Category Archives: Financial Reporting

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.

Business update on impact of the COVID-19 outbreak

Bergen, 17 March 2020: Given the ongoing COVID-19 outbreak, Grieg Seafood Group ASA (the “Company” or “GSF” with OSE ticker: “GSF”) would like to provide an update on the impact on its business and organization. Grieg Seafood’s operations are currently, in light of the circumstances, running as normal.

Organization and employees

Grieg Seafood’s priority is the wellbeing of its employees, their families and the local communities where we operate, and the Company complies fully with the authorities’ recommendations in all locations.

The Company has implemented measures to limit contamination, with crises management teams operating in the head office and in each region. The regions have conducted local risk assessments and implemented measures accordingly, such as limiting contact between shifts, hygiene measures and home office where possible. Companies in our supply chain have also implemented measures to avoid contamination and keep operations running safely.

Operational status

Grieg Seafood’s operations are currently running as normal, considering the circumstances. So far, the salmon is harvested according to plan, and we will work relentlessly to keep our harvesting schedule also in the coming time.

The demand for salmon is there in the markets, with significant decreased demand from hotel, restaurants and catering (horeca) and increased demand from retail. Per now, the flow of goods between countries on trucks remains relatively good. There are currently no border restrictions on food items, including salmon. Airfreight is a challenge and the industry is working hard to find alternative transportation solutions. With farming operations located in close proximity to both the European and the US market, Grieg Seafood’s dependence on cross-Atlantic distribution is limited.

As a food commodity, the continuous production and supply of salmon is encouraged. In Norway, the salmon farming industry is recognized as a “critical public function”, where upholding production is a governmental priority. The Company is maintaining a good dialogue with the authorities in Norway, the UK and Canada through industry organizations, discussing possible arrangements to safeguard salmon farming operations in various scenarios, such as flexibility on maximum allowed biomass (MAB) and fallow periods. On a broader scale, initiatives implemented by authorities to avoid contamination in the general population reduce the risk of supply chain disturbances.

Financial position

Grieg Seafood has a solid financial position. At 31 December 2019, the Group had available cash and credit facilities of NOK 955 million. Net interest-bearing liabilities, excl. factoring and IFRS 16, were NOK 1.9 billion. NIBD/EBITDA was 1.4 and the Company had an equity ratio of 46%.

Guiding

For 2020, Grieg Seafood has guided on a total harvest of 100 000 tonnes GWT with costs at or below industry average. The full medium- and long-term implications of the coronavirus pandemic remain uncertain. However, based on the current situation, the Company will harvest according to the Q1 guiding of 16 800 tonnes, and the Company’s volume target for 2020 remains in place.

Capital Markets Day postponed

It is with regret that, in light of the COVID-19 outbreak, we have to postpone our Capital Markets Day, which was planned for June 10. 2020. We will follow the COVID-19 developments and announce a new date at a later time.

For more information, contact:

Investors:
Andreas Kvame, CEO, Grieg Seafood ASA
+47 90 77 14 41
andreas.kvame@griegseafood.com

Atle Harald Sandtorv, CFO, Grieg Seafood ASA
+47 90 84 52 52
atle.harald.sandtorv@griegseafood.com

Media requests:
Kristina Furnes, Global Communications Manager, Grieg Seafood ASA
+47 48 18 55 05
kristina.furnes@griegseafood.com

Q4 2019 results – Positive operational development drives strong earnings

Highlights

  • Harvest volume of 25 300, above guiding, and up 7% from Q4 2018 
  • EBIT before fair value adjustment of NOK 357 million (NOK 351 million)
  • EBIT/kg NOK 14.10 (NOK 14.81)
  • Solid earnings driven by strong performance in Norway
  • Biological improvements in British Columbia and Shetland, but still high costs
  • Recognized by the Carbon Disclosure Project as a leader (A) on climate disclosure and actions
  • Expect harvest of 16 800 tonnes in Q1 2020
  • 2020 volume target of 100 000 tonnes well within reach, regional differences in cost performance

Financial results

The Grieg Seafood Group harvested 25 342 tonnes GWT in Q4 2019, up 7% compared to 23 682 tonnes in Q4 2018.

Average realized price was down in Q4 2019 compared to Q4 2018, mainly due to lower price achievement in the UK and BC. Grieg Seafood’s revenues in Q4 2019 amounted to NOK 2 390 million, an increase of 12% compared to the same period last year. The revenue increase is mainly driven by higher harvest volume and spot prices.

Farming cost during the period (total cost related to fish harvested this quarter) was somewhat down compared to the same quarter last year.

The Group’s EBIT before fair value adjustment of biological assets was NOK 357 million (351) during the quarter, corresponding to an EBIT per kg of NOK 14.10 (14.81). EBIT from the four regions includes value creation from the respective sales activities of the Group’s jointly owned sales company, Ocean Quality.

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

“2019 was an eventful year for Grieg Seafood, marked by good market conditions and continuous improvement across all our operations. This trend continued in the fourth quarter with particularly strong results in Rogaland and Finnmark while our long-term initiatives to address biological challenges in BC and Shetland continued to yield positive results. In Shetland in particular, cost remained at a high level in the quarter, but biological improvements led to higher survival rates.

For 2020, we have a long-standing ambition of reaching 100 000 tonnes harvest with cost at or below industry average, and as we enter 2020 our volume target is within reach. However, operational development has varied between regions. While Finnmark and Rogaland have exceeded expectations, cost in BC and Shetland have been impacted by challenging biology, resulting in somewhat higher cost in these regions.”

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. Short term, our goal is to increase production to 100 000 tonnes with a production cost at or below weighted industry average.

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.

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

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

The strategy for 2020-2025 is founded in an ambition for sustainable salmon farming and comprises three key strategic objectives for continued growth and business development: Global growth, cost leadership and value chain repositioning.

Commenting on Grieg Seafood’s strategy for 2025, CEO Andreas Kvame, said:

As we look beyond 2020, we aim to build on our existing platform to ensure continued growth and cost improvements to reach more than 150 000 tonnes harvest by 2025. To scale our global operations, we will continue to grow organically, as well as through M&A activity. We will also reposition Grieg Seafood from a pure commodity supplier to an innovation partner, increasing our presence downstream through partnerships, category development and brand cultivation.

Outlook

The Group’s total share of fixed price contracts in Q4 2019 was 16% in Norway and 31% in the UK. The share of fixed price contracts for the full year 2019 was 22% and 24% for Norway and the UK, respectively. This is in the lower range of the Group’s target of 20-50% contract share. Estimated contract share for Q1 2020 is 31% in Norway and 18% in the UK.

During Q4 2019, 8.3 million smolt with an average weight around 190 grams were transferred to sea. For the full year 2019, a total of 25.2 million smolt, with an average weight of 190 grams, was stocked. We are on track to reach our harvest target of 100 000 tonnes in 2020, an increase of 20% from 2019. Expected harvest volume for Q1 2020 is 16 800 tonnes, comprised of:

  • Rogaland: 5 700 tonnes
  • Finnmark: 5 700 tonnes
  • Shetland: 1 800 tonnes
  • BC: 1 600 tonnes

Results presentation

CEO Andreas Kvame and CFO Atle Harald Sandtorv will present the results today at 08:00 CET at Hotel Continental, Stortingsgaten 24/26, Oslo.

The presentation and subsequent Q&A will be held in Norwegian and can be followed live via webcast at www.griegseafood.com or at https://channel.royalcast.com/webcast/hegnarmedia/20200213_6/

It will be possible to ask questions online.

An English transcript of the presentation will be made available at www.griegseafood.com within a few days of 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, specializing in Atlantic salmon. The Group has an annual production target of 100 000 tonnes gutted weight in 2020.

Our farming facilities are in Finnmark and Rogaland in Norway, British Columbia in Canada and Shetland in the UK. 873 people are employed by the Grieg Seafood Group (incl. Ocean Quality).
Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. Our headquarters are situated in Bergen, Norway. The business development of Grieg Seafood ASA focuses on profitable growth, sustainable use of resources and being the preferred supplier to selected customers.

To learn more, visit www.griegseafood.com

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