Outstanding Q2 2024: Stellar Results and Key Strategic Partnerships

Selling 514 tons of Bue Salmon at an average price of NOK 99.2 per kilo.

– Florø, July 2, 2024

Catching the Waves Out West

Bue has concluded another quarter with strong results, including the completion of our first harvest. In May and June, we sold 514 tons of Bue Salmon at an average price of NOK 99.2 per kilo, achieving an impressive superior rate of 95%.

Strategic partnership with DNB

Highlights of the quarter include a positive preliminary statement from the county governor, fostering optimism for our Lutelandet concession. We are also finalizing our strategic process and have entered into a strategic partnership with DNB for further financing. 

“We are very pleased with the company’s recent development. Our first Buelaks has been sold and distributed, and the facility is almost ready for new stocking in August. This quarter has confirmed that we have made sound judgments,” says Knut Eikeland, CEO of Bue, and continues: “We have every reason to be optimistic about the company’s future development.”   

Quarterly Results

  • 514 tons of Bue Salmon sold at an average price of NOK 99.2 per kilo, resulting in a total revenue of approximately NOK 51 million. 
  • Bue Salmon exported to over 50 countries and more than 120 customers. Partnerships with Bravo Seafood and Seaborn contributed to this success. 
  • Extremely good biological results with a mortality rate of only 2.1% and a high superior rate of 95%. 
  • Strong and positive cash flow from operations at Bulandet, with satisfactory liquidity. Investments in development are increasing moving forward. 
  • Bue has secured cooperation with DNB for the company’s further development. We are working on developing the sites at Bulandet and Lutelandet. 

Stocking of Batch 4 in August

We are scheduled to receive 800,000 smolts from Alsaker Fjordbruk in August. 

For more information about Bue Salmon, follow us on social media and subscribe to our newsletter. For other inquiries related to Bue Salmon, please contact CEO Knut Eikeland at knut.eikeland@buesalmon.com. 

About Bue 

Bue Salmon is an aquaculture company with a strong focus on land-based salmon farming facilities. Established in 2015, the company today has 15 employees spread across its headquarters in Florø and branch offices in Leirvik in Hyllestad, Bergen, and Bømlo. 

The company produces salmon at its pilot facility in Bulandet, Askvoll. The pilot facility has a capacity of 1,400 tons of post-smolt and farmed fish, with a license to produce a total of 5,500 tons in Bulandet. Bue is now scaling up the site at Bulandet and plans to build a significantly larger land-based farming facility at Lutelandet. With this expansion, Bue aims to become a leading company in land-based aquaculture, with an eventual annual production of around 50,000-60,000 tons.