The long-term plan is to boost the more lucrative export volumes by 15% to 55% of production in coming years.
Earlier this week, King Salmon launched an initial public offering (IPO), to list on the NZX and ASX, wanting to raise $30million, to be used for working capital, new farm development and upgrading some processing facilities in Nelson.
The share price will be determined by a book build, under way with institutional investors and brokers at present.
King Salmon's 51% shareholder, Oregon Group, will reduce its stake to 40%, while Direct Capital will reduce ''some or all'' of its 42% stake.
In a fact sheet on its IPO website, launched yesterday, King Salmon said sea farm space was ''a critical determinant'' of production volumes.
''These new sea farms will enable a material uplift in production,'' the company said.
The 2015 revenue of $98.3 million is forecast to steadily increase to $143.6million for full year 2018, while after-tax profit rises from $6.3million towards $14million in 2018.
King Salmon has seven operational sea farms in the Marlborough Sounds and in 2014 was granted consents to begin operating sea farms at three new sites there.
''The new sea farms were selected specifically for king salmon production, with characteristics such as higher water currents, that will provide better production and environmental outcomes,'' King Salmon said.
The company estimated the three new sea farms would enable production to be increased by about 50% during the next five years and double existing production, which is about 6000 tonnes annually.
Offshore sales, generally carrying a premium price, at present make up 40% of sales, but production from the three new farms would go towards raising exports to 55% of production, in particular to Asia and North America.
''The resource consents provide for gradual increases in production based on environmental compliance monitoring,'' King Salmon said.
In forecasting financial results for full year 2017 and 2018, King Salmon said the three new farms would be ''the key driver'' of revenues
''The export focus reflects strong demand from these markets that New Zealand King Salmon has not previously had adequate production volumes to satisfy,'' the company said.
