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Salmon Evolution steps up to stock market big league

Øivind Amundsen, chief executive of the Oslo Børs, welcomes Salmon Evolution to the list by ringing the bell used to open the market. Image taken from Salmon Evolution video.
Øivind Amundsen, chief executive of the Oslo Børs, welcomes Salmon Evolution to the list by ringing the bell used to open the market. Image taken from Salmon Evolution video.

Salmon Evolution, which is building on-land salmon farms in Norway and South Korea, has graduated to the senior Oslo Børs stock exchange just 10 months after first listing on the Euronext Growth stock market.

Salmon Evolution’s plant on the island of Indre Harøy in Møre og Romsdal will produce 36,600 tonnes of fish (31,500 tonnes head on gutted) when the plant is completed. Phase 1 will give a production of 9,150 tonnes. Globally, Salmon Evolution has a target of 70,000 tonnes, including a planned plant in South Korea which will have an annual capacity of 20,000 tonnes (16,800 tonnes HOG).

Chief executive Håkon André Berg said: “It is with great pleasure that we finish off a very active first half with the listing on Oslo Børs.

“We want to express our sincere gratitude to our shareholders, banks, suppliers, partners and employees for the strong support while we steadily approach completion of Indre Harøy phase 1 and at the same time having started our international expansion.”

Kamilla Mordal Holo in front of one of the completed tanks on at Indre Harøy. Image taken from Salmon Evolution video.
Kamilla Mordal Holo in front of one of the completed tanks on at Indre Harøy. Image taken from Salmon Evolution video.

Smolts due in March

In a video celebrating the listing and showing the extent of work at Indre Harøy, project director Kamilla Mordal Holo said: “Through great cooperation we have been able to maintain progress and we are also on track on the first smolt release in March 2022.”

Chief financial officer Trond Håkon Schaug-Pettersen said Salmon Evolution had raised more than NOK 2 billion over the past 15 months and had strong support from shareholders and banks.

Big ambitions

Schaug-Pettersen told Fish Farming Expert’s Norwegian sister site, Kyst.no: “Ever since we were listed on Euronext Growth last autumn, we have been very clear that we want a listing on the Oslo Stock Exchange. We have big ambitions in Salmon Evolution and it is therefore natural for us to have a listing on the Oslo Stock Exchange and a regulated market.”

Pettersen pointed out that a listing on the Oslo Stock Exchange places strict demands on the company with regard to, among other things, reporting and corporate governance. Salmon Evolution is also convinced that this will create great opportunities for the company in the years to come.

“We further expect that a listing on the Oslo Stock Exchange will open up an even broader investor base, increased liquidity in the share and a general increased focus on the company.”

Fly-over image showing progress at Indre Harøy. Image taken from Salmon Evolution video.
Fly-over image showing progress at Indre Harøy. Image taken from Salmon Evolution video.