With reference to Grieg Seafood's Capital Markets Update in September, the company has experienced gill related diseases in Shetland and algal bloom in British Colombia (BC). During the third quarter an increase in gill related diseases in Shetland and recurring incidents of harmful algal bloom in BC, have resulted in reduced survival rate and higher costs. Consequently, third quarter earnings from the two regions have weakened (total write-down of NOK million 50 in BC and Shetland due to reduced survival rate towards the end of Q3 2018).

The Norwegian operations has performed better than expected during the quarter. Biological performance in both Finnmark and Rogaland have been good, and costs continued to decline. In addition, GSF Finnmark got two new locations in Q3, improving capacity utilization in the area. Quarterly earnings in Rogaland are low due to planned low harvest volumes.

Preliminary figures for the third quarter 2018 indicates a total harvest volume for Grieg Seafood of 16 940 tonnes and a group EBIT per kilo of NOK 9.43.

Key figures Q3 2018 - preliminary numbers

 		 Q3 2018 Q3 2017
  Harvest volume EBIT/kg Harvest volume EBIT/kg
GSF Rogaland 1 403 0.42 1 687 7.37
GSF Finnmark 8 384 20.82 8 448 17.98
GSF BC 2 642 4.55 2 350 14.18
GSF Shetland 4 511 -1.21 4 391 6.03
ASA/Eliminations/NCI*   -1.30   0.30
GSF Group 16 940 9.43 16 875 13.59

* Non-controlling interests

For further information, contact:
Andreas Kvame, CEO
Mob: +47 907 71 441
e-mail: andreas.kvame@griegseafood.com

Atle Harald Sandtorv, CFO
Mob: +47 908 45 252
e-mail: atle.harald.sandtorv@griegseafood.com

About Grieg Seafood
Grieg Seafood ASA is one of the world's leading salmon farmers, specializing in Atlantic salmon. The Group has an annual production target of 100 000 tonnes gutted weight in 2020. Our farming facilities are in Finnmark and Rogaland (Norway), British Columbia (Canada) and on Shetland (UK). Approximately 780 people are employed by the Group. Grieg Seafood ASA was listed at the Oslo Stock Exchange OSEBX) in June 2007. Our headquarters are situated in Bergen, Norway. The business development of Grieg Seafood ASA focuses on profitable growth, sustainable use of resources and being the preferred supplier to selected customers.

To learn more, visit www.griegseafood.no.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Grieg Seafood ASA via Globenewswire
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