Andfjord Salmon

Investor Presentation • May 29, 2024

Q1 2024 STATUS AND PROGRESS

29 MAY 2024

Martin Rasmussen CEO

• ANDFJORD SALMON IN BRIEF

• Quarterly highlights and subsequent events
• First production cycle: New independent confirmation of strong biological conditions
• Recap: "Post-smolt" strategy
• Status Kvalnes build-out
• Private placement: Strategic investors
• Financials
• Summary and outlook

Bjarne Martinsen CFO

NATURAL OPTIMAL WATER TEMPERATURES

OXYGEN-RICH AND CLEAN ARCTIC SEAWATER

LOW ENERGY COSTS. NO LIFTING, HEATING OR COOLING

THE BEST OF TWO WORLDS

3 BENEFITS OF SEA BASED NET PEN FARMING 3 BENEFITS OF LAND BASED FARMING

2

NO PROBLEMS WITH SALMON LICE AND POISONOUS ALGAE 1

NATURAL ESCAPE PREVENTION 2

COLLECTION AND RECYCLING BIOWASTE = COMMERCIAL VALUE 3

• Andfjord Salmon in brief
• QUARTERLY HIGHLIGHTS AND SUBSEQUENT EVENTS
• First production cycle: New independent confirmation of strong biological conditions
• Recap: "Post-smolt" strategy
• Status Kvalnes build-out
• Private placement: Strategic investors
• Financials
• Summary and outlook

HIGHLIGHTS Q1 AND SUBSEQUENT PERIOD Q1 2024

BUILD-OUT PROGRESSING AS PLANNED

Pool pit excavation completed ahead of schedule, harbour area and waterways workstreams progressing as planned

FISH-FRIENDLY FARMING

New Nofima report confirms strong fish welfare and health in first production cycle

INITIATED PRODUCTION OF POOL COMPONENTS

Preparations for pool production executed, initiated production of pool components

POST-SMOLT STRATEGY

"Post-smolt" production opportunity identified, approved and being realised

PRIVATE PLACEMENT

Strategic investors supporting Andfjord Salmon's concept and plans

• Andfjord Salmon in brief

• Quarterly highlights and subsequent events
• FIRST PRODUCTION CYCLE: NEW INDEPENDENT CONFIRMATION OF STRONG BIOLOGICAL CONDITIONS
• Recap: "Post-smolt" strategy
• Status Kvalnes build-out
• Private placement: Strategic investors
• Financials
• Summary and outlook

KEY FIGURES – FIRST PRODUCTION CYCLE

1.05

LOW FEED CONVERSION RATE

STRONGER GROWTH

LOWER ENERGY COSTS

HIGH SURVIVAL RATE

Industry average = 1.27**

+1 kilo

Extra growth compared to Skretting's growth table

1 kWh

Energy use per kilo produced salmon

97.5%

Industry average = 83.3%*

Source: *Fish Health Report 2023, ** 2022 industry average

HIGH SUPERIOR SHARE

91.1

Industry average = 84%**

Q1 2024

2nd NOFIMA REPORT: FULL PRODUCTION CYCLE

First report covered first six months in pool

Second report covers the entire first production cycle

Underlines Andfjord Salmon's sciencebased approach to land-based fish farming

Extensive examination of biological conditions, fish welfare and fish health

"Andfjord Salmon applied a very comprehensive welfare and health documentation plan for the first production cycle."

Q1 2024

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• Fin damage

UNDERLINES HEALTHY POOL CONDITIONS

HIGH GROWTH

• "Fish growth…has been higher throughout the period than that indicated for fish in this weight and temperature range (4-14 degrees Celsius) by reference growth tables."
• "It is also in the upper range of values reported in several previous studies, overall."
• "The growth in the Andfjord Salmon system is high also when compared with studies utilising semi-closed containment systems."

PATENTED LAMINAR WATER FLOW: Overview of the sampling points for horizontal and vertical water and velocity profiling of the system prior and during salmon production at Andfjord Salmon

ENVIRONMENTAL FACTORS

• "Water current speeds, whilst low, did not manifest in poor water quality and may have been increased by the presence of fish in the system."
• "The water temperature was somewhat more stable than what would be expected at corresponding depths in open cages and followed seasonal patterns in ambient temperatures."
• "The low natural water temperatures the fish were subjected to over the autumn through spring did not manifest in any welfare or performance risks, or risks for e.g. winter ulcers."
• "There is presently little to indicate that increasing the biomass density in the Andfjord system beyond 25 kg/m3 will increase the risk of fish welfare states, if good water quality and rearing practices are otherwise maintained."

FISH WELFARE / HEALTH

• "External gill health services have reported good gill health during the production cycle. This correlates with the low number of gill health risks the fish have been exposed to. Various gill health risks can include mechanical delousing, high turbidity and poor water quality."
• "Overall, the injury status of the fish has generally been good with the majority of injury based OWIs being scored as absent or mild according to the Laksvel scoring system."
• "Mortalities…were very low in the rearing system (ca. 2.5% for the entire documentation period)"

FISH BEHAVIOUR

SECOND NOFIMA REPORT EMPHASIZES STRONG FISH WELFARE/HEALTH

• "Appetite as an OWI was scored according to Laksvel and has been generally been good throughout the documentation period."
• "The grouping structure of the fish in the pool was relatively consistent at both low and high water throughout the production cycle."
• "No erratic swimming was noted during any of the low and highwater observation points."
• "No dense clumping behaviour or fleeing/panic behaviour was noted during any of the daily observation periods from mid-July 2022 until slaughter in late June/July 2023."
• "The vertical distribution of the majority of the fish became stable two months after smolt transfer, at both low and high water."

LAKSVEL: Standarized method to monitor salmon welfare.

• Andfjord Salmon in brief
• Quarterly highlights and subsequent events
• First production cycle: New independent confirmation of strong biological conditions
• RECAP: "POST-SMOLT" STRATEGY
• Status Kvalnes build-out
• Private placement: Strategic investors
• Financials
• Summary and outlook

Q3 Q1 20234

THIS IS HOW WE WILL DO IT NOTE: SIMPLIFIED ILLUSTRATIVE EXAMPLE OF PRODUCTION CYCLE

SMOLT RELEASE Smolt weight: 100-150 grams

AFTER 3 MONTHS Smolt weight: 500 grams

AFTER 6 MONTHS Post-smolt weight: ~ 1,000 grams

AFTER 12-15 MONTHS Salmon harwest weight: 4-6 kg

Q3 Q1 20234

MULTIPLE BENEFICIARIES

• More robust fish released to sea, less susceptible to diseases
• Shorter production cycle in sea: e.g. a reduction from 17-19 to 10 months
• Reduced exposure time to salmon lice
• Improved utilisation of MAB license
• Financial benefits of potentially higher survival rates

OCEAN-BASED FISH FARMERS

• More robust fish released to sea, less susceptible to diseases = enhanced fish welfare
• Reduced exposure to salmon lice and other biological risks in the sea such as winter ulcers and jellyfish
• Farmed for longer period in a controlled, closed cage environment, benefiting from natural advantages of combining land and ocean-based farming

THE SALMON LOCAL MARINE ENVIRONMENT

• Longer production time in facilities with collection of biological waste (faeces and feed) - circular economy in practice
• Longer production time in facilities with no escape risk
• Possibility to strengthen overall conditions for regional aquaculture clusters

SUPPLEMENTARY POST-SMOLT STRATEGY INCREASES PRODUCTION VOLUME, EBIT AND SUSTAINABILITY

ADDITIONAL REVENUE STREAM

Significant surplus pool capacity at the start of each production cycle enables post-smolt production

10% increase in biomass turnover

Shorter runway to revenue, positive cash flow effects

APPROVED BY AUTHORITIES

Initial production plan approved by the Norwegian Directorate of Fisheries

PARTNERSHIP IN PLACE

Agreement in place with Eidsfjord Sjøfarm/Holmøy Havbruk to farm post-smolt for locations near Kvalnes for upcoming production cycles

INCREASES EBIT

Strong fundamentals for post-smolts drives an estimated 15-25% increase in EBIT by utilising this combined production strategy

STRENGHTENS SUSTAINABILITY

More robust fish released in combination with shortened production time in sea bring multiple biological and environmental benefits

Q1 2024

• Andfjord Salmon in brief
• Quarterly highlights and subsequent events
• First production cycle: New independent confirmation of strong biological conditions
• Recap: "Post-smolt" strategy
• STATUS KVALNES BUILD-OUT
• Private placement: Strategic investors
• Financials
• Summary and outlook

PRODUCTION VOLUME OF 40,000t AT KVALNES WITH TOTAL POTENTIAL OF 90,000t

Q1 2024

• Gradual ramp-up to full capacity of 40,000 tonnes at Kvalnes, focusing on capital efficiency
• Next step at Kvalnes encompasses 4 new pools, bringing total production capacity to 8,000 tonnes, followed by further expansion
• Major interventions and blasting to be completed in this step, meaning that the only required pause in production due to ground works will be in 2024
• Current production license of 10,000 tonnes MAB at Kvalnes (total potential of 19,000 tonnes HOG), with further license applications to be submitted in accordance with the original business plan

Kvalnes build-out plan

Comments

Tons HOG Stage, Kvalnes	Added production (HOG, est.)	Accum. production (HOG, est.)
First pool	+1,000t	1,000t
1	+7,000t	8,000t
2	+11,000t	19,000t
3 (license expansion)	+4,000t	23,000t
4	+5,000t	28,000t
5	+12,000 t	40,000t

1 2 3

Construction 2023-2025: +18,000 tonnes +4,000 tonnes license expansion

5

Construction start in 2027: +12,000 tonnes (exact location to be decided)

STATUS AND PROGRESS: POOLS

Q3 Q1 20234

• Workstream on track
• Concrete elements produced by factory on site
• Masses from pool pits and tunnels utilized as a raw material in concrete (ingredient). reduces the cost and is environmentally sustainable
• Pool excavation reached 100% completion at end-January 2024
• Pool construction initiated earlier as a result of pool excavation being completed one quarter ahead of schedule

POOL CONSTRUCTION INITIATED

STATUS AND PROGRESS: WATERWAYS

Q3 Q1 20234

• Capacity to support annual production of 40,000 tonnes (HOG) of Salmon
• Workstream on track
• Quality of bedrock in line with expectations

WATERWAYS ON TRACK

KEY CONSTRUCTION MILESTONES FOR BUILD-OUT PHASE AT KVALNES (8,000 t)

PLAN: INSTALL. OF TECHNICAL INFRASTRUCTURE
	SMOLT RELEASE

Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
	PLAN: EXCAVATION OF POOL PITS K1-K12
STATUS: 100% FINISHED –		AHEAD OF SCHEDULE
				PLAN: CONCRETE WORKS: POOLS K1-K4
			STATUS: 8% COMPLETION
	PLAN: WATERWAYS
	STATUS: 38% COMPLETION
						PLAN: INSTALL. OF TECHNICAL INFRASTRUCTURE
				STATUS: STARTED
PLAN: HARBOUR AND PORT
STATUS: 36% COMPLETION

• Introduction
• Quarterly highlights and subsequent events
• First production cycle: New independent confirmation of strong biological conditions
• Recap: "Post-smolt" strategy
• Status Kvalnes build-out
• PRIVATE PLACEMENT: STRATEGIC INVESTORS
• Financials
• Summary and outlook

STRONG SUPPORT FROM LARGE INDUSTRIAL INVESTORS

• Lisbon-listed group with 230 years of know-how in the food business
• Revenue of EUR 30 billion in 2023
• More than 134,000 employees
• Andfjord Salmon's largest shareholder
• Pro-rata allocation of NOK 87 million
• North American processor and supplier of seafood
• Listed on the Toronto Stock Exchange, Canada
• Sales revenue of almost USD 1.1 billion in 2023
• Explore opportunity for distribution of Andfjord Salmon's fish to the North American market
• Subscribed for approximately NOK 107 million
• Part of Holmøy Maritime
• Produces around 25,000 tonnes of salmon annually (2023e) based on conventional licenses in Nordland and Troms
• Off-taker of "post smolt" from Andfjord Salmon for nearby ocean-based farming locations
• Pro-rata allocation of NOK 15.9 million

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1 11

SUCCESSFUL PRIVATE PLACEMENT

• Significantly oversubscribed
• Net proceeds used to expand production capacity at Kvalnes, ramping up biomass, and for general corporate purposes
• Provides added financial flexibility

RAISED NOK 350 MILLION

• Andfjord Salmon in brief
• Quarterly highlights and subsequent events
• First production cycle: New independent confirmation of strong biological conditions
• Recap: "Post-smolt" strategy
• Status Kvalnes build-out
• Private placement: Strategic investors
• FINANCIALS
• Summary and outlook

Q1 2024

STATEMENT OF COMPREHENSIVE INCOME All amounts in 1,000 NOK

Statement of comprehensive income	Q1 2024	Q1 2023	2023
	1.1-31.3 Unaudited	1.1-31.3 Unaudited	1.1 – 31.12
Operating income and expenses
Revenue from contracts with customers	57	-	37 279
Other income	-	-	-
Total operating income	57	-	37 279
Change in biological assets at cost and other inventories	-	-35	-1 162
Cost of materials	-98	-4 535	-59 638
Fair value adjustments of biological assets	-	12 413	25 707
Employee benefit expenses	-4 811	-6 713	-25 208
Depreciation and amortisation expenses	-6 192	-6 152	-24 904
Other operating expenses	-5 984	-8 918	-31 707
Total operating expenses	-17 085	-13 940	-116 912
Operating profit/loss	-17 028	-13 940	-79 634
Financial income and expenses
Financial income	1 528	-	12 187
Net financial costs	-205	-140	-2 340
Net financial result	1 324	-140	9 847
Profit/loss for the period	-15 705	-14 080	-69 787

STATEMENT OF FINANCIAL POSITION

Assets	31.03.2024 - Unaudited	31.12.2023	31.03.2023 - Unaudited
Intangible assets	15 077	14 389	10 678
Property, plant & equipment	1 067 333	876 632	499 937
Right-of-use assets	16 243	17 640	21 278
Other non-current assets	44	113	80
Total non-current assets	1 098 698	908 774	531 973
Biological assets	-	-	26 698
Other inventories	1 599	1 697	1 128
Trade and other receivables	46	-	-
Other current assets	2 777	52 361	11 271
Cash and cash equivalents	51 426	250 032	53 521
Total current assets	55 848	304 090	92 618
Total assets	1 154 545	1 212 864	624 591

All amounts in 1,000 NOK

Figures do not include an undrawn construction loan of NOK 825 million and an undrawn credit facility of NOK 20 million

STATEMENT OF FINANCIAL POSITION

Equity and liabilities	31.03.2024 - Unaudited	31.12.2023	31.03.2023 - Unaudited
Total equity	978 819	993 688	462 972
Borrowings	57 626	59 959	66 541
Lease liabilities	8 365	9 340	12 326
Total non-current liabilities	65 991	69 299	78 867
Borrowings	7 666	7 666	56 168
Lease liabilities	4 396	4 511	4 707
Trade payables	73 505	131 134	17 102
Other current liabilities	24 167	6 567	4 775
Total current liabilities	109 736	149 877	82 752
Total liabilities	175 726	219 176	161 619
Total equity and liabilities	1 154 545	1 212 864	624 591

All amounts in 1,000 NOK

STATEMENT OF CASH FLOWS

Q1 2024

Statement of cash flows	Q1 2024	Q1 2023	2023
	1.1-31.3 Unaudited	1.1 – 31.3 Unaudited	1.1 – 31.12
Net cash flow from operating activities	-20 590	-14 297	-29 148
Net cash flow from investing activities	-174 594	-13 313	-326 866
Net cash flow from financing activities	-3 423	-1 779	523 136
Net change in cash and cash equivalents	-198 606	-29 389	167 121

All amounts in 1,000 NOK

SCALE-UP TAILORED FOR CAPITAL EFFICIENCY

Q1 2024

• All future expansions (stage 2 and later) expected to be financed by a mix of debt and cash flow
• Significant shared infrastructure across stages
• Highly competitive blended capex for Kvalnes of NOK 114/kg (including substantial buffers)
• Large part of investment towards shared infrastructure for full Kvalnes site
• Hæhre-Contur and Andfjord Salmon

• Shared upside and downside: 60/40 between AF

Kvalnes build-out plan Capital expenditure, Kvalnes phase 1

Stage, Kvalnes	Capex (NOK, est.)	Added production (HOG, est.)	Accum. production (HOG, est.)	Technical infrastructure (8,000t)
First pool	~ 450m	+1,000t	1,000t	~20%
1	Up to 1,650m	+7,000t	8,000t
2	~ 1,100m	+11,000t	19,000t
3 (license expansion)	~ 0m	+4,000t	23,000t	~25% Port area (40,000t)
4	~ 280m	+5,000t	28,000t	Contur
5	~ 1,100m	+12,000t	40,000t

• Actual cost of NOK 589 million per 31 March 2024

• Andfjord Salmon in brief
• Quarterly highlights and subsequent events
• First production cycle: New independent confirmation of strong biological conditions
• Recap: "Post-smolt" strategy
• Status Kvalnes build-out
• Private placement: Strategic investors
• Financials
• SUMMARY AND OUTLOOK

SUMMARY AND OUTLOOK

Q1 2024

BUILD-OUT PROGRESSING AS PLANNED

Pool pit excavation completed ahead of schedule, harbour area and waterways workstreams progressing as planned

FISH-FRIENDLY FARMING

New Nofima report confirms strong fish welfare and health in first production cycle

INITIATED PRODUCTION OF POOL COMPONENTS

Preparations for pool production executed, initiated production of pool components

POST-SMOLT STRATEGY

"Post-smolt" production opportunity identified, approved and being realised

PRIVATE PLACEMENT

Strategic investors supporting Andfjord Salmon's concept and plans

Q1 2024

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Andfjord Salmon AS (the "Company") solely for information purposes. By reading the Presentation slides or by otherwise receiving this Presentation or the information contained herein, you agree to be bound by the following terms, conditions, and limitations:

This Presentation does not constitute an offer to sell or a solicitation of an offer to buy, or a recommendation regarding, any securities of the Company. Any failure to comply with the restrictions set out herein may constitute a violation of applicable securities laws or other regulations. No representation, warranty or undertaking, express or implied, is made by the Company, its affiliates or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. Neither the Company nor any of its affiliates or representatives shall have any responsibility or liability for any loss arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation speaks as of the date hereof. All information in this Presentation is subject to updating, revision, verification, correction, completion, amendment and may change materially and without notice. None of the Company, its affiliates or representatives undertake any obligation to provide the recipient with access to any additional information or to update this Presentation or any information or to correct any inaccuracies in any such information. The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect developments that may occur after the date of this Presentation. These materials do not purport to contain a complete description of the Company or the market(s) in which the Company operates. The contents of this Presentation are not to be construed as financial, legal, business, investment, tax or other professional advice. Each recipient should make its own independent assessment of the information in the Presentation and should take its own professional advice in relation thereto.

This Presentation contains forward-looking information and statements relating to the business, financial performance, and results of the Company and/or industry and markets in which it operates. Forwardlooking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties, and assumptions. Forward-looking statements are not guarantees of future performance and risks, uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Company or the industry to differ materially from the results expressed or implied in this Presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement.

This Presentation, and the information contained herein, does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities of the Company and nothing contained herein shall form the basis of any contract or commitment whatsoever. This Presentation is not a prospectus and has not been reviewed or approved by any regulatory authority, stock exchange or market place. The distribution of this Presentation or other documentation into jurisdictions other than Norway may be restricted by law. Persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions.

This Presentation is subject to and governed by Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as the exclusive legal venue.

DISCLAIMER

Appendix

Q4 2023

DEFINITION: WHAT IS POST-SMOLT?

POST-SMOLT: 400 GRAMS – 1,000 GRAMS

Post-smolt is salmon that has become accustomed to seawater for a long period and weighs up to approx. 1 kg.

SMOLT: 100 – 150 GRAMS

Smolt is salmon that weighs approx. 100 grams and has recently been introduced to seawater.

Post-smolt is a more robust fish, considered to be a key to further growth in the Norwegian salmon farming industry, since it provides improved sustainability and fish health.

A SUPPLEMENT TO PRODUCTION OF HUMAN GRADE SALMON

POOL DENSITY PROFILE (KG/M3) – ILLUSTRATIVE

• Estimated 15-25% increase in EBIT through combined production strategy, strategic collaboration agreed with Eidsfjord Sjøfarm/Holmøy Havbruk to realise plans
• Andfjord Salmon will release smolt of approximately 100-150 grams at the start of each production cycle, which is planned to grow to harvest weights of 4 – 6 kg
• Towards the end of each production cycle and with increased salmon weights, pools will have maximum density level targets of ~35-40 kg/m3 after splitting
• This implies significant unused pool capacity at the start of each production cycle, allowing for an increased number of smolt to be released in order to grow to weights of approx. ~1,000 grams
• The plan: Utilise surplus pool capacity for post-smolt production for ocean-based fish farmers

POOL DENSITY PROFILE (KG/M3) – ILLUSTRATIVE PRODUCTION CYCLE

ADDITIONAL "POST-SMOLT" PRODUCTION

ADDITIONAL POST-SMOLT PRODUCTION HUMAN GRADE SALMON PRODUCTION

Harwest weight: 4-6 kg

Enhanced cooperation between ocean-based and land-based farmers = positive for regional economic development

Salmon farming licenses surrounding Andfjord Salmon

• Andfjord Salmon benefits from the extensive expertise of fish farming and aquaculture supply companies in the Vesterålen region
• Our location at Andøya is optimally situated to supply nearby conventional salmon farmers with post-smolt

STRATEGIC POST-SMOLT PARTNERSHIP AGREED

BENEFICIAL FOR LOCAL AQUACULTURE INDUSTRY Q4 2023 Q1 2024

• Agreement reached with Eidsfjord Sjøfarm/Holmøy Havbruk (part of Holmøy Group) whereby Andfjord Salmon will farm post-smolt for a select number of nearby ocean-based farming locations as part of upcoming production cycles
• Initial production plan approved by relevant authorities
• Ongoing discussions with additional local conventional farmers regarding partnering with Andfjord Salmon as off-take partners for post-smolt

BENEFITS FOR ANDFJORD SALMON

FINANCIAL BENEFITS

• Strong fundamentals for post-smolt drives an estimated 15-25% increase in EBIT by utilizing this combined production strategy
• Shorter runway to revenue, with positive cash flow effects
• Further de-risking of the revenue stream

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INDUSTRIAL BENEFITS

• Enables a closer working relationship with conventional farming partners in the region, and enhances smolt supply access

• Andfjord Salmon becomes a strategic partner to conventional farmers with added competence and infrastructure sharing

OPTIMISING INFRASTRUCTURE AND REVENUE POTENTIAL

• Inclusion of post-smolt production in pools
• No additional infrastructure capex required
• Enabling 10% higher biomass turnover

Q3 Q1 20234

KEY DRIVERS: THE POST-SMOLT* OPPORTUNITY

STRONG DEMAND

Substantial demand for post-smolt due to the major benefits of shortening the ocean-based grow-out phase

BIOLOGICAL BENEFITS

Ocean-based fish farmers keen on releasing larger, more robust fish into net pens as this offers multiple biological and environmental benefits

AVAILABLE POOL SPACE

Surplus space in land-based pools following release of smolt can be used for further growth

SUSTAINABLE PRODUCTION

Norwegian aquaculture industry is dedicated to achieving even more sustainable salmon production

The combination of land and ocean-based farming is a unique opportunity for Norway and the Norwegian salmon farming industry

*Post-smolt are salmon that have grown accustomed to seawater over a long time and are approximately 1 kg in size.