Norway's highest financial regulator is scrutinizing land-based salmon farmer Atlantic Sapphire for how it classified a breach of covenants on a $50 million (€44 million) loan in the first half.

The salmon farmer said Friday it was asked by the Financial Supervisory Authority of Norway (NFSA) for more information related to the accounting irregularities, which stem from a joint credit facility from Norwegian bank DNB and Farm Credit of Florida.