Reykjavík Energy Cancels Tiger Prawn Cultivation Skip to content

Reykjavík Energy Cancels Tiger Prawn Cultivation

The board of Reykjavík Energy Company (OR) decided yesterday to discontinue its cultivation of tiger prawns. The company has to write off more than ISK 100 million (USD 1.6 million, EUR 1.1 million) in relation to the unsuccessful cultivation experiment.

OR will cease all tiger prawn cultivation operations within two months and until then must find someone to take over the project. The chairman of OR’s board, Haukur Leósson, said he is not optimistic that OR will succeed in finding a replacement, Morgunbladid reports.

“This experiment has delivered no profits, not one króna,” Leósson said, adding that although OR had not made any profits, the project had proven that it is possible to cultivate tiger prawns in Iceland using excess water from a geothermal energy hole.

OR agreed in 2000 to contribute ISK 10 million (USD 158,000, EUR 113,000) to the cultivation project, expecting other parties to contribute with ISK 30 million (USD 475,000, EUR 338,000), which never came.

The project was a cooperation between OR and parties from New Zealand, who contributed tiger prawns, but no funds. The Icelandic company Stofnfiskur hf. was in charge of the cultivation project on behalf of OR.

OR also financed the drilling of a geothermal energy hole for the project in Ölfus municipality, south Iceland, which is now used by farms and summerhouses in the vicinity. The drilling cost OR ISK 88 million (USD 1.4 million, EUR 991,000).

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