ScaleAQ interim chief executive Svein Vestermo:

ScaleAQ made record revenue last year

Fish farming supplier finished 2023 with highest-ever value of orders 


Fish farming equipment and workboats supplier ScaleAQ Group made record revenue of NOK 3.318 billion (£248.4 million at today’s exchange rate) in 2023.

The company, which has 19 branches in Norway and overseas branches in mainland Scotland and Shetland, Canada, Chile, Iceland, Tasmania, Poland, and Vietnam, ended the year with adjusted EBITDA at NOK 295m, up from NOK 205m in 2022.

Operating profit was NOK 145m (2022: 84m) and operating profit margin was 4.4% (3.1%).

Revenue in ScaleAQ’s Fish Farming Technology segment, which comprises ScaleAQ Seabased, ScaleAQ Chile, vaccination specialist Maskon, and ScaleAQ Software, was NOK 2.677bn (2.172bn), and operating profit was NOK 158m (55m), a profit margin of 5.9% (2.5%).

Overall figures for ScaleAQ Group.

The company’s Vessel segment, which covers workboat supplier Moen Marin, made a revenue of NOK 641m (548m) and a reduced operating profit of NOK 29m (41m). Profit margin was 4.5% (7.5%).

Boat orders

ScaleAQ Group finished 2023 with an order book worth a record NOK 2.274bn, of which NOK 837m was for the Fish Farming Technology segment and NOK 1.437bn for Vessels.

Interim chief executive Svein Vestermo said in the company’s annual report that 2023 was marked by the proposal and implementation of the new resource tax regime in Norway, which caused uncertainty, distraction and reduction of investments in the fish farming industry.

Figures for Fish Farming Technology, left, and Vessels.

“Thanks to all our 900 dedicated, talented and hard-working employees, we were able to manoeuvre ourselves through the rough seas,” said Vestermo, who added that the company was taking a “long lens” approach, staying close to its customers and adapting to their needs and requirements combined with cost control, cautious investments and pro-active cash management.

Highlights of the year included the launch of new technologies and operational concepts to combat sea lice, through its Vortex system and Subsea submersible pen. The Group also acquired Maskon, a maker of fully automated vaccination machinery, in February 2023.

Targeted achievements for this year are:

  • Fine tuning the new operational concepts to combat sea lice
  • Launching the ScaleAcademy 2.0 – a structured programme to maintain and improve a high performing business culture.
  • Increasing the degree of circularity in the business models through the green platform project
  • Reducing the CO2 footprint for customers, through epower solutions for vessels and developing zero emission concepts.
  • Reducing the accident rate for employees

“As a global technology supplier, we will continue having an eye on the ball by making a difference and changing the premises for the aquaculture industry – shaping a safe and sustainable aquaculture,” concluded Vestermo.