Salmon farm agrees £164m deal for Shetland assets
Wed, 30 Jun 2021 | DIVISION SALE
Salmon company Grieg Seafood has confirmed it has sold its Shetland assets to Scottish Sea Farms, one of only three companies operating on the isles, in a deal worth £164 million.
The deal reportedly includes the sale of 21 active farm sites across Shetland and Skye, as well as a new land-based feeding central, a freshwater facility and a processing plant.
Grieg Seafood initially revealed that it was planning to sell its Shetland assets, as part of a rigorous process of restructuring and improvements that has taken place over the last few years.
In 2020, commenting on its ongoing growth strategy, Grieg released a statement confirming that it would have to look to "prioritise resources and investments and make some tough decisions" as a result of the Covid-19 pandemic, signalling that it would begin the process of finding a buyer for its Shetland assets.
Commenting on the sale, Andreas Kvame, chief executive of Grieg Seafood ASA stated that the firm is pleased that another innovative and environmentally responsible producer will be taking over the operations of its Shetland-based assets.
"I want to sincerely thank all employees of Grieg Seafood Shetland for their efforts for the company, especially during the difficult times of the pandemic," he said. "Grieg Seafood Shetland has worked diligently on improvements across the board over the last years, which are now bearing fruits with higher survival, lower sea lice levels and more sustainable operations. I am pleased that we are handing over operations in good shape."
"Going forward, Grieg Seafood will narrow our focus, resources and investments to Norway and Canada to strengthen our presence in these production regions. As such, is it only right to let others, who have Shetland high on their agenda, develop the Shetland operations further."
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