Grieg Seafood ASA

Operational and financial update - Seite 3

Therefore, to lower risk in the initial phase of this large project, the company has decided to slow down the pace of investments. The construction of the planned post-smolt A unit in the first phase is deferred out in time. The RAS facility currently under construction is dimensioned to serve all future post-smolt modules. Consequently, the facility has adequate capacity to ensure necessary on-growth, also in a situation with post-smolt A facility moved out in time.

The company estimates that the total investment for the RAS smolt facility, excluding completion of the post-smolt A unit, will be around CAD 60 million for the years 2020-2021. The project for post-smolt A will at a later stage be evaluated for construction. Current estimate for finalization is estimated to CAD 30 million.

Grieg Seafoods ambition for the Newfoundland project remains, and the company is committed to develop the project according to milestones outlined in the permissions granted by the authorities.
The first fish is already growing in the freshwater facility and the annual harvest volume target to be reached by 2025 for the first phase is still 15,000 tonnes, with the first harvest planned for 2022/2023. 

Grieg Seafood will release the full report for the third quarter 2020 on 17 November at 06:00 CET, followed by a webcasted management presentation at 08:00 CET. At the event, the company will also provide an update on company strategy and priorities going forward.

For further enquiries, please contact:
Andreas Kvame, CEO
[phone] / [e-mail]

Atle Harald Sandtorv, CFO
[phone] / [e-mail]

For media enquiries, please contact:
Kristina Furnes, Global Communications Manager
[phone] / [e-mail]

About Grieg Seafood
Grieg Seafood ASA is one of the world's leading salmon farmers, targeting 90,000 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 900 people are employed 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 for global growth, 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.