Shetland

Grieg Seafood ASA initiates strategic review of its Shetland operations, aiming to sell when the timing is right

Going forward, the company will increase focus on its four Norwegian and Canadian farming regions and their potential for sustainable growth.

Going forward, the company will increase focus on its four Norwegian and Canadian farming regions and their potential for sustainable growth.

“We have seen steady improvements in fish health and survival over the last years on our farms in Shetland. I am both thankful for and impressed by the efforts of Grieg Seafood Shetland’s employees,” says CEO of Grieg Seafood ASA, Andreas Kvame.

“At the same time, the covid-19 pandemic has severely impacted all of our markets. In light of these circumstances, we have to prioritize resources and investments and make some tough decisions. For Grieg Seafood’s total set-up as of today, we see the largest potential for sustainable growth in our Norwegian and Canadian regions.”

While Grieg Seafood ASA expects the process to be completed during 2021, there is no defined timescale for the review. The company does not know what the final outcome will be, but it aims to sell its Shetland operations when the timing is right.

It is not known how a potential sale could impact Grieg Seafood Shetland employees.

“We regret that this process brings uncertainty for our employees and also to the local communities in Shetland. Whatever the outcome of the review will be, I am confident that our Shetland farms and operations will continue to contribute significantly to Shetland’s economy in the future,” says Kvame.

Operations will go on as normal until the review is completed.