Grieg Seafood ASA: 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.

For further enquiries, please contact:

Andreas Kvame, CEO
+47 907 71 441 / andreas.kvame@griegseafood.com

Atle Harald Sandtorv, CFO
+47 908 45 252 / atle.harald.sandtorv@griegseafood.com

For media enquiries, please contact:

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

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.