Bakkafrost is the largest salmon farmer and exporter of salmon products in the Faroe Islands. The company has most of its operations there, but also in Scotland through the Scottish Salmon Company which it acquired in 2019. Bakkafrost harvested 51k tonnes in the Faroe Islands and 35k tonnes in Scotland in 2020. Bakkafrost controls the entire value chain for farmed salmon; from fishmeal and feed production, smolt production to farming and VAP/sales.
The current company structure is a result of the merger with Vestlax in early 2010 as well as the acquisition of Havsbrún in 2011. This strengthened the company’s position in Faroe Island to around 50% of salmon licenses, as well as expanding into feed and fishmeal/fish oil production. In 2019 the company did its first acquisition outside the Faroe Island, with the purchase of the Scottish Salmon Company. Bakkafrost has the last years been the most profitable salmon farmer listed on the Oslo Stock Exchange. The Faroe Islands as a farming region has many advantages with regards to currents and fairly stable seawater temperatures and a well-functioning veterinary system.
During the last years, Bakkafrost has had an extensive investment plan to optimize the value chain, increase efficiency and reduce biological risk. The company plans to invest significantly the coming years especially in smolt facilities. Long-term the goal is to increase harvest volumes to 100k tonnes by 2026.
Represented by CEO Regin Jacobsen
Agenda (CEST): 0950-1010
Agenda parallel session: Track 1, part 1
Physical/Digital: Physical
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