Per Grieg-backed land-based salmon farmer Proximar Seafood needs to raise another NOK 165 million (€13.9 million/$14.8 million) to cover ballooning construction costs at its Japanese facility.

The project's total cost has increased to NOK 1.24 billion (€104.2 million/$111.3 million), up from NOK 1.195 billion (€100.5 million/$107.2 million) in the second quarter -- a 17 percent increase from start of construction two and a half years ago.

Proximar is evaluating several options for funding the additional capital need, including a combination of debt and equity, both in Norway and Japan.