Gigante Salmon starts production in new land-based facility, but suffers mortality setback

Gigante Salmon has initiated the production in the first part of the Rødøy facility, marking a significant milestone for the company. The initial release of 640,000 smolts, averaging approximately 100 grams each, was successful. However, the second delivery experienced notable mortality. The company will give an update when the scope has been clarified.

Gigante Salmon explained that to mitigate the impact on the overall production schedule, it opted to deploy fewer smolt than initially intended for the autumn deployment.

The released fish are currently in one of three production basins, with the final two set for completion in 2024. The next smolt release is expected in Q3 2024.

Regarding this, CEO Helge E. W. Albertsen said: "Our focus is now to ensure fish welfare in the best way, while also gaining experience and securing good operations."

Along with this update, the company has released its quarterly report for Q4 2023, when total investments increased to NOK 506,018 kNOK from Q3's NOK 385,260 kNOK. The operating profit for Q4 was NOK -984 kNOK.

Finally, CFO Rune Johansen confirmed: "It is with great satisfaction that we leave behind us a content-rich fourth quarter. We have strengthened the company's financing, we have completed several installations, tested equipment, and started production."