Gigante Salmon completes casting of third and final pool
Fish farmer ends Q3 with increased biomass and plans for new harvest before year's end
Published
Norwegian land-based fish farmer Gigante Salmon reports that the company has now completed the casting of the third of three production basins (Basin C), and is thus in the final phase of the development of its onshore facility. Basin C is expected to be commissioned in Q2 next year.
At the end of the third quarter, the company had a total standing biomass of 1,728 tonnes. Of this, the 2024 generation accounts for approximately 1,510 tonnes with an average weight of 2 kilos.
The remaining 218 tonnes consist of the autumn 2025 generation, with an average weight of 150 grams. Stocking began in September, and Gigante Salmon plans to release just over 2.2 million smolts in total in autumn 2025.
The fish stocked this autumn are scheduled to be harvested in the fourth quarter of 2026.
No harvest in Q3
In line with the production plan, there has been no harvest in the third quarter, and the company therefore had no operating revenues from this period. Total sales revenues have been NOK 44.6 million (£3.3m) this year.
The next harvest is planned towards the end of the fourth quarter of 2025.
" We have been through another summer season without problems with sea lice. Fish welfare is good, and the facility is now operating according to our expectations. With two of the planned three production basins in use, we look forward to starting the next harvest towards the end of fourth quarter," says Gigante chief executive Kjell Lorentsen.
The company further states that sorting and moving the autumn 2024 generation from pool A to pool B has been completed. In addition, a new smolt release in pool A has been completed.
Strengthens liquidity
To strengthen liquidity, Gigante Salmon has established additional financing of NOK 100m from SpareBank 1 Nord-Norge and increased operating credit from NOK 90m to 140m.
"The financing is intended to strengthen working capital financing in order to push the start of the harvesting period in the winter of 2025/2026 from October to December, as well as intended improvements to the facility based on experiences from the first production cycle. This is to optimise the conditions for the fish," the company writes in the quarterly report.
With the completion of Basin C, the development is now in its final phase. The company is on track to increase production and work towards a full capacity of 16,000 gutted weight tonnes annually from 2028.
