BAKKAFROST, the Faroese salmon farmer which yesterday announced record fourth quarter and annual profits, is to increase smolt production.
The first part of the plan will affect its operation at its Viðareiði base in the Faroes and is expected to bring major benefits.
Bakkafrost said the move will increase the smolt production in Viðareiði by a factor of four and should become effective within a year.
The hatchery will be equipped with state of the art technology. With this new capacity, Bakkafrost said it will be able to produce bigger smolts, thereby reducing the salmon´s time at sea and thus minimising the risk of sea lice and disease.
An agreement has been signed with the construction company Articon and it also includes expanding other parts of Bakkafrost smolt production in 2016 and 2017.
Bakkafrost is the leading producer of top quality salmon from the Faroe Islands and is currently in a growth mood. Last year the company delivered impressive earnings and profits
Bakkafrost transferred 2.2 million smolts in the third quarter of last year, which is in line with the company’s plans, making a total of 7.2 million for 2014 so far.
The results for the fourth quarter have yet to be published
In his third quarter report to shareholders, chief executive Regin Jacobsen said: ‘The outlook for the farming industry is bright, both concerning market and concerning biological development.
‘With Bakkafrost’s investment plan, we are able to develop the company further, making the company more efficient, reduce the biological risk and carry out organic growth.’