Norwegian equipment and technology group Akva has named Kennth Bak CEO of its land-based aquaculture division, the company announced Friday.
Bak has held the role on an interim basis since January.
Land-based operations have become an increasingly important revenue stream for the company.
Revenues in Akva’s land-based segment in the fourth quarter alone were NOK 157 million (€15.5 million/$18.5 million), up 43 percent from a year earlier. EBITDA in the segment, meanwhile, was NOK 8 million (€792,094/$944,274).
Last year, the company increased earnings before interest, taxes, depreciation, and amortization (EBITDA) 24 percent to NOK 337 million (€33.4 million/$39.8 million), while revenues rose 7 percent to NOK 3.2 billion (€316.8 million/$377.7 million).