Two more complete salmon farms for Russian Sea-Aquaculture

AKVA group ASA and OJSC Russian Sea Group have signed a new contract for two complete AKVA Cage Farms to be installed in the salmon farming operations of Russian Sea - Aquaculture LLC in the Murmansk region, according to ARVA group ASA.

Each farm will have an annual production capacity of up to 5,000 tons. The total contract value is approx. 50 MNOK and is to be delivered in Q1 and Q2 2014.

 Russia is proving to be a very promising region for expansion of the salmon industry and remains a focus area for AKVA group. We are proud to work with a leading player such as Russian Sea - Aquaculture LLC in this development of the industry in Russia. This contract is strategically important for AKVA group's long term success in this market , states Mr. Trond Severinsen, COO - Exports of AKVA group ASA.

Ms. Inna Golfand, CEO of Russian Sea - Aquaculture comments; We plan to launch these third and fourth farms in Q2 2014 and are pleased to work with AKVA group as our partner on these projects. 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, and for Russian Sea - Aquaculture as company.