Bue Salmon reported a low mortality rate of 2.1% and a high superior grade rate of 95%.
Norwegian land-based salmon farmer Bue Salmon has reported strong second-quarter results, highlighted by the completion of its first harvest.
In May and June, the company sold 514 tons of salmon at an average price of NOK 99.2 ($9.42/€8.63) per kilo, achieving a superior rate of 95%.
Bue also announced a strategic partnership with seafood lending giant DNB to support further financing, following a positive preliminary statement from the county governor regarding the Lutelandet concession.
CEO Knut Eikeland expressed satisfaction with the company’s development.
“We are very pleased with the company’s recent development. Our first Buelaks has been sold and distributed, and the facility is almost ready for new stocking in August. This quarter has confirmed that we have made sound judgments,” said Eikeland. “We have every reason to be optimistic about the company’s future development.”
The quarterly results include a total revenue of approximately NOK 51 million ($4.84 million/€4.43 million) from the sale of 514 tons of Bue Salmon. The company exported its salmon to over 50 countries and more than 120 customers, with partnerships with Bravo Seafood and Seaborn playing a key role in this success.
Bue reported a low mortality rate of 2.1% and a high superior grade rate of 95%. The company also noted strong and positive cash flow from operations at Bulandet, with satisfactory liquidity, and plans to increase investments in development.
Bue’s cooperation with DNB will aid in the company’s further development, focusing on the expansion of sites at Bulandet and Lutelandet. The company is scheduled to receive 800,000 smolt from Alsaker Fjordbruk in August to begin stocking Batch 4.
Established in 2015, Bue Salmon specializes in land-based salmon farming facilities. The company has 15 employees across its headquarters in Florø and branch offices in Leirvik in Hyllestad, Bergen, and Bømlo. Bue produces salmon at its pilot facility in Bulandet, Askvoll, which has a capacity of 1,400 tons of post-smolt and farmed fish, with a license to produce a total of 5,500 tons. The company is scaling up operations at Bulandet and plans to construct a larger land-based farming facility at Lutelandet, aiming for an annual production of 50,000-60,000 tons.
