STOLT SEA FARM CONTINUES TO DRIVE VOLUME IMPROVEMENTS

Stolt Sea Farm continues to drive volume improvements. Stolt Sea Farm unaudited results for the first quarter ended February 28, 2021 reported an operating loss before fair value adjustment of biomass of $0.4 million compared with an operating loss of $0.3 million in the fourth quarter of 2020.

Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, commented:

“Stolt Sea Farm continued to drive improvements in volume sold. However, the impact of further Covid-related lockdowns across Europe has slowed the expected improvement of prices.”

He added: During the quarter Stolt Sea Farm began harvesting at the new land-based sole recirculation facility at Cervo, Spain, and also started to populate a second new recirculation facility at Tocha, Portugal, with juveniles. Harvesting is expected to begin early next year. Both facilities have exceeded expectations in terms of growth of biomass and control of production cost. Preparations for a potential IPO (initial public offering) of Stolt Sea Farm and Stolt Tankers continued during the quarter.”

Stolt Sea Farm is a leader in land-based aquaculture, and the premier provider of high quality turbot and sole, in an environmentally sound manner.

For over 40 years, Stolt Sea Farm has been an innovator and leader in the development of sustainable, environmentally friendly aquaculture. With their overarching goal of zero harm, they are committed to constantly evaluating the way they impact people and the environment, ensuring that future generations continue to enjoy wonderful seafood.

Photo credit Stolt Sea Farm