AKVA Group fish tanks.
AKVA Group
AKVA Group has announced an agreement with Cermaq Chile to build a new RAS smolt facility in Los Lagos Region, Chile. The value of the contract amounts to 30 million euros and is expected to be awarded to the fish farming company during the fourth quarter of 2024.
The aquaculture technology group reported last summer strong Q2 2024 performance with record revenue and improved profitability, driven by its sea-based business segment and "positive momentum" in the Nordic market.
However, the group's Land Based Technology (LBT) segment experienced a slowdown, with revenue dropping to NOK 137 million (EUR 11.26m / USD 12.62m) from NOK 174 million (EUR 14.30m / USD 16.03m) in Q2 2023.
"The market for Land Based is still slow and AKVA has not been awarded any new significant contracts so far in 2024," the company stated. The latest news about the agreement with Cermaq Chile improves this outlook.
Furthermore, Årdal Aqua selected AKVA to take over and complete the construction of its post-smolt facility in Årdal, Norway, following the bankruptcy of the previous contractor, Billund Aquaculture.