Searas now 100% owned by Leirvik

Norwegian offshore engineering, procurement, and construction (EPC) firm Leirvik Group now owns 100% of Searas, which makes the OptiRAS self-contained aluminium recirculating aquaculture system, it has been announced.

Leirvik bought a 50% stake in Searas in 2024, after the companies collaborated on the design and construction of the OptiRAS for post-smolt production, and has now bought the other 50% of equity.

Searas was started in Bergen in 2017, with the intention of developing and producing technology and equipment for the aquaculture industry, and received the Innovation Award at Aqua Nor in 2021.

Significant progress

"Searas, together with (sister company) Optiras, has made significant progress since the companies were established. This is clearly documented through concrete deliveries and contracts, most recently with Baring Farsund, where two OptiRAS plants for post-smolt production have been delivered and put into operation. This plant has now been in operation for one year," the release states.

In addition, OptiRAS has been chosen as the solution for the land-based fish farming facility Onnest in Denmark, which represents an important breakthrough for Searas in the international market.

“The results we have created together show that this is the right concept, the right technology and the right timing,” says Helge Gjøsæter, chairman of the board of directors of Leirvik Group. “By pooling ownership, we gain full access to the significant expertise and capacity that lies within the Leirvik companies and secure capital to take the next step.”

The reason why Leirvik Group is now taking full ownership of Searas and Optiras is that the venture has entered a phase where further development, scaling and project implementation are significantly more capital intensive than in the start-up and verification phase.

"The original founders behind Searas, led by Eldar Lien and Morten Aga, have therefore chosen to sell up as owners. At the same time, both will continue in key roles," says Leirvik.

Capital needs

"Together we have developed Searas and Optiras into completely different companies than when we started, both in scope, level of ambition and capital needs," say Eldar and Morten. "For us, it was crucial that Searas gets an ownership structure that supports further growth and that we can at the same time continue to contribute with our expertise and experience."

The continued involvement of the founders in operational roles is considered essential in the further development of the companies. Leirvik Group emphasises that the change of ownership does not imply a break, but a continuation of the established strategy.

"This is not about changing direction, but about building on what is already developing rapidly," says Gjøsæter.

"With documented deliveries in operation, and several new projects under implementation, we are now well positioned for further growth in both Norway and internationally."

The acquisition does not affect ongoing operations or existing customer relationships, but gives the companies a strengthened financial and industrial platform for further development, delivery power and long-term value creation.

In total, Searas and Optiras have around 25 employees.