Grieg Seafood on route to produce 100,000 tonnes by 2020

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And they will cut production costs by EUR 0.5 per kilo.

If they succeed in this goal, presented during today’s capital market day in Oslo, the company will increase its earnings by EUR 51 million.

“We’ve had too high costs, we will not hide it” Grieg Seafoods CEO Andreas Kvame told the news site E24. “Our costs will drop by five kronor (EUR 0.5),” he added.

“Our costs have been too high because we have had poor smolt quality and too low survival rates.”

He’s confident that the company will reach its target of 100,000 tonnes – up one third from this year’s harvest volume of 75,000 tonnes – by 2020.

“I’m also fairly confident about the 100,000-tonne target in 2020. It depends on how much smolt we put out. We have put out 26 million smolt, and at four kilograms that will 104,000 tonnes. So that’s a realistic goal,” he said to the newspaper.

Grieg Seafood has salmon farming operations in Norway, Scotland and Canada.