Andfjord Salmon publishes integrated annual report 2023 and provides operational update

18 April 2024 – Andfjord Salmon AS has today published its integrated annual report for 2023. Further, the company shares that the build-out progress at its Kvalnes site is progressing according to plan.

The integrated annual report, which includes Andfjord Salmon's company's approach to environmental, social and governmental (ESG) topics, is available here:

Andfjord Salmon’s goal is to develop the world’s most sustainable and fish friendly fish farming facility. The results from the company’s first production cycle, which was completed in July 2023, showed that this is a realistic objective.

“I have been engaged in the seafood industry most of my life. With this as backdrop, I know that favourable biological conditions for the salmon, and a sustainable coexistence with our local ecosystem at Andøya, is the key to success. The results from our first production cycle strengthened my belief in this philosophy,” adds Martin Rasmussen.

OPERATIONAL UPDATE

Andfjord Salmon is currently developing its Kvalnes facility, where it targets an initial production capacity of 8,000 tonnes (HOG – head-on gutted) from 2025 for the first build-out phase. At Kvalnes, the company is targeting a total production capacity of 40,000 tonnes (HOG) through gradual increases between 2025 and 2030.

For the current build-out phase, Andfjord Salmon will complete four pools, bringing the total to five. Excavation of the pool pits was completed in late January. Since then preparations for pool construction, including establishment of the facility that will produce the pool components, have been successfully executed. The concrete works will now commence – ahead of schedule.

The two other ongoing workstreams – waterways and harbour area – are also progressing as planned. This is shared infrastructure that will support a future production of 40,000 tonnes at Kvalnes.

“The tunnel progress is good. The character of the bedrock is solid and in line with the pre-construction analyses we conducted,” adds Rasmussen.

CONTACTS

Investors:

Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, bjarne.martinsen@andfjord.no

Media:

Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665, martin@andfjord.no

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world’s most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon. Andfjord Salmon has identified a roadmap towards a production capacity of 40,000 tonnes HOG at Kvalnes, Andøya, and set a long-term ambition to reach 90,000 tonnes HOG across Kvalnes, Breivika and Fiskenes at Andøya.