Waterways near completion

5 November 2024

Andfjord Salmon Group AS (Andfjord Salmon) today announces that the development of the waterways and tunnel infrastructure below the pools at the company’s land-based aquaculture facility at Kvalnes, Andøya, Norway, are nearing completion. The progress on all workstreams is so far in line with or better than the original schedule.

A total of 4.4 kilometres of tunnel infrastructure is being developed at Kvalnes, including inlet waterway, tunnel infrastructure below each pool, and outlet waterway. Only 50 metres of the outlet waterway and approximately 500 metres of the inlet waterway remain to be completed. In sum, this means that the tunnel construction at Kvalnes has already reached 85 percent completion, up from 73 percent in early September.

“We have already conducted small diameter core drilling all the way through in the outlet tunnel and this gave us the answers we were hoping for. As both the outlet waterway and tunnel infrastructure below the pools are close to complete, we can scale down the number of machines and equipment involved with tunnel construction at Kvalnes. We are very satisfied with the progress of what is probably the most demanding workstream of the current build-out phase,” says Martin Rasmussen, CEO of Andfjord Salmon.

The waterways that are currently being developed are designed to support a future production of 40,000 tonnes of salmon at Kvalnes.

In this initial build-out phase, Andfjord Salmon is also completing four new pools, increasing total production capacity to 8,000 tonnes HOG by 2025, and developing a new harbour area.

The harbour area workstream has reached 58 percent completion, up from 42 percent in early September. Large rock boulders are currently being placed as foundation for the breakwater (Norwegian: Molo) that will protect the harbour against strong winds and seas. Excavated masses from the waterways and pool pit will later be utilized to complete the breakwater.

The concrete pools workstream has reached 45 percent completion, up from 12 percent in early September. Work on this workstream, which involves constructing four new pools, has been intensified in recent months and the solid progress reflects this.

CONTACTS‍

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

Martin Rasmussen, CEO, +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.