October 23, 2013

AKVA group ASA and OJSC Russian Sea Group have entered 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.

Each farm will have an annual production capacity of up to 5,000 tonnes. The total contract value is approximately NOK50 million (US$8.45 million) and is to be delivered in the first and second quarters of 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 Trond Severinsen, COO - Exports of AKVA group ASA. 

Inna Golfand, CEO of Russian Sea - Aquaculture comments: "We plan to launch these third and fourth farms in second quarter of 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.