Andfjord Salmon

Andfjord Salmon: Kvalnes construction ahead of schedule

6.11.2023 08:00:01 CET | Andfjord Salmon | Non-regulatory press releases

Andfjord Salmon has announced today that construction work at its land-based

salmon farming facility at Kvalnes is progressing ahead of schedule, which

significantly de-risks the build-out project.

Andfjord Salmon is currently developing its Kvalnes facility, targeting an

initial production capacity of 8,000 tonnes (HOG) from 2025 for the first

build-out phase at Kvalnes, Andøya. The company is targeting a total production

capacity of 40,000 tonnes at Kvalnes through a gradual increase between 2025 and

Rock pit excavation for the current build-out phase has now reached 60 percent

completion. The first of the two planned rows of pools - housing six pools - has

already been excavated. The diggers and dump trucks have now started excavating

the adjacent second row of pools.

"We are delighted with the pool pit progress, which is ahead of schedule. This

adds flexibility to our plan which helps to de-risk the overall build-out

project," says Martin Rasmussen, CEO of Andfjord Salmon.

In line with its sustainability profile, Andfjord Salmon has adopted a mass

balance approach for the current build-out phase, whereby excavated masses from

pool pits and waterways are used in the development of a new harbour at Kvalnes.

Every day, as many as 300 dump truck loads are transported from the pits to the

harbour area. The excavated masses will be used to develop a quay and a

breakwater. The mass balance approach considerably reduces both operating costs

and CO2 emissions associated with the build-out.

Both the harbour area and waterways workstreams are progressing as planned.

CONTACTS

* Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345,

* Media: Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665,

ABOUT ANDFJORD SALMON

Located at Kvalnes on the island of Andøya on the Arctic Archipelago of

Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable

aquaculture concept for land-based farming of Atlantic salmon, based on a

flow-through technology solution. The company's ambition is to build the world's

most sustainable and fish-friendly aquaculture facility of its kind.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.

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