Atlantic Sapphire, the land-based salmon producer, harvested 2,395 tonnes of head-on gutted (HOG) salmon in the first half of 2024, with an average fish size of 1.4 kg HOG, and achieved a net biomass gain of 2,750 tonnes.
The company has faced challenges this year, particularly with low average harvest weights. This issue arose due to an excessive number of fish in the tanks, which exceeded the current feeding capacity, according to a stock exchange update issued in July.
To address this, the company has implemented several measures aimed at increasing the harvest weight of its salmon. In the short term, Atlantic Sapphire has reduced the number of fish in its tanks, a decision driven by low mortality rates and the existing feeding volume limitations. This reduction is intended to allow the remaining fish to grow to a larger harvest weight.
Looking ahead, the company has initiated medium-term efforts to remove bottlenecks in its water treatment system and increase the facility’s feeding capacity. These initiatives are expected to improve overall performance and support the company’s growth objectives.
To achieve this, Atlantic Sapphire has engaged Arctic Securities and DNB Markets to manage a forthcoming fundraising effort. This includes a fully guaranteed rights issue of up to $60 million and a convertible loan of at least $20 million, with further details provided in a separate stock exchange notice.
