Inside an EFC mRAS module

*Provided by the Saudi Arabian ministry of Agriculture

Modular & future proof

The EcoFishCircle mRAS design is based on modular design principles with each module being its own separate processing system. This increases the biosecurity significantly, provides user friendly operations and secures the needed flexibility for facility scaling and development.

Standardized

The mRAS design is also centered around standardized design principles. This decreased the complexity and needed detailed engineering while also securing easy maintenance, clear training programs and increased possibility for local content.

Smart and user-friendly control system

EcoFishCircle have developed its own specialized control system for the mRAS concept with an intuitive interface and advanced data insights both on modular and facility level.

Strong economic advantages

Lower CAPEX and OPEX compared to industry average reduces financial risk and strengthens project profitability.

Circular economy ready

The EcoFishcircle mRAS module is designed to support industry-leading sustainability through nutrient recovery and circular concepts.

Systems included in overview: 

• 39 Modular Recirculating Aquaculture System (mRAS) with mechanical drum filtration and MBBR biofiltration
• Integrated degassing, oxygenation (oxygen cones) and UV/ozone disinfection
• Up to 99.7% process water recirculation
• Climate-controlled production (12°C) enabling year-round yield stability
• High-density stocking capacity (up to 60–80 kg/m³)
• EFC Control: Automated monitoring & SCADA-based water quality control
• Solids capture and sludge handling for potential bioenergy integration

Support systems not included in overview: 

• Biogas facility (from Sludge)
• Sunpower / batteries
• Secondary processing of fish

Proposed company structure in short:

• Blue Oasis will be the operating company and will have its own staff both for the construction and operations of the facility

• Hayal and its Saudi partners will have a 50% ownership stake

• EFC investment partners and other investors will have ownership of the remaining 50%. A majority or all this share of ownership is expected to come through Castle Placement, an investment partner EcoFishCircle has introduced to the project

• EcoFishCircle is the technology provider and will also provide construction, testing, training and operational support. A MOU is signed between Hayal and EFC to further formalize the partnership

• The Blue Oasis project company will bring one or a few distributors as distribution partner or partners to handle or contribute on distribution, sales and branding

Inside the facility

Preliminary production plan

General summary high level at full capacity

• 10,000 t/y round and approximately 8500 t/y HOG
• A total of about 80-82 weeks from roe to slaughter a 4 kg including purging and packing.
• 4 stockings per production line per year with about 630 000 fish per line
• 3 internal fish transfers to ensure optimal use of water volume
• Fish transfer every 13 weeks in the grow-out phase

Site selection

Jazan has been recommended by the Saudi Ministry of Agriculture as the ideal site for the Blue Oasis project based on several advantages:

• Water security – Proximity to the sea will enable a secure saltwater source and also a water source for potential freshwater production.
• Production risk and costs – With proximity to the sea, the facility can use seawater for cooling, which will significantly reduce both OPEX and CAPEX related to cooling infrastructure. The facility will also have a significant water source readily available, increasing operational flexibility and reducing production risk.
• Logistics and port access – Jazan has significant infrastructure already in place, including access to port facilities for logistics and exports.
• Economic and synergetic incentives – As part of the national push to diversify the economy under Vision 2030, Jazan is established as a special economic zone with significant business activity related to fish and aquaculture. The zone offers a comprehensive package of tax, customs, and operational incentives detailed on the following page.

Jazan Special Economic Zone — investor incentives

The Jazan Special Economic Zone is one of the Kingdom’s first economic zones, positioned as its southern gateway to global markets along the Red Sea. The zone is designed to support the objectives of Vision 2030, offering a comprehensive package of incentives to investors.

• Corporate tax: A reduced corporate income tax rate of 5% for foreign-owned entities, fixed for up to 20 years with the possibility of extension
• Withholding tax and customs: 0% withholding tax on repatriation of profits outside the Kingdom. 0% customs duties on capital equipment and inputs. All intra-SEZ goods exchanged within and between the zones are VAT-free
• Land and leasing: Land lease contracts extend up to 50 years, with rates starting at 4.5 SAR per square meter annually
• Labour and operations: Workers and their direct family members benefit from labour levy exemptions during the first five years, with flexible regulations around foreign talent. Companies also benefit from competitive utility rates and simplified regulatory processes including expedited approvals

Project alignment with the Saudi Arabian Vision 2030

As the project continues to develop, the Blue Oasis project remains aligned with the Saudi 2030 targets.

The project alignment was reconfirmed by the Ministry of Agriculture and the Ministry of Investment on February 12th, 2026.

Consumption: The consumption of seafood in Saudi Arabia is expected to rise significantly towards 2030 and beyond, an increase supported by media and government marketing campaigns to increase domestic consumption. The aquaculture sector will contribute significantly to bridging the gap between today’s consumption and tomorrow’s expectations.

Gap of production between current and target: The current target for 2030 is 530,000 tons from aquaculture, which is a significant increase from today’s production. Various species and production targets are planned. Salmon and trout are considered under the same umbrella and will be interchangeable in the overall production estimates and planning.

Project alignment with the Saudi Arabian Vision 2030

Saudi investment momentum in aquaculture – In January 2025, Saudi Arabia inaugurated the Middle East’s largest salmon production facility in Hail, a land-based operation with an annual production target of 100,000 tons and hatchery capacity of 5 million juveniles. In February 2025, Topian, NEOM’s food company, signed an investment agreement worth nearly SAR 2 billion with the Royal Commission for Jubail and Yanbu to establish an aquaculture project within the Jazan Special Economic Zone. These developments demonstrate the Kingdom’s accelerating commitment to large-scale aquaculture and validate both the species focus and site selection of the Blue Oasis project.

Subsidies for salmon production – The government currently has a subsidy program supporting marine aquaculture production. Initial examination shows that Blue Oasis could qualify for such a subsidy, which would be of significant benefit in the start-up phase for the facility. 3 SAR per kg produced

Potential hatchery cooperation – The government has hatchery capacity established today which is mostly used for trout. A potential collaboration for Blue Oasis could see the project using some of the hatchery capacity for Atlantic Salmon smolt production, at least in the start-up phase, which in turn could be of significant benefit for the overall timeline and cost for the Blue Oasis project.

Go-to-market – distribution partnership

Hayal and EFC will introduce one or a few distribution partners to the project. The distribution partner or partners will an extensive network reach and existing distribution channels

Together with the Blue Oasis Company, the distribution partner or partners will bring the consumer product to market. The parties will also together decide the final details when it comes to branding and pricing levels

On a general level the Blue Oasis company will produce a premium product with its own brand associated with the highest quality

Dialogues with distribution partners are ongoing

The Blue Oasis value chain

EFC proposes a circular scope to the commercial facility, utilizing circular economies of the bi-products from a land-based mRAS facility

Potential long-term trajectory and possibilities

The main focus for the parties is and will be to secure the success of Blue Oasis. However, the collaboration could have a wider impact on other projects and the long-term trajectory.

Second fish farm – A second facility producing 10,000 tons per year of rainbow trout is in discussion.

EFC technology for other projects – The EFC technology is flexible and could potentially be deployed in smaller fish farms or other projects across the region.

EFC/Blue Oasis technology – KSA could become a regional and global exporter of salmon and other marine fish. The EFC technology could contribute the effectiveness, scalability, and stability needed to reach the targeted production levels.

Single cell protein and circular economy possibilities – Through EFC’s sister company Gas2Feed and other concepts, there is significant potential for creating a partly or fully circular economy with a land-based fish farm as a central piece. This aligns with the Kingdom’s broader sustainability objectives and could further strengthen the project’s value proposition to Saudi stakeholders.

Technology scale-up risk: The first full industrial deployment of the mRAS system must match or exceed the biological and operational performance achieved in pilot-scale testing; any deviation could slow commercialization or undermine partner confidence

Execution and construction timing risk: Projects in multiple countries may face delays due to varying permitting processes, contractor availability, local regulatory requirements, or logistics challenges

Market and salmon pricing risk: Volatility in global salmon prices could impact customer project profitability, which may subsequently influence EFC’s license revenues and recurring royalty streams

Illiquidity risk: Equity in early-stage technology and IP-driven companies is typically illiquid, meaning investors may face limitations on exit timing or valuation

Dependency on government incentives and financing: The Saudi project depends on up to 50% government-backed financing; any delays or changes in government programs could affect project timelines or viability

Feed cost volatility risk: Variability in global feed prices could influence customer profitability and indirectly affect the reliability of EFC’s royalty income

Regulatory and permitting risk: Different jurisdictions (Saudi Arabia, Norway, etc.) require distinct environmental, construction, and operational approvals that may extend timelines or necessitate design changes

Supply chain and procurement risk: Delays or shortages in key components -such as tanks, filtration systems, or automated controls—may impact project execution and increase costs

Production-performance dependency risk: Royalty revenues rely on the biological performance and output of partner-operated facilities; underperformance could reduce recurring revenue

Foreign exchange (FX) risk: Exposure to multiple currencies (NOK, USD, SAR) introduces FX fluctuation risks that may impact both operating costs and recognized revenues

Private securities are speculative, illiquid, and carry a high degree of risk – including the loss of the entire investment