Andfjord Salmon

Earnings Release • Nov 5, 2024

Andfjord Salmon Group AS: Waterways near completion

Andfjord Salmon Group AS: Waterways near completion

5.11.2024 08:00:01 CET | Andfjord Salmon | Non-regulatory press releases

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

* 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. For more information, see www.andfjordsalmon.com -

http://www.andfjordsalmon.com/.