Grieg Seafood ASA: Grieg Seafood ASA: Sale of Shetland operations – completed
Reference is made to (i) the stock exchange announcement from Grieg Seafood ASA (the "Company") released on 29 June 2021 regarding the entering into a Share Purchase Agreement with Scottish Sea Farms Ltd regarding the sale of all shares in its wholly owned subsidiary Grieg Seafood Hjaltland Ltd, the parent company of the Company's Shetland business (the "Transaction") as well as (ii) the stock exchange announcement released on 8 December 2021 regarding the clearance of the Transaction by relevant competition authorities.
The Company is pleased to announce that the Transaction has been successfully completed on 15 December 2021.
Going forward, the Company will narrow focus, resources and investments to Norway and Canada, which are the farming regions with the largest potential for sustainable growth. The sale of the Shetland operations will advance Grieg Seafood’s ability to pursue opportunities in these production regions, strengthen the Company’s balance sheet and bolster the execution of it’s 2025 business strategy.
Commenting on the transaction, Andreas Kvame, CEO of Grieg Seafood ASA, said:
“The sale represents an important milestone in our communicated strategy to concentrate future farming activities in Norway and Canada, where we see the largest potential for profitable and sustainable growth.
Following a three-year long period of restructuring and operational improvement, our Shetland business has been turned around. The region has improved sea lice control and survival significantly and delivered solid profits during the two previous quarters. I am pleased to say that we hand over operations in good shape.
I want to sincerely thank all our Shetland employees for their impressive efforts and dedication to Grieg Seafood, especially during the difficult times of the pandemic. I am confident that the Shetland business is in good hands and that salmon farming will continue to create value for the local communities in Shetland for years to come.”
Towards 2025, Grieg Seafood ASA aims for global growth, cost improvements and to reposition the Company in the market through downstream partnerships.
For further enquiries, please contact:
Atle Harald Sandtorv, CFO
Cell phone: +47 908 45 252
Email: [email protected]
Andreas Kvame, CEO
Cell phone: +47 907 71 441
Email: [email protected]
About Grieg Seafood ASA
Grieg Seafood ASA is one of the world's leading salmon farmers, targeting 130 000 tonnes of harvest (GWT) in 2025. 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 900 people work in the Company throughout our regions.
Sustainable farming practices are the foundation of Grieg Seafood's operations. The lowest possible environmental impact and the best possible fish welfare is both and ethical responsibility and drive economic profitability. Towards 2025, we aim for global growth, cost improvements 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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
