September 20, 2021

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- A sign of what I think of the stock market downturn - E24

– A sign of what I think of the stock market downturn – E24

According to the same company, fish farms on land in the United States communicate with suppliers of oxygen more than they need to.

At Homestead outside Miami, Florida, entrepreneur Johan Andreassen of Møre is building a giant fish farm on the land.

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On Monday afternoon, Atlantic Sapphire held a conference call about the state of hypoxia. A week ago, the company was informed that its main supplier of oxygen could not guarantee full delivery in the future, due to high demand from the health sector in the United States, where the coronavirus outbreak has exploded.

Oxygen is critical to fish survival on a wild fish farm located outside of Miami, USA.

In the conference call, Atlantic Sapphire CEO and store owner Johann Andreessen announced that the company had received shipments of oxygen from the municipality.

– The first delivery came from Miami-Dade on Saturday, and we expect more this week, Andreassen said on the conference call.

In addition, the company announced in a stock exchange announcement Monday that a third supplier expects to deliver oxygen by the end of the week. On the conference call, Andreessen revealed that the fourth supplier also looked “very promising”.

More oxygen than the company needs

When asked by E24, the company stated that these four suppliers together produce more oxygen than Atlantic Sapphire needs.

– CFO Karl Øystein Øyehaug tells E24 that the reason we continue to work with many alternative sources is to reduce risk and “support”.

According to Atlantic Sapphire, alternative sources of oxygen are somewhat cheaper than the main one they have used so far.

– Øyehaug says it is an appropriate assessment for us to continue with this and not return to our previous major supplier.

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Despite the lower costs of oxygen, there are still significant costs associated with operating a fish farm without the fish getting enough oxygen to thrive. This has led to a sharp drop in stocks in the past two days.

– What do you think of the drop in the share in the past two days?

– I won’t say much about the stock price, but I bought the stock on Friday. It’s an indication of what I think, Andreessen said when asked by the audience.

Atlantic chief Sapphire bought 80,000 shares on Friday for a total price of four million kroner. He has already owned less than 1 million shares in the company. Another board member and director of the company also bought shares on Friday after a sharp drop in prices of more than 30 percent.

Atlantic Sapphire has raised nearly NOK 1 billion in new shares as of June 4, at a price of NOK 98.6. Those who scored lost half their efforts after a course crash. Andreassen didn’t buy any shares at the time, telling E24 that his investment company doesn’t have free cash at all times.

Until the company has a robust and predictable source of oxygen, it will not increase production, Andreessen said on Monday’s conference call. He did not say when that would be possible.

Atlantic Sapphire believes a third supplier will be in place

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