AKVA Group to deliver complete cage farm for Russian Sea Company

AKVA group ASA and OJSC «Russian Sea Group» announce the signing of the contract for complete AKVA Cage Farm to be installed in the operations of Russian Sea-Aquaculture LLC in the Murmansk region, reports www.megafishnet.com.

The farm will have annual production capacity up to 5,000 tons of salmon. The contract total value stands at 25.4 MNOK and is to be delivered in Q1 and Q2 2012.

Russia is a very promising region for expansion of the salmon industry and a focus area for AKVA going forward. We are proud to work with a leading player such as Russian Sea-Aquaculture LLC in the development of the industry in Russia and the contract is a milestone for AKVA group ASA, states Trond Williksen, CEO of AKVA group ASA.

Inna Golfand, CEO of Russian Sea - Aquaculture commented: We plan to launch our first farm in Q2 2012 and are pleased to work with AKVA group as our partners on this project. We see strong advantages in working with an established player in the field. We believe that this contract represents an important step towards the development of the aquaculture industry in Russia.