Despite positive Q3 2023, Måsøval confirms restructuring in response to Norway’s resource tax

Måsøval has confirmed it is reorganizing and has begun a process to streamline its management and public reporting processes, which will result in different parts of the business splitting into separate legal entities.

As of 1 January 2024, Måsøval will become a holding company, and all the group’s licenses will be merged into one company: Måsøval Lisens. The group’s farming operations will be a part of Måsøval Drift, the company stated in its Q3 2023 financial report.

The Frøya, Norway-headquartered salmon farmer largely attributes this change to consequences stemming from the Norwegian government’s introduction of a 25 percent resource tax on the production of salmon at sea. It estimates its total costs from the new rent tax totaled NOK 33 million (USD 3.1 million, EUR 2.8 million) for the first three quarters of 2023. For Q3 alone, costs stemming from the tax were an estimated NOK 11 million (USD 1 million, EUR 937,000).

Like many other companies throughout Norway, though, Måsøval continued to improve its bottom line despite the tax in Q3. The company achieved operating revenues of …

Photo courtesy of Måsøval