Latest investment to go into land-based fish farms

Samherji Fish Farming has just completed a share capital increase of US$26 million. The funds obtained will be utilised to build a project for land-based salmon farming in Öxarfjördur, northeast Iceland, alongside designing and constructing a salmon farm with 40,000 ton capacity in the Reykjanes Peninsula, in southwest Iceland.       

Image credit: Samherji Fish Farming

 

This marks the first phase of a share capital increase of US$56.5 million which has already been approved. A new board is due to be elected in Samherji Fish Farming at the company's annual general meeting. Former CEO of Mowi, which currently produces 20 percent of all salmon sold, Alf-Helge Aarskog has invested in the company and will be joining the board of directors.

​

Alf-Helge Aarskog

"I am honoured to be asked to take part in this project," says Alf-Helge Aarskog. "The location chosen for this project, with abundant resources of water and energy, makes the project extremely interesting. There are fascinating times ahead for Samherji Fish Farming. The company has ambitious plans and the ability to achieve them and become a leading company in salmon farming in the world. I am very excited about this project and look forward to participating in the development and growth ahead."

Samherji Fish Farming's operations look at all stages of aquaculture and processing, from the egg to consumer. It currently operates five farms and two processing plants, specialising in land farming of Arctic char and salmon. Arctic char makes up the majority of the production but the company is now looking to develop its production of salmon, centering on the expansion of land farming on the site in Öxarfjördur.

The site produces 1500 tonnes of salmon annually but is projected to increase to 3000 tonnes when the pilot project is completed. Fish are due to enter the new tanks onsite by the end of this year, with the farm in Öxarfjördur having been one of the largest producers of salmon farmed on land.

Building and operating a land-based farm in the Reykjanes Peninsula is hoped to produce 40,000 tonnes of salmon annually. This farm will be made up of a hatchery, breeding farm, processing plant and service buildings, with a total investment of over US$340 million. The farm is going to be designed and constructed based on new units in Öxarfjördur coupled with the company's twenty years of experience in farming Arctic char and salmon on land.

"Alf-Helge Aarskog's investment and board participation is not only a gain for Samherji Fish Farming but also Icelandic business as a whole. His board membership is, of course, a great vote of confidence for Samherji's staff. Moreover, the expansion that has begun at Samherji Fish Farming marks a certain milestone, as this is the largest investment project that Samherji and affiliated companies have embarked on in Samherji's 39-year history," concludes Thorsteinn Már Baldvinsson, CEO of Samherji.

For more information on Samherji Fish Farming visit their website, HERE.