SalMar will continue its ongoing upgrade investment program in offshore fish farming in 2020 despite the COVID-19 crisis. The growth strategy requires a series of investments in new equipment technologies and facilities. The company expects to invest around NOK 283 million ($27 million) in 2020, largely in activities related to its sea farms. Furthermore, SalMar plans several investments to promote growth along the entire value chain in 2020.

In the hatchery area, the capacity in Senja, Norway is being expanded, which will create a significant competence center for RAS technology and smolt production in the region. The project is expected to cost NOK 850 million ($81 million). Construction is expected to get underway in the second quarter of 2020, with the first smolt being delivered in 2022.

SalMar is also considering the construction of a new hatchery at Tjuin in Trøndelag, with a view to which the group purchased a plot of land in the area in the fourth quarter of 2019. Proximity to the company’s existing hatchery at Follafoss will facilitate the built-up of a strong center of expertise relating to smolt production in this region as well.

Investments in hatcheries are expected to total NOK 354 million ($33 million) in 2020. NOK 556 million ($53 million) will be invested in harvesting capacity (InnovaNor) and NOK 56 million ($5 million) in SalMar Ocean for the further development of the Smart Fish Farm, which will make it possible to farm fish in the open ocean. In total, SalMar expects to invest around NOK 1,421 million ($136 million) in 2020.