Andfjord Salmon AS
OSE:ANDF
Andfjord Salmon AS
Andfjord Salmon AS engages in the salmon farming business. The firm's developed a concept for a flow-through plant with seawater that combines the advantages of traditional farming in the sea and land-based farming. Andfjord Salmon aims to build fish-friendly and environmentally friendly facility for salmon, with the lowest possible energy consumption and cost. The firm develops production facilities and operating premises on Andoya. The company holds a license to farm 10,000 tonnes of maximum allowed biomass (MAB) and is in the first phase of development on fish farms at Kvalnes on Andoya to exploit the licence. The Company’s main activities consist of the development and construction of land-based fish farms.
Andfjord Salmon AS engages in the salmon farming business. The firm's developed a concept for a flow-through plant with seawater that combines the advantages of traditional farming in the sea and land-based farming. Andfjord Salmon aims to build fish-friendly and environmentally friendly facility for salmon, with the lowest possible energy consumption and cost. The firm develops production facilities and operating premises on Andoya. The company holds a license to farm 10,000 tonnes of maximum allowed biomass (MAB) and is in the first phase of development on fish farms at Kvalnes on Andoya to exploit the licence. The Company’s main activities consist of the development and construction of land-based fish farms.
Strong Smolt Release: Two successful smolt releases in Q3 led to survival rates exceeding expectations, with K0 at 99.85% as of December 14.
Rapid Growth: Fish growth in K0 outpaced benchmarks, recording up to 57% above Skretting’s growth table last week, and K1 showing improving growth.
Operational Ramp-Up: The company is transitioning out of construction and nearing 6,000 tonnes production capacity, targeting 17,000 tonnes by 2026.
Funding Secured: Raised NOK 300 million in equity and secured NOK 200 million in additional bank debt to support ongoing build-out and mitigate contractor dispute effects.
Contractor Dispute: Submitted NOK 1 billion claim against former contractor due to cost overruns; new contractors engaged with no material impact expected on the production plan.
Cost Management: Remaining CapEx for phase completion is around NOK 450 million, with future risks reduced by fixed or capped pricing on new construction.
