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.