In its Q3 2023 report, Akva group reported that the group delivered a decrease in revenue of 3% compared to Q3 2022. The company reported an acceptable activity level and profitability in the sea-based segment but a challenging post-smolt market in Norway.

In the land-based segment, the activity in the first three quarters of 2023 was higher compared to last year. “Overall, the order intake was sound with the award of the RAS contract for Nordic Aqua Partners (EUR 40 million) and the post-smolt contract for Cermaq Norway (EUR 60 million) as the largest contracts,” the company said.

“However, the introduction of the resource tax has a negative impact on the activity level both in land-based and parts of the sea-based business, and the market outlook is challenging and uncertain. Profitability is continuing to improve compared to last year but is still below expectations,” the company said. The land-based business segment is still impacted by a high cost base compared to the current activity level and by lower profitability in parts of the project portfolio.