NZ King Salmon wins approval for Blue Endeavour fish farm in Cook Strait

What NZ King Salmon's proposed Blue Endeavour open-ocean salmon farm in Cook Strait would look like. Photo / Supplied

NZ King Salmon has been given the green light to establish the first open-ocean finfish site in New Zealand, which it has dubbed Blue Endeavour.

Following a hearing in Blenheim last year, Marlborough District Council commissioners announced their decision to approve the application to establish a farm in Cook Strait, 7km north of Cape Lambert.

“We’re pleased our plans to farm in the open ocean have been given the go-ahead,” acting chief executive Graeme Tregidga said.

“This is a first for New Zealand and is a significant decision for the aquaculture industry,” he said.

The process, up to the environmental approval stage, had taken six years.

Tregidga said the open ocean was part of the company’s long-term strategy, but the current focus remained on the company’s inshore farming production.

He said open ocean farming made “logical sense for both the environment and for the species in the long term”.

The next step was to study the decision and associated conditions before coming up with an implementation plan and investment options.

In September, the company announced that fish deaths caused by warmer water drove it to a $24.5 million loss in the first half to July 31.

In May, NZ King Salmon successfully completed a $60.1m pro rata rights offer, the proceeds of which were used to repay debt.

Early this month, NZ King Salmon said its chief executive Grant Rosewarne had resigned, effective immediately.

The company gave no reason for his departure.

For today’s announcement NZ King Salmon had requested, and was granted, a trading halt pending the announcement of the Marlborough District Council’s decision.

When trading resumed, the stock traded at 26c, up 3.5 cents, or 15.5 per cent.

NZ King Salmon is the world’s largest aquaculture producer of the premium King salmon species.

It has four key brands - Ōra King, Regal, Southern Ocean and Omega Plus.