First Water appoints former Play chief as new CEO

First Water has appointed investor Einar Örn Ólafsson as its new chief executive, mbl.is reports. The land-based salmon farming company operates in Þorlákshöfn and is preparing to begin its second development phase.

Ólafsson, who was formerly CEO and one of the owners of airline Play, which went bankrupt last year, said he was immediately interested when the position was discussed.

He has previous experience in the aquaculture sector. In the middle of the last decade, he served for about two years as managing director of Fjarðalax, a sea-based salmon farming company in the Westfjords.

Ólafsson also has indirect interests in First Water. His investment company, Einir, owns a stake in investment company Gnitanes, which is among the shareholders of Stoðir. Stoðir is First Water’s largest shareholder.

He said his first priorities would be to familiarise himself with the company’s operations and meet its employees. He added that he did not plan any major changes and would continue the development work led by his predecessor, Eggert Þór Kristófersson.

First Water was founded in 2017 under the name Landeldi. The company focuses on sustainable land-based salmon farming, processing and exports.

The company announced this spring that it had completed financing for its first phase, which is designed to produce 10,000 tonnes of gutted salmon annually. It has raised 28 billion Icelandic krónur in equity, around 6 billion krónur through a convertible bond and approximately 18 billion krónur in loans, securing total financing of about 52 billion krónur.

Ólafsson said financing would remain an ongoing task as the company prepares for its second phase. First Water plans to increase annual production from 10,000 tonnes to 20,000 tonnes, while around 10% of the overall construction project has so far been completed.