one of the world’s leading salmon farmers, targeting 95 000 tonnes of harvest (GWT) in 2020. Our farms are in Finnmark and Rogaland in Norway, British Columbia and Newfoundland in Canada, and Shetland in the UK. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. More than 800 people are employed by the Company globally.

Sustainable farming practices are the foundation of Grieg Seafood’s operations. The lowest possible environmental impact and the best possible fish welfare drive economic profitability. Towards 2025, we aim to harvest 150 000 tonnes, to achieve cost leadership in each region and to evolve from a pure salmon supplier to an innovation partner for selected customers.

To learn more, please visit www.griegseafood.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Erik Holvik appointed Chief Commercial Officer of Grieg Seafood ASA

Holvik will join the Executive Management Team and establish Grieg Seafood’s integrated sales and market organization. He will drive the development and execution of the company’s downstream efforts and global commercial strategy.

Holvik has a long track record in the seafood industry, and has until now held the position as Sales Director of Mowi Markets Norway. He began his career in Coast Seafood in 2003, where he worked for four years in the company’s VAP department. Since 2011, Holvik has held various roles within sales, trading and towards the retail market in Mowi. From 2013 and onwards, he helped build the company’s sales organization in Bergen. Holvik holds a Bachelor Degree in Commerce from Macquire University in Australia.

Commenting on the appointment, Andreas Kvame, CEO of Grieg Seafood, said:

“In Grieg Seafood, we have very exciting years ahead of us. By 2025, we will grow sustainably, we will improve our production cost and we will evolve from being a pure supplier of salmon to becoming an innovation partner for selected customers. I am very pleased that Erik will join our team to develop our new downstream efforts. He has the experience, the knowledge and not least the enthusiasm needed to succeed.”

Erik Holvik, the new Chief Commercial Officer, said:

“I have had great years in Mowi where I have learnt a lot, been part of a strong professional environment and worked with fantastic colleagues. Still, it was impossible to turn down the opportunity to create something brand new in Grieg Seafood. I look forward to building a new sales organization and to bring out the market potential of the company. This will be a very exciting journey and I am looking forward to getting started.”

In May 2020, Grieg Seafood announced that the sales partnership with Bremnes Seashore will be dissolved and that the company would set up its own, fully integrated sales organization, in line with its new business strategy.

Erik Holvik will start in the position on 1st October 2020.

For further information, please contact:

Andreas Kvame, CEO
andreas.kvame@griegseafood.com
+47 90771441

For media enquiries, please contact:

Kristina Furnes, Global Communications Manager
Kristina.furnes@griegseafood.com
+47 48185505

Picture of Erik Holvik

Grieg Seafood has placed its first Green Bond

Grieg Seafood ASA has successfully completed a new senior unsecured green bond issue of NOK 1,000 million with maturity date 25 June 2025. The transaction was significantly oversubscribed.

Please find our Green Bond Framework and the Second Opinion issued by CICERO Center for International Climate Research here: https://www.griegseafood.no/inverstors/bond/

Commenting on the issuance of Grieg Seafood’s first Green Bond, Andreas Kvame, CEO of Grieg Seafood, said:

«Reducing our environmental footprint and improving fish welfare is not only an ethical responsibility, it is also key to achieve our operational and financial targets. We will invest heavily in these areas over the next years, in projects like keeping the fish longer on land, achieving ASC certifications, reducing carbon emissions or help commercialize new feed ingredients with lower impact. We are pleased to partly finance these efforts through a Green Bond.”

For more information, please refer to the stock exchange release: https://newsweb.oslobors.no/message/508034

Grieg Seafood ASA and Bremnes Seashore AS to establish separate sales organizations

The sales joint venture Ocean Quality will be dissolved and divided between Grieg Seafood and Bremnes Seashore. The decision is a consequence of new business strategies in both companies.

The two salmon farming companies have partnered up on sales through the sales joint venture Ocean Quality since 2010. Going forward, both Grieg Seafood and Bremnes Seashore will strengthen their efforts in the market, and will establish their own, fully integrated sales organizations:

  • Bremnes Seashore will take 100 percent ownership of the Norwegian organization Ocean Quality AS. The company will remain a uniform sales organization with all Norwegian employees. Bremnes Seashore will also take over Ocean Quality Shanghai.
  • Grieg Seafood will take 100 percent ownership of Ocean Quality North America, Ocean Quality UK and Ocean Quality USA. Employees in these organizations will be employed in Grieg Seafood.
  • Grieg Seafood will build a new sales organization for its Norwegian business.

In order to facilitate the transition, the sales partnership will continue as today until December 31. 2020. It will be totally dissolved and the separation implemented by June 2021.

Both Grieg Seafood and Bremnes Seashore are proud of the achievements delivered by fantastic employees for 10 years. Not least are the two companies impressed by the efforts and results achieved during the covid-19 pandemic.  All current employees are invited to continue in the new set-up. 

Andreas Kvame, CEO of Grieg Seafood, said:

“In our new 2025 strategy we have set ambitious targets of harvesting 150 000 tonnes, achieve cost leadership in each region and reposition the company from being a pure salmon supplier to becoming an innovation partner for selected customers. Building up our own sales organization is key to deliver on the downstream part of the strategy in the best possible way, and allows us to strengthen the cooperation between our production network and the sales organization. I want to thank Bremnes Seashore for a very good partnership during the past years, and I look forward to continued collaboration in other areas. I also want to thank all employees in Ocean Quality for the tremendous efforts that they have made over many years, which both companies will build upon going forward. From here, two exciting journeys will continue.”

Einar Eide, CEO of Bremnes Seashore, said:

“Since we established Ocean Quality ten years ago, market dynamics have changed, and we have significantly increased production volumes. In addition, Bremnes Seashore has built up strong brands like SALMA and BÖMLO. With fully integrated sales organizations in Salmon Brands and Ocean Quality we can combine in-depth market and brand expertise with a well-developed customer network in the export markets. Now we will work towards new goals and I look forward to an exciting continuation together with talented colleagues in Ocean Quality. We have a good partnership with Grieg Seafood in other areas, such as feed purchase and large smolt production, and will continue this collaboration.»

Grieg Seafood will start the process of recruiting a Chief Commercial Officer to build up and lead the new sales organization.

Grieg Seafood and Bremnes Seashore will continue existing partnerships in other areas like purchasing of feed and post smolt production.

Grieg Seafood ASA: Q1 2020 results

Click image to download the Q1 2020 report

Efficient production maintained, earnings impacted by biological challenges in Finnmark

Highlights

  • Harvest volume of 18 360, above guiding and up 24% from Q1 2019 (14 800)
  • EBIT before fair value adjustment of NOK 240 million (NOK 267 million)
  • EBIT/kg NOK 13.09 (NOK 18.07), with a positive EBIT in each region
  • Price achievement impacted by harvesting towards the end of the quarter with low market price
  • Good production and low cost in Rogaland, but margin impacted by environmental challenges
  • Margin in Finnmark negatively impacted by winter ulcers and one site affected by ISA
  • Positive cost developments in British Columbia and Shetland
  • Received ASC certification of five sites in Finnmark and three sites in BC
  • Acquisition of Grieg Newfoundland AS, with long-term annual harvest potential of 30-45 000 tonnes
  • Expected harvest of 24 900 tonnes in Q2 2020, maintaining guidance for 100 000 tonnes in 2020

Covid-19

The market situation in Q1 2020 has been impacted by the Covid-19 pandemic. Nevertheless, despite the challenging circumstances, there is a high market demand for salmon and Grieg Seafood’s diversified geographical presence provides some flexibility and reduces logistical challenges. Grieg Seafood has been able to maintain efficient operations throughout the first quarter and the impact on the first quarter results has been limited.

Q1 2020 financial results

The Grieg Seafood Group harvested 18 362 tonnes GWT in Q1 2020, up 24% compared to 14 801 tonnes in Q1 2019.

Average spot salmon price for Q1 2020 was up compared to both Q1 2019 and Q4 2019, but our price achievement was affected by harvesting towards the end of the quarter when prices were decreasing. Grieg Seafood’s revenues in Q1 2020 amounted to NOK 2 055 million, an increase of 25% compared to Q1 2019. The revenue increase is driven by higher harvest volume as well as the currency effect of a weak NOK.

Farming cost during the period (total cost related to fish harvested this quarter) was somewhat up compared to the same quarter last year, partly driven by the currency effect.

The Group’s EBIT before fair value adjustment of biological assets was NOK 240 million (NOK 267) during the quarter, corresponding to an EBIT per kg of NOK 13.09 (18.07). EBIT from the four regions includes value creation from the respective sales activities of the Group’s jointly owned sales company, Ocean Quality.

Fair value adjustments of NOK -779 million (NOK 51 million) was mainly due to lower forward and spot salmon prices compared to Q4 2019. In Finnmark the price is also impacted by downgrading due to winter ulcers. The EBIT after fair value adjustment of biological assets was NOK -538 million (NOK 319 million).

Commenting on the Group’s performance, CEO Andreas Kvame, said:

“The first quarter of 2020 took a dramatic turn when the Covid-19 pandemic hit. Our top priority in this situation is the safety and wellbeing of our employees, their families and the local communities where we operate.

Safeguarding people, operations and partnerships are key priorities going forward, as well as protecting the financial solidity and flexibility of the Group. We also will continue to execute on our ambitions. We hold on to our target of 100 000 tonnes harvest in 2020. By 2025, we aim to harvest at least 150 000 tonnes of Atlantic salmon, to achieve cost leadership and to reposition Grieg Seafood in the value chain. In the first quarter, we took an exciting first step on this growth journey by acquiring Grieg Newfoundland AS.

Lastly, but most importantly, despite the extraordinary situation, we do not yield in our commitment to sustainable and responsible farming. Sustainability is our license to operate and remains at the heart of our strategy and all our activities”

Strategic priorities

Improving sustainability is key to increasing our profits. By focusing on reducing our environmental impact and improving fish welfare, we aim to increase harvest rates and reduce production cost. For 2020, our goal is to reach an annual harvest volume of 100 000 tonnes in 2020 with cost at or below industry average, building a platform for sustainable growth beyond 2020.

Post-smolt improves biosecurity and survival rates and allows for a more efficient farming cycle. Increased growth on-shore also frees up sea water capacity. Digitalization in salmon farming includes applying advanced sensors, big data, artificial intelligence and automation, with the aim of generating better farming decisions.

With a strict focus on biosecurity and fish welfare, Grieg Seafood aims to achieve strong biological performance through the implementation of a broad range of technological and operational initiatives, including large smolt, GSF Precision Farming and other preventive operational measures aimed at combating sea lice and algae. The group targets an average survival rate in seawater above 93%.

GSF 2025

Going forward, Grieg Seafood will build on our existing platform for continued sustainable growth and cost improvements. With an ambition for global growth, we aim to strengthen our market position, while driving increased value creation as a global supplier of sustainably farmed salmon.

The strategy for 2020-2025 comprises three key strategic objectives for continued growth and business development: Global growth, cost leadership and value chain repositioning. Furthermore, increasingly sustainable farming practices is the very foundation of all areas of the strategy.

In February 2020, Grieg Seafood announced the acquisition of Grieg Newfoundland AS, a project with long-term harvest potential of 30-45 000 tonnes Atlantic salmon. This step of our growth journey includes exclusivity for salmon farming in Placentia Bay, which has a farmable area larger than the Faroe Islands. With proximity to the East Coast of the US, the acquisition reinforces our US market exposure and underpins the 2025 strategy to strengthen our position as a global leader in sustainable salmon farming. First harvest in the region is expected in 2022/23, and the region is expected to contribute with at least 15 000 tonnes of annual harvest by 2025.

Outlook

The Group’s total share of fixed price contracts in Q1 2020 was 22% both in Norway and the UK. This is in the lower range of the Group’s target of 20-50% contract share. Currently, the estimated contract shares for the full year 2020 is 20% in Norway and 9% in the UK.

In 2019, a total of 25.2 million smolt with an average weight of 190 grams, was stocked to sea. Our seawater production is good, and despite abnormal mortality during the quarter, we are on track to reach our harvest target of 100 000 tonnes in 2020. Expected harvest volume for Q2 2020 is 24 900 tonnes, comprised of:

  • Rogaland: 4 000 tonnes
  • Finnmark: 7 000 tonnes
  • Shetland: 3 900 tonnes
  • BC: 10 000 tonnes

Results presentation

CEO Andreas Kvame and CFO Atle Harald Sandtorv will present the results by webcast the same day at 08:00 CEST.

The presentation and subsequent Q&A will be held in English and can be followed at www.griegseafood.com or at https://channel.royalcast.com/webcast/hegnarmedia/20200507_3/

For further enquiries, please contact:

Andreas Kvame, CEO
Cell phone: +47 907 71 441

Atle Harald Sandtorv, CFO
Cell phone +47 908 45 252

About Grieg Seafood

Grieg Seafood ASA is one of the world’s leading salmon farmers, targeting 100 000 tonnes of harvest (GWT) in 2020. Our farms are in Finnmark and Rogaland in Norway, British Columbia and Newfoundland in Canada and Shetland in the UK. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. More than 800 people are employed by the company globally.

Sustainable farming practices are the foundation of Grieg Seafood’s operations. The lowest possible environmental impact and the best possible fish welfare drive economic profitability. Towards 2025, we aim to harvest 150 000 tonnes, to achieve cost leadership in each region and to evolve from a pure salmon supplier to an innovation partner for selected customers. To learn more, please visit www.griegseafood.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Grieg Seafood ASA strengthens its executive team

To underpin its growth journey, the company is adding farming capabilities to its executive team to bolster focus on operations.

By 2025, Grieg Seafood aims to harvest 150 000 tonnes, achieve cost leadership in each region and to evolve from a pure salmon supplier to an innovation partner for selected customers. Organizational capacity and competence are vital to achieve these goals, and Grieg Seafood has therefore made changes to the management structure.

Grieg Seafood ASA’s new farming division will be divided into three areas:

  1. Farming Europe, covering the Finnmark, Rogaland and Shetland regions
  2. Farming North America, covering the British Columbia and recently established Newfoundland regions
  3. A technological department, covering areas with increased company commitments, such as sustainability, R&D and fish health & welfare.

Commenting on the changes, CEO Andreas Kvame said:

“We have set ambitious growth and cost leadership targets towards 2025 and will increase our commitment to sustainable farming practices in all regions. In light of these strategic priorities, it is essential to add operational resources to Grieg Seafood’s executive management. With these changes, I am confident in our ability to reach our goals and create value for our local communities, customers, employees and shareholders alike. I am proud to say that it was easy to find the right capabilities internally. We have many talents on all levels of the organization, who continue to impress me with their dedication to the company.”

Alexander Knudsen will take up the position as Chief Operating Officer Farming Europe. Mr. Knudsen has 24 years of experience from the salmon farming industry. He has been the Regional Director of Grieg Seafood Rogaland AS since 2008 and has a proven record of delivering strong operational and biological results for many years.  

Roy-Tore Rikardsen will take up the position as Chief Operating Officer Farming North America. He has been the Regional Director of Grieg Seafood Finnmark AS since 2014, and has overseen growth, biological improvements and strong results in the region in recent years. He also has more than 20 years of industry experience from companies like Lerøy, Akva Group and Ewos.

Knut Utheim will take up the position as Chief Technology Officer. Mr. Utheim has been the Chief Operating Officer of Grieg Seafood ASA since 2014, supervising the growth in harvest volumes from 65 000 tonnes in 2014 to 100 000 tonnes in 2020. Utheim was the Regional Director in Marine Harvest central Norway for 10 years and has worked in the fish farming industry since 1990.  

Changes to regional management

Knut Skeidsvoll will take the role as the Regional Director of the new region in Eastern Canada, Grieg Seafood Newfoundland Ltd. Since 2014, he has been the Managing Director of Grieg Newfoundland AS, which was acquired by Grieg Seafood ASA in April 2020.  Mr. Skeidsvoll has held various operational, consultancy and management roles in the aquaculture industry since the 1980s.

Nina Willumsen Grieg will take up position as new Regional Director of Grieg Seafood Rogaland AS. Mrs. Grieg joined the company in 2015 and has been responsible for Business Development in Grieg Seafood ASA as part of the global management team since 2017. She has more than ten years of experience from management and operations, including roles at Accenture and PwC. She is currently on maternity leave and will start her new position upon returning during the first half of 2021.

Kjetil Ørnes will act as interim Regional Director of Grieg Seafood Rogaland AS until Nina Willumsen Grieg returns. Ørnes has been the Sea Water Production Manager of Grieg Seafood Rogaland since 2006. He has extensive operational fish farming experience, with a record of delivering strong biological results for years.

Grieg Seafood will start the process of finding a new Regional Director of Grieg Seafood Finnmark AS, with the aim of recruiting internally.

The organizational changes will be effective immediately.

Notice of Annual General Meeting

The Annual General Meeting of Grieg Seafood ASA will be held in the company’s premises at Grieg Gaarden, C. Sundts gate 17/19, Bergen, Norway, on Thursday 14 May 2020 at 10:00 am.

Here you will find the notice.

Extraordinary precautions due to Covid-19:
In order to comply with advice of health authorities to decrease the risk of spreading the coronavirus, shareholders are urged not to physically attend the meeting, but rather use available means to vote electronically or submit a proxy form.

Link to electronic votes.