Rostein had higher revenue but lower profit last year
Wellboat operator sees positive future but also warns that salmon tax may hit demand
Salmonid industry wellboat operator Rostein increased turnover by NOK 115 million to NOK 1.3 billion (approximately £97.5m) last year, figures obtained by Fish Farming Expert’s Norwegian sister site, Kyst.no, show.
But profit was down from NOK 319m in 2021 to NOK 233m in 2022.
“The improvement in revenue is mainly due to increased fuel costs, a reduced cap on the net salary scheme and general price growth for purchased goods and services,” Rostein’s board writes in its annual report.
Booked equity was NOK 1.8bn, which is an increase of NOK 183m from 2021.
'May lead to lower growth'
Rostein had around 270 crew in 2022. The company writes that it sees positive future prospects for the wellboat industry, especially for more efficient vessels with good equipment and modern technology.
“At the same time, the board registers that many vessels are still contracted and takes this into account in the company's risk management,” the directors write.
The company also believes that the introduction of a 25% extra tax for salmonid farmers from 2023 constitutes a fundamental change to the financial framework conditions for its customers and Rostein says that in the long term it may lead to lower production growth in Norway and therefore lower growth in demand for wellboat services.
The company currently has 18 vessels and has another ship under construction. All the company’s ships are registered in the NOR register, and mainly have Norwegian crew. The ships operate in Norway, but also offer services in Denmark, the Faroe Islands, Scotland, and Iceland.
