Atlantic Sapphire share price plummets after “lost quarter”

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Share price is falling below NOK 100.

Shortly after the stock market close on Wednesday, Atlantic Sapphire presented a trading update for the first three months of the year. It wasn’t a pleasurable read.

It stated that the land-based fish farming pioneer harvested a total of 721 tonnes of salmon in the quarter, divided into its two facilities in Denmark and the United States. At the same time, it is not hidden that the operation of these two facilities has encountered major challenges so far this year.

The company, in particular, emphasised the “March 23 incident,” which resulted in a loss of 500 tonnes of salmon, reportedly due to a “design flaw.” The company carefully considered the consequences of this accident.

Investors are apparently starting to get fed up by trouble at Atlantic Sapphire, with the share price plummeting by 13.6 per-cent on Thursday morning.

The report was presented a few hours after it was announced that three people were reportedly taken to hospital with serious injuries after cleaning a tank at the facility outside Miami. Two of the three people have now been discharged from the hospital, according to Atlantic Sapphire CEO Johan E. Andreassen.