Grieg Seafood criticised over lack of transparency on NOK 1.73 billion Canada write-down
Grieg Seafood is facing criticism from Norway’s financial regulator for failing to clearly explain a NOK 1.73 billion ($164 million/€147 million) write-down on its Canadian operations.
In a formal letter dated 2 April, the Financial Supervisory Authority (Finanstilsynet) said Grieg’s Q4 2024 financial report lacked key disclosures required under international accounting standards. These included details on how the company calculated the new, lower value of its Canadian assets, the assumptions it made, and how the write-down was split between its two Canadian regions — British Columbia and Newfoundland.
The regulator concluded that investors could not reasonably understand what caused such a significant drop in asset value — equal to 20% of the company’s long-term assets — or why it had happened now.
While only NOK 87 million of the write-down related to British Columbia, the majority concerned Newfoundland, where Grieg had been in talks to sell or find a financial partner for the operation.
Grieg’s leadership has previously indicated that advanced negotiations to sell its Newfoundland operations broke down following the U.S. tariff announcement. The buyer is understood to have lowered their offer, prompting Grieg to withdraw from the sale process, according to Norwegian industry site iLaks.
Grieg has accepted the regulator’s findings and promised to include the missing information in its upcoming 2024 annual report. However, Finanstilsynet also reminded the company of its duty to disclose any market-sensitive information at the time it becomes known — especially when it has a material impact on the company’s financial position.