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Grieg Seafood releases third quarter 2020 results and presents plan for enhanced value creation


Grieg Seafood releas

iCrowdNewswire   Nov 17, 2020  12:44 PM ET

Grieg Seafood ASA releases its report for the third quarter 2020. At the same time, the company presents an update on its ambitions, strategy and priorities in a capital markets update.

Third quarter highlights

Commenting on the company’s performance in Q3, CEO Andreas Kvame, said:

“The third quarter was challenging for Grieg Seafood. Effects of the Covid-19 impacted price achievements negatively in all markets and we experienced operational challenges out of the ordinary on Isle of Skye. On the other hand, our Norwegian regions delivered good results in the quarter. Progress is made at our recently acquired greenfield project in Newfoundland, and healthy fish are growing in our new hatchery. However, to lower risk in the initial phase of the project, we have decided to defer the construction of the first post-smolt unit to 2023, without causing delay to our target of harvesting 15 000 tonnes in 2025.”

Capital markets update: Value creation through improvement and growth

“In 2020, we have not been able to deliver on our ambitions. Grieg Seafood has a clear goal of creating value and we are taking decisive action and implementing measures to improve our performance the coming years. We will reduce cost per unit in all regions supported by cost effective and sustainable farming methods and profitably grow our salmon production by around 45% towards 2025”, commented CEO Andreas Kvame.

The highlights from the presentation

 

For further enquiries, please contact:

Andreas Kvame, CEO
Cell phone: +47 907 71 441

Atle Harald Sandtorv, CFO
Cell phone +47 908 45 252



Contact Information:

Andreas Kvame, CEO
Cell phone: +47 907 71 441








Tags:    Wire, Disclosure Newswire, United States, English