June 5, 2023

Aquaculture equipment supplier Akva appoints new COO for sea-based division

Norwegian aquaculture equipment and technology supplier Akva has announced the appointment of Stig Forre as the chief operating officer (COO) of its international sea-based division, IntraFish reported.

Forre brings extensive experience in the aquaculture industry, having previously held positions such as chief commercial officer and vice president of business development at Scale AQ, a Norwegian aquaculture technology company.

Throughout his 25-year career, Forre has held various leadership roles, beginning at Danish feed company BioMar, before transitioning to the technology sector in 2005.

In the first quarter of 2023, Akva reported a 14% decline in earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding a one-time gain of NOK 33 million (~US$2.9 million; NOK 1 = US$0.091) from the sale of shares in Atlantis Subsea Farming. The decrease reflects the challenging market conditions faced by the company. Revenue for the quarter increased by 3% to NOK 874 million (~US$79 million) compared to the same period last year.

Akva said that it achieved an "acceptable" order intake of NOK 1.17 billion (~US$106 million) in the first quarter of this year, with an order backlog of NOK 2 billion (~US$181 million) as of March. The growth in orders was primarily driven by a significant contract with Nordic Aqua Partners, a land-based salmon producer expanding its facility in China. The estimated value of the contract amounts to EUR 40 million (~US$42.8 million; EUR 1 = US$1.07)

-      IntraFish