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Grieg Seafood ASA: Update on BC transition plan and license renewal

Written by Customer Service on . Posted in Public Companies.

Reference is made to the press release from Fisheries and Oceans Canada on 19 June 2024.

The Government of Canada announced a ban on open net-pen salmon aquaculture in British Columbia coastal waters by 30 June 2029.

Fisheries and Oceans Canada further announced salmon aquaculture licenses will be renewed for five years with stricter conditions, effective 1 July 2024. After this date only marine or land-based closed-containment systems will be considered for new licenses.

Based on the announced plan, Grieg Seafood will suspend any investments in BC and await the draft transition plan to assess further actions. The draft transition plan will be presented by end of July 2024.

The press release points out that this transition only applies to aquaculture operations in British Columbia, where Fisheries and Oceans Canada is the lead regulator for aquaculture. Elsewhere in Canada, where provinces and territories are the lead regulator, Fisheries and Oceans Canada respects their jurisdiction.

Consequently, this has no implications for Grieg Seafood’s operations in Newfoundland, Canada.

The information is publicly disclosed in accordance with article 17 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by May Hansen, Executive Administrative Secretary, Grieg Seafood Group ASA, on 19 June 2024 at 23:31 CEST.

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