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Turbot farmer considers IPO

The Fish Site
by The Fish Site
13 January 2021, at 10:21am

Europe’s largest flatfish farmer, Stolt Sea Farm, has announced that it is evaluating an initial public offering (IPO) of its land-based aquaculture business.

Stolt Sea Farm aims to produce 23,3000 tonnes of turbot and sole a year by 2035
Stolt Sea Farm aims to produce 23,3000 tonnes of turbot and sole a year by 2035

Stolt Sea Farm – which produces turbot and sole at 14 different locations in Spain, Portugal, France, Iceland and Norway – has engaged ABG Sundal Collier and Pareto Securities as financial advisers to explore a potential listing in Oslo during 2021, subject to prevailing equity capital markets conditions.

The company has over 30 years’ experience in land-based aquaculture and its annual production capacity currently stands at 5,700 tonnes of turbot and 1,570 tonnes of sole, with 100 percent of the juvenile supply provided by its own high-performing broodstock.. In January 2021, the company completed the first production cycle of its state-of-the art recirculation (RAS) module in Spain, with all biological indicators exceeding project estimates.

“Stolt Sea Farm is now well positioned to leverage its proven technological advantage and significantly grow its position in both turbot and sole, with plans to grow production capacity (combined turbot and sole) to 9,600 tonnes by 2025 and 23,300 tonnes by 2035,” the company said in a press release.

Stolt Sea Farm’s turbot and sole are sold under the brands of Prodemar, King Sole and King Turbot and the company has recorded over a decade of positive operational EBIT in turbot. In 2019, Stolt Sea Farm sold 8.3 million kilograms of turbot, generating 89 percent of Stolt Sea Farm’s revenues and achieved operational EBIT/kg (WFE) for turbot of €1.7.

Parent company, Stolt-Nielsen Limited, intends to remain a majority shareholder following the IPO.