MARINE HARVEST FISH FEED AS. New Greenfield Salmon Feed Factory Valsneset Bjugn Kommune Norway

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2 MARINE HARVEST FISH FEED AS New Greenfield Salmon Feed Factory Valsneset Bjugn Kommune Norway

3 The world's leading seafood company The world's largest producer of Atlantic salmon MARINE HARVEST IN BRIEF Fully integrated value chain from broodstock to ready-to-eat meals Pioneering the international development of our industry Blue Revolution The strategy is to become a world leading integrated protein group with recent additions. Feed division Morpol purchase Volume produced 2011: Sales 2011: Salmon meals each day: 344,000 tonnes 5.2 million Employees: NOK 16 billion 10,500 in 21 countries 3

4 NORWEGIAN SALMON FEED INDUSTRY Dominated by only 3 producers, Skretting at 565,000MT s per year, EWOS at 531,000MT s per year and BioMar at 326,000MT s per year. Skretting supplied 180,000MT s of this 60% of our total, EWOS 75,000MT s of this 25% of our total and BioMar 45,000MT s of this 15% of our total. As an over 300,000MT per year consumer of feed we are large enough to consider a fully integrated production model. This plant would produce 220,000MT s and we would still maintain our purchasing presence in the market for 120,000MT s which would still make us the 3 rd largest purchaser of salmon feed in Norway.

5 BEHIND THE FEED MILL FEASIBILITY STUDY Feed costs make up 40 to 50% of the cost of salmon in the box for the market place. As a 300,000MT per year consumer of feed we are large enough to consider an integrated production model. In 2011 we spent NOK 1.8 billion on feed purchases! Feasibility study to make feed as a minimum cost center giving MH greater margin flexibility on our product i.e absorb the current feed suppliers margins into MH s salmon. Simple criteria minimum cost feed at current quality supplied or better, NO COMPROMISE! 5

6 PLANT CAPACITY CRITERIA Due diligence based 2011actual usage data by product size, per month and by region. Location ofplant criticalin relationto financiallyfeasibleshipping logistics to farm sites. Feedvolumecappedwithina 15 hoursailingradius ofsite. This has produceda catchment area of220,000mt s offeed requirement per year. 50% ofourfeedconsumptionis JulythroughOctober. Plant has beensizedto handle thisvolumewiththemost efficientand sustainabletechnologyavailabletoday! 6

7 CONCEPT LAYOUT 7

8 ORIGINAL SITE OVERVIEW 8

9 MARINE HARVEST FISH FEED AS 2 PRODUCTION LINES, TONNS/HR ANNUAL PRODUCTION: TONNS OF SALMON FEED INVESTMENT: 800 MILL NOK 9

10 PRINCIPLE FLOW DIAGRAM Raw materials Process Finished product 300 t/h Macro raw mat. silos 12,000 t Macro raw mat. dosing silos 3,400 t Weighing 48 t/h Bulk silos Phase 1 3,000 t Bulk silos Phase 2 xx t Grinding Grinding 20 t/h Micro raw mat. Mixing 2x16 t/h Mixing 1 x 16 t/h Extrusion Extrusion 3x30t/h t/h 250t/h Oil tank storage Phase 1 10,000 t Oil tank storage Phase 2 xx t Drying Coating 2x24 t/h Cooling Drying Coating 1 x 24 t/h Cooling Phase 1 2 lines Phase 2 1 line

11 Raw material handling and storage Raw material ship unloader: 300 tons/hr Raw material conveying: 300 tons/hr: Raw material silos: 16,000 tons Oil/ liquid tanks: 10,000 tons: 1 warehouse: 1,000 m² : Close proximity to herring processors for ensillagesource. Fish meal Soy meal Wheat Gluten Canola oil Fish oil 11

12 Processing Plant capacity: 220,000 tons/year, ø 4.0, 6.0 & 9.0 mm 4 scales for macro, midi and micro ingredients 4 hammer mills 3 mixers (4,000 kgs/batch) 2 extruders 2 dryers 4 vacuum coaters 4 product coolers 12

13 24/7 operation in main season Main season is July -October Total 47 staff Operation and personnel 43 will be based in Bjugn or neighbour Kommune MH Goal «Smallest carbon footprint available and smallest amongst salmon feed producers» 13

14 LATEST SITE OVERVIEW 14

15 Finished product handling Bulk only finished product system. No packing, no packing materials! 3,000 tons finished product storage Bulk loading system of 300 tons/hr 2 bulk carring vessels (Ulvan Rederi- Trondheim) currently under construction. LNG gas thruster positioning system. 15

16 MHN Mid Region 80,000MT s annual consumption in this region is within 6 hours of sailing from feed plant

17 TARGET COMPLETION MAY

18 LNG TERMINAL INSTALLATION 18

19 VALSNESET THE BEST SOLUTION MidNorway Region most importantto MH. Excellent Sea Access. Close to Marine Harvest salmon farms. Wind driven electricityand LNG for vessels and factory = SUSTAINABILITY 19

20 LNG fuelmeetsthemh lowemissions objective. Single fuel usage for vessels and factory. No taintissueonproductdryerswhich exists with other fuel sources. Opportunityto developtotal «Marine facility» Marine Harvests beliefin rural development fit with LNG expansion Our infrastructurepushes marine development of LNG supply Assists in thedevlopmentofan industry cluster in this region. Norway s best logistical road is it s beautiful coastline!! WHY LNG? 20

21 LNG Estimated Consumption Data Annual production needs 175kWH per ton which equates to 38,500,000kWH 12kWH per kg relatesthisto 3,210,000 kg per year. Julyto November is ourpeakconsumptionat 1.5m3 LNG per hourofthis60% is used in theprocessdryersand 40% used in the factory boiler. Finishedproductshipswouldhave same peaksand eachvesselcouldconsume250m3 per weekwhenusingit s55 hourroute utilzation. Vesselsand plant at peakcouldconsume750m3 per weekmaximum. Eachvesselhas 125M3 ofstorageand theplant. Total sitestorageof750m3. 21

22 Fast Changing Scenery February 2013 March

23 April to May to June 23

24 July to August to September 24

25 October

26 Today s Reality 26

27 Thank you for your attention! 27