Exterior of Proximar Seafood's facility in Oyama, Japan.
Photo: Proximar Seafood
Proximar Seafood has confirmed that its syndicated banking group has formally approved a covenant waiver linked to its first-quarter sales volumes.
The Norwegian land-based salmon producer, which operates Japan’s first large-scale Atlantic salmon farm in Oyama, said the company requested the waiver relating to a covenant on average two-month sales volumes for the first quarter of 2026.
The covenant was affected by Proximar’s revised first-quarter harvest plan, which followed earlier operational challenges and lower harvest weights from mixed batches impacted by previous production interruptions.
In its Q1 2026 operational update earlier this month, Proximar said it had harvested 697 tonnes HOG salmon during the quarter, more than double the 339 tonnes harvested in Q4 2025. However, average harvest weights remained low at approximately 2.25 kg HOG, affecting the prices achieved, as well as the company's short-term cash flow.
At the time, Proximar said discussions with the banks were progressing well, and that it expected a positive outcome.
“We are grateful for the constructive dialogue with our syndicate banks throughout this process. Their support reflects a strong and trusted relationship, and we are working with high commitment to deliver on our operational progress,” said Proximar CEO Joachim Nielsen, confirming the waiver yesterday, in a stock exchange announcement.
Proximar ended the first quarter with standing biomass of 1,880 tonnes and approximately 2.1 million salmon in production at its land-based facility near Mount Fuji.