Grieg Seafood shifts focus away from isles operations

Uncertainty surrounds Greig Seafood with an announcement the company plans to switch focus away from the isles to Norwegian and Canadian farming operations.

The company has announced a “strategic review” of its Shetland operations, and says it is “aiming to sell when the timing is right”.

Grieg’s chief executive Andreas Kvame said: “We have seen steady improvements in fish health and survival over the last years on our farms in Shetland.

“I am both thankful for and impressed by the efforts of Grieg Seafood Shetland’s employees.

“At the same time, the Covid-19 pandemic has severely impacted all of our markets. In light of these circumstances, we have to prioritise resources and investments and make some tough decisions.

“For Grieg Seafood’s total set-up as of today, we see the largest potential for sustainable growth in our Norwegian and Canadian regions.”

While expects the process to be completed during next year, it says there is no defined timescale for the review.

The company says it does not know what the final outcome will be. But it aims to sell its Shetland operations.

It is not known how a potential sale could impact Grieg Seafood Shetland employees.

“We regret that this process brings uncertainty for our employees and also to the local communities in Shetland.

“Whatever the outcome of the review will be, I am confident that our Shetland farms and operations will continue to contribute significantly to Shetland’s economy in the future,” said Mr Kvame.

Operations will go on as normal until the review is completed.