OCI and Grieg work towards enhancing the Aquaculture industry in Newfoundland and Labrador

October 26, 2015

Ocean Choice International (OCI) is pleased to announce that it has been approached by Per Grieg of the Grieg Group (Grieg) in Norway to participate in a major salmon aquaculture project in Placentia Bay, Newfoundland and Labrador. The Grieg Group from Norway has been in discussions with the Newfoundland and Labrador Department of Fisheries and Aquaculture regarding a business plan for the development of a salmon hatchery in Marystown and aquaculture sites in Placentia Bay. The Province of Newfoundland and Labrador made a public announcement today (attached) about the initiative. This project will see the construction of a nursery/hatchery system capable of producing seven million smolt annually, and the development of 11 sea cage aquaculture sites in Placentia Bay resulting in 33,000 MT of production annually, 100% of which would be processed in Newfoundland and Labrador.

OCI looks forward to this opportunity and will work with Grieg to finalize the details. It is expected that the hatchery will be completed in 2017 and that processing and sales will commence in 2018. This is a great opportunity for OCI and we will work closely with Grieg, our employees, our existing customer base and new customers as this project develops.