Yokohama, 29 May 2025: Proximar Seafood AS (“Proximar” or the “Company”) experienced last night an incident where the circulation pumps went offline, leading to loss of fish.
In preparation for an upcoming fish transfer, an empty tank was being filled during the night. Due to malfunctioning automated valves, the operation was handled in manual mode. However, due to human error and breach of procedures, the level in the pump sump went below the minimum set point, leading the circulation pumps to stop. Following this, the oxygen level in two tanks fell below critical levels, leading to mortality.
The emergency oxygen was activated as it was supposed to, but did not supply the required levels. The cause of this is being investigated.
The number of fish mortality related to the incident is currently estimated to approx. 170.000. The fish were scheduled to be harvested in Q4 this year, leading to an expected reduction of approx. 550 tonnes harvested in the quarter. The loss related to the mortality amount to approx. MNOK 12.
As described in conjunction with the 1Q report, the bottleneck in production when it comes to harvest weight is lack of available tank capacity. The loss of fish will free up such tank capacity going forward and permit changes in harvest plan to optimize production and increase average harvest weight achievements. In addition, it is expected to positively impact price achievement.
Preliminary estimates by the production team indicates a positive impact on harvest volume of approx. 200 tonnes, reducing the net effect to approx. 350 tonnes. The Company now estimates to harvest approx. 3,000 tonnes in 2025.
As for the final repairs of the last biofilter, this is going according to the latest plan and circulation and inoculation of the biofilter is schedule to around 1 June. This meaning the grow out will finally be able to resume at full capacity by mid-June.
The Company will revert with revert with updated information in its next trading update in early July, at the latest.
For further information, please contact:
Joachim Nielsen, CEO, +81 70 28 11 98 98, jn@proximar.com
Ole Chr. Willumsen, CFO, +47 48 21 34 29 ocw@proximar.com
About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first production facility and production at the foot of Mount Fuji in Japan. The company inserted its first batch of eggs in October 2022 and carried out its first harvest on 30 September 2024. Proximar’s brand and logo (Fuji Atlantic Salmon) were officially launched in October 2024 at our partner Marubeni Corporation’s head quarter in Tokyo. Through land-based salmon farming, using high-quality groundwater secured close to Mount Fuji, the company produces fresh Atlantic Salmon, harvested the same day. Proximar's location, near one of the world's most important fish markets, implies significant advantages, both in terms of reduced cost and carbon footprint.