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Ambienta Takes Majority Stake in GroAqua as Tjaldur Reinvests to Retain Faroese Footprint
The North Atlantic aquaculture tech sector is undergoing a major wave of consolidation with Italy’s private equity investor Ambienta acquiring a majority stake in Faroe Islands-based GroAqua. The transaction folds GroAqua into a newly established, Norway-headed aquaculture technology group alongside three Norwegian firms: BioMarine, FLS, and Smir. According to industry journal iLaks, the combined corporate platform will be led by newly appointed CEO Sverre Taknes.
While control of the company moves under Ambienta’s international umbrella, the transition features notable continuity for its Faroese operations. Tjaldur, the prominent Faroese industrial holding company that previously held the majority share in GroAqua, is reinvesting in the new platform alongside Ambienta.
This reinvestment ensures that Tjaldur retains a minority stake and a seat at the table, blending Ambienta’s global scaling ambitions with Tjaldur’s regional presence.
Autonomy
“Our reinvestment alongside Ambienta underscores our firm conviction in this platform’s collective strength,” said Rúni M. Hansen, executive chairman of Tjaldur. “Bringing these unique technologies together allows us to better serve the market, while ensuring GroAqua continues to thrive from its strong North Atlantic foundation.”
According to company officials, GroAqua’s day-to-day operations and commitment to its existing market will remain unchanged. Prior to the merger, GroAqua already operated offices across the Faroe Islands, Scotland, and Norway, serving aquaculture clients throughout these key regions and beyond. As per the firm’s announcement, it intends to continue servicing this footprint through its localized divisions, including GroAqua Faroe Islands, while drawing on the expanded engineering resources of the broader Norwegian-led platform.
Janus Thomsen, CEO of Tjaldur and Chairman of the Board at GroAqua, said the partnership is a necessary step toward an integrated commercial aquaculture offering.
Noting that “it has always been clear” that scaling up requires strategic alliances, Mr. Thomsen added that if the company is to “compete seriously with the largest players in the supplier industry, it has to do so together with others.” He expressed confidence that joining forces with Ambienta and the Norwegian firms provides the international capital required to scale operations globally.
As for the long-term autonomy of the Fuglafjørður office under a multi-firm platform, meanwhile, it remains to be seen how things unfold over time.
Larger contracts
By combining GroAqua’s expertise in feeding systems and automation with the specialized mechanical and oxygenation capabilities of BioMarine, FLS, and Smir, the new platform aims to build a comprehensive vendor for the global salmon farming market.
The strategy relies on achieving cross-border operational synergy across key salmon hubs—including the Faroe Islands, Norway, Scotland, Chile, and Poland—in a bid to capture larger supply contracts. Financial terms of the transaction were not disclosed, leaving industry analysts to evaluate whether the fast-paced, multi-firm integration will yield the efficiencies suggested by the new ownership group.
Faroese Longliners Hit by 18% Flemish Cap Cod Quota Cut
The Faroese longliner fleet has been dealt an economic blow as the global Flemish Cap cod quota will be slashed by 18 percent next year, dropping to a total of 12,452 tonnes. The decision, finalized at the Northwest Atlantic Fisheries Organization (NAFO) annual meeting in Vilnius, Lithuania, imposes a restrictive framework under the banner of precautionary management.
For the Faroe Islands, NAFO’s latest conservation measure on cod means the national allocation will drop by 650 tonnes, plummeting from 3,433 tonnes this year down to 2,783 tonnes next year. The sharp reduction directly impacts specialized local longline vessels, which rely heavily on the Flemish Cap as a core distant-water destination during their annual rotations.
Market silver lining
However, industry analysts point to the upbeat trend in market prices which could soften the blow for vessel owners. Pushed by aggressive quota cuts across the North Atlantic and the Barents Sea, global Atlantic cod prices have surged to historic record highs, recently cracking 9,500 USD per metric tonne.
The tight global supply has already directly boosted the Faroese economy, with domestic cod export values jumping up by 25 percent as buyers pay premiums for high-quality whitefish. While longliners will bring home fewer fish from the Flemish Cap, the record-breaking value per kilogram means the financial impact of the 650-tonne loss may be substantially mitigated at market.
Protest over Grand Bank shrimp
While the cod reduction dominated the assembly, NAFO threw a lifeline to other sectors by officially lifting the decade-long commercial ban on Grand Bank shrimp, which has been shut down since 2015.
However, the reopening has instantly revived historic political friction in Tórshavn. The Faroe Islands were granted a token initial shrimp quota of just 18 tonnes. Local authorities have renewed their formal protest against the distribution framework, which relies on a temporary 1999 agreement. Faroese negotiators maintain that their extensive historical catch records legally justify a far greater share than other member states possess.
Secondary allocations
In addition to the primary cod and shrimp decisions, NAFO locked in several minor regional quotas for the Faroese fleet:
• Grand Bank Cod: A modest bump brings the total to 63 tonnes (an increase of 23 tonnes);
• Greenland Halibut: Secured at 182.8 tonnes;
• Redfish: Maintained at a highly restricted 69 tonnes.
Comparative scope
To put the Flemish Cap crisis into perspective, the newly reduced 2,783-tonne quota highlights the region’s position as a mid-tier asset within the broader Faroese fleet strategy. By comparison, the Flemish Cap now stands at less than half the size of the domestic Faroese home shelf cod quota (6,075 tonnes). Furthermore, it remains heavily overshadowed by the deep-sea fleet’s premier distant-water target in the Barents Sea, where combined bilateral agreements with Russia and Norway secure over 10,200 tonnes of cod annually.
In all likelihood, favorable market prices and access to alternative zones will be key to buffering the longliner fleet against the upcoming volume contraction.
Faroe Farmed Salmon Exports Surge by 1 Billion DKK Year-on-Year
The Faroe Islands’ total export value reached nearly 14.5 billion DKK (1.94bn EUR) between August 2025 and July 2026, marking a 1.5bn DKK increase on the previous 12-month period, a nearly 12-percent growth. The increase is primarily driven by a surge in seafood exports, rising by as much as 1.8bn DKK, or almost 15 percent, according to Statistics Faroe Islands.
Exports of farmed salmon led the charge, soaring by nearly 1bn DKK (130 million EUR) in value, more than 17 percent, to approximately 6.8bn DKK, based on a volume increase of over 25,000 tonnes i.e. about one-fourth. Cod, haddock, saithe, herring, and capelin also saw notable gains, while exports of mackerel, fish feed, and fishmeal declined.
While seafood exports performed exceptionally well, the ‘non-fish category’ dropped significantly by 262mn DKK, corresponding to a decline of more than 27 percent. Combining the massive gains in fish with the losses in non-fish products, the net increase for all exports comes out to 1.5bn DKK.
“Total exports amounted to just under 14.5bn DKK during the reporting year from August 2025 to July 2026,” Statistics Faroe Islands reported. “This is 1.5bn DKK more than the previous period. Seafood exports have grown by nearly 1.8bn DKK, or 14.7 percent. The export value of most fish species has increased, while the export value of mackerel, feed, and fishmeal has decreased.”
“The export value of salmon grew by nearly 1bn DKK during the reporting period,” the statistics agency added. “This represents a 17.3-percent growth in export value over this past 12-month period, while the volume grew by more than 25,000 tonnes, or 25.6 percent. The export value of cod increased by nearly 390mn DKK, or 32 percent; the exported volume grew by 11.9 percent.”
Klaksvík to Extend North Harbour
To accommodate a growing influx of larger vessels, the Municipal Council of Klaksvík plans to boost port capacity by doubling the 300-meter North Harbour quay as well as dredging the basin and repairing facilities at the West Harbour.
The Port of Klaksvík, a main hub of the Faroese fish industry, is looking to enlarge its quay at the deepwater North Harbour. According to mayor Karl Johansen, an upgrade of port facilities is underway that involves a 300-meter extension of the North Harbour quay; also, certain areas of the West Harbour basin will be dredged and repairs and maintenance carried out on some of the older docks there.
Cold Store Bergfrost Further Scales Up Capacity
Bergfrost, the largest cold storage facility in the Nordic Seas region, is about to complete a major expansion to increase its underground cold storage capacity to 35,000 tonnes as well as adding a new, 5,000-square meter dry storage hall.
The huge underground cold store Bergfrost in Fuglafjørður has been expanded further to boost its cold storage capacity, while at the same time adding a new dry storage hall. With this expansion in place—per estimate completed later this year (2026)—Bergfrost can offer a total cold storage capacity of a walloping 35,000 tonnes. In total, Bergfrost’s tunnel complex now measures 28,000 square meters. Meanwhile, the sizable, new dry storage facility, located in the same underground complex, presents new business opportunities, according to managing director Símin Pauli Sivertsen. Excavation work started in the spring of 2024 and was completed in late 2025 with the entire project, including installations and finishing work, estimated to be concluded in the fourth quarter of this year. The development will enable the company to serve more cold storage clients as well as to introduce dry storage services at a scale, Mr. Sivertsen pointed out. As part of Bergfrost’s tunnel system, deep inside the mountain Borgin, with entrances at Fuglafjørður’s main harbor area, the new 5,000m2 dry storage facility measures 265m in length, 17m in width and 9m in height. Another hall has been added inside the complex to house power and control systems for cold storage and dry storage, alongside a new underground garage for Bergfrost’s fleet of forklifts. Likewise, a new cold storage tunnel with a storage capacity of 10,000 tonnes has been added to the company’s already existing 25,000-tonnes cold storage capacity, scaling it up to as much as 35,000 tonnes. Bergfrost has long been known as the largest and operationally safest cold storage facility, not only in the Faroe Islands and Iceland but indeed in the entire Nordic Seas region. This position is now being strengthened even further. At the estimated time of completion, the expansion project will have taken about two and a half years to implement after the plan had been finalized and greenlighted. The size of the investment is considerable, although the total price tag has not been disclosed as yet. “Thankfully, the whole construction process went smoothly, and we expect all installations and finishing touches to be completed in November,” Mr. Sivertsen said. “This a significant investment but on the other hand, it’s within a prudent financial framework that is realistic for our business.” Positive outlook despite risks As for the timing of Bergfrost’s latest expansion, Mr. Sivertsen acknowledged that market volatility has increased since the decision was made to go ahead with the project. “We considered various scenarios carefully, both upside and downside potentials, including issues of uncertainty and geoeconomic risks,” Mr. Sivertsen said. “Yes, instability and unpredictability at the international level has increased. But our original assessment is based on a long view that remains valid from our perspective. Demand for our services has been growing over time and that trajectory is likely to continue despite the current slump in certain catch quotas. We needed more space to be able to serve some of our prospective clients that we’ve had to turn down up until now.” Bergfrost’s underground facilities are protected by massive layers of mountain rock, which also provides effective natural insulation, backed by an extremely high degree of operational stability. In the event of a power outage, for instance, the temperature in the cold store will not be immediately affected—the deep frozen surrounding layers of rock will keep the temperature steady for a long time. The natural insulation also reduces the power consumption of the underground facility by between one-fourth and one-third compared to conventional buildings, according to Mr. Sivertsen. Alongside neighboring freezing plant Pelagos, most of Bergfrost’s clients are fishing vessels, both Faroese and foreign ones. Fish products kept in the cold store include pelagic species such as blue whiting, mackerel, herring, and capelin, as well as white fish species such as cod, haddock and various flatfish, plus saithe (pollock), redfish, and wolffish.
Eysturlund: Bakkafrost Pushes the Energy Envelope
Bakkafrost is looking to make the power source of the Faroe Islands’ largest energy consumer fully renewable—turning green a vital link in its own value chain while in the process reducing the island nation’s total carbon footprint.
With a unique supply chain integration that is known as the world’s most comprehensive in the aquaculture business, salmon major Bakkafrost, headquartered at Glyvrar, Faroe Islands, has long worked systematically to put in place well-defined sustainability practices across all of its business segments. The efforts have been stepped up with a huge milestone envisioned more recently in a bid to tackle an old challenge: industrial processing at the Havsbrún fishmeal, marine oil and salmon feed factory. Bakkafrost acquired the Fuglafjørður-based facility two decades ago to strengthen its supply chain and guarantee a stable flow of feed for its growing fish farming business.
JFK: Taking Care of Fishing Business
Faroese lawmakers need to apply a similar hands-off approach to fisheries regulations as they already have applied—with great success—to fish farming, says Hanus Hansen, managing owner of Klaksvík-based fishing company JFK.
Call it common sense, street smarts, or practical intelligence—the societal and economic value linked to the ability to apply knowledge and skills to real-world situations is immense. In fishing communities, a deep appreciation and understanding of such a mindset is frequently found. And yet, unfortunately, that sense of reality often seems spectacularly forgotten by people with a long-distance, armchair approach to management. The Faroe Islands’ second-largest town, Klaksvík—often referred to as the Fishing Capital—is home to some of the country’s leading seafood companies. One of these is JFK, with a long and proud history that stretches back generations to its founding, in 1913, by Jógvan Frederik Kjølbro. Today managed and owned by former skipper Hanus Hansen, JFK remains at the cultural and socioeconomic core of the largest fishing community of the Faroe Islands.
South Korean Seafood Trade Delegation Visits Faroe Islands
A seafood trade delegation from South Korea arrived in the Faroe Islands on Monday on a one-day trip amid efforts to boost trade relations between the two countries.
In the context of Faroese exports to South Korea, the main focus appears to be on Atlantic mackerel; other fish species, however, attract interest as well.
Led by Young-jin Yang, Director-General of the Fisheries Policy Bureau at the Ministry of Oceans and Fisheries (MOF), the South Koreans paid visits to two key mackerel producers as well as a major salmon farmer.
The event follows on the heel of a Faroese trade visit to South Korea in June. According to a Faroese official, the warm reception received by the Faroese in South Korea along with the swift reciprocal visit “underscores both sides’ commitment to deepening bilateral cooperation with a view to expanding trade—not least by facilitating market access for Faroese seafood.”
With representatives from the Ministry of Oceans and Fisheries as well as the Korea Maritime Institute (KMI), the National Federation of Fisheries Cooperatives (Suhyup), and private seafood importing companies, the South Korean delegation also visited the Ministry of Foreign Affairs and Fisheries in Tórshavn. The parties signed a Declaration of Intent concerning, among other things, cooperation and the development of exports of Faroese seafood products to South Korea.
Niels Winther, Director of the House of Industry (Vinnuhúsið), whom the South Korean delegation met with as well, stressed the ambition to establish a free trade agreement between the Faroe Islands and South Korea.
“The visit follows the Faroese trade mission to South Korea in June,” Mr. Winther said. “There appears to be genuine interest in purchasing Faroese seafood products and, over time, in further developing trade between the two countries.”
New Deepwater Quay for Port of Fuglafjørður
Strengthening its established position as the Faroe Islands’ top pelagic port even as aquaculture increases in importance, the Port of Fuglafjørður extends its stretch of deepwater quay—as harbor development nearby moves toward completion.
Among Faroese ports and business clusters, Fuglafjørður stands out in terms of economic output and with regard to tonnage throughput. As the country’s leading port of call for several ship types, most notably pelagic fishing vessels, Fuglafjørður has seen continuous growth in business activities over the past couple of decades, supported by massive harbor development. Alongside significant development taking place in connection with the ongoing expansion of Bakkafrost-owned fishmeal, marine oil and feed processing facility Havsbrún, 80 meters of new deepwater quay was completed earlier this year (2026) at Enni, the area between the Bunker Terminal and the headquarters of fishing gear company Vónin. Extending the continuous stretch of quay from the Cold Store Terminal to 410m—with depths alongside ranging from 12 to 15m—the new quayside also includes an area designated for an industrial building. Constructed on behalf of fishing company Framherji, the new quay is the result of close collaboration between Framherji, Havsbrún, cold storage facility Bergfrost and Fuglafjørður’s port authority.
Fleet Renewal Should Top Policy Agenda—Fishermen’s Union
Local dimensions of fisheries remain critical for continued prosperity and societal development—with investments in fishing communities forming part of the backbone of economic life, as per Faroe Fishermen’s Union.
Despite the significant investments in key sectors of the Faroe Islands fishing fleet that have taken place over recent years and continue to this day, policymakers are urged to place fleet renewal at the top of their agenda to prevent stagnation in parts of the fish industry. “We’re obviously pleased with the substantial investments in new vessels that we’ve seen in recent years,” said Jan Højgaard, chairman of the Faroe Fishermen’s Union a.k.a. FF (Føroya Fiskimannafelag). “At the same time, regrettably, there are some important sections of the fishing fleets that are in no good shape and need replacement.” Indeed, the majority of the pelagic fishing fleet alongside most of the freezer trawlers have been replaced with newbuilds in recent years or are currently in the process of being replaced. Some of the longliners have likewise seen renewal or refurbishment, with freezing capacity fitted on most to bolster economic viability. On the other hand, some domestic trawlers and longliners plus a few other classes of fishing vessels are generally in declining condition with bleak prospects. According to Mr. Højgaard, the current legislative and regulatory environment essentially prevents investment in parts of the fishing fleet, in particular due to a rigid or disproportionate antitrust regime. “The framework needs to be adjusted and this is an urgent matter,” Mr. Højgaard said. “An adjustment to the current set of antitrust rules is necessary because it’s excessive and unfit for the tiny socioeconomic reality of the Faroe Islands.” If the problem persists and is not dealt with appropriately and in time, it may force much of the less fortunate fishing fleet out of business, Mr. Højgaard added. “In fact,” he said, “that’s already happening and we’ve seen too many examples of it in recent years. We support the idea behind the antitrust legislation and much of its substance. However, it needs to be reviewed with the aim of making sure no parts of the fishing fleet are blocked from investment.” Societal issue In other words, for antitrust law to function in accordance with its stated purpose, there’s a critical balance to strike between, on the one hand, a legitimate concern over the formation of business monopolies and, on the other, due regard for the requirements of business finance. What policymakers may tend to neglect or ignore is that there are extremely few sources of investment capital actually available for fishing businesses, especially smaller operators. In result, ownership of fishing enterprises gets consolidated into fewer and fewer hands.