Bakkafrost considering starting offshore salmon farms

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But not right now.

The Faroese salmon farmer Bakkafrost organised its capital market day on home turf on the Faroe Islands on Wednesday. CEO Regin Jacobsen aired his thoughts about offshore plants for the production of salmon.

“Outside the Faroe Islands, there can be up to 12m high waves, so we must be very secure on offshore investments because it will be “too big to fail” for us. We want to follow developments in Norway closely, as it is clear that some of the technology will prove better than others,” said Jacobsen to TDN Finans.

Jacobsen believes one overestimates the impact of the new technologies in the short term, but underestimates its long-term effects.

“This is just the beginning of technology and market development. We believe China will grow sharply, and we believe it will be the production of salmon in India. The supply picture for the next 5-10 years will depend on how successful the various land and offshore-based technologies will be, but no matter how successful they become, it will take time for new players to raise capacity enough to really challenge demand growth,” added Jacobsen.