AKVA reports increased activity despite pandemic

Despite cancellations in the first half of 2020, new RAS contracts and other pre-project opportunities contributed to increased activity in its land-based segment.

AKVA reports increased activity despite pandemic
Source:  AKVA group
March 15, 2021

AKVA group reported increased activity and a strong financial profile despite the COVID-19 pandemic in its 2020 report. 

In the first half of 2020, the pandemic impacted the company’s Land Based segment with cancellation and postponement of contracts. At the end of 2020, the segment was awarded a contract for a full grow-out RAS facility in China and two new engineering and design contracts with customers in Sweden and Norway.

In January 2021, the company was subject to a cyber-attack impacting several key systems. No data was lost and main IT systems are now recovered in combination with a massive job on the security environment.  Direct costs were estimated to be NOK 40-50 million ($4.7-6 million).

The company expects some headwind in the short term both in relation to the ongoing COVID-19 restrictions and costs related to cyber-attack.