The company is developing a unique design for a flow-through salmon farm on the island of Andøya in the Vesterålen archipelago
In its Q1 report the Kvalnes-based company noted that the lack of production resulted in zero revenue for the period and a net loss of NOK 18 million.
The company said it aims to initiate smolt release into two pools in September, “pending successful testing of pools and technical infrastructure in July and August” and then split these between five pools as biomass density increases.
"The upcoming smolt release marks a significant milestone for Andfjord Salmon. After more than two years of construction, we look forward to seeing fish in our pools again," said Martin Rasmussen, CEO of Andfjord Salmon.
Following the initial release, Andfjord Salmon expects to continuously introduce new batches to maintain consistent salmon production.
In Q1 2025, Andfjord Salmon announced an optimised build-out plan that increases production capacity at the Kvalnes site by approximately 20 percent. Enhanced pool utilisation, improved fish logistics systems, and reinforced concrete infrastructure have expanded expected capacity from 8,000 to 11,000 tonnes (split between market-sized fosh and post-smolt) for Phase 1. Under the company’s existing licence, total expected production output at Kvalnes will increase from 19,000 to 23,700 tonnes.
However, updated projections now show that the final construction costs will exceed initial projections by NOK 500 million, due to related to concrete production, additional mobilisation of manpower and equipment, design adjustments, and adverse weather impacts.
Once fully scaled, the Kvalnes facility is expected to produce 48,100 tonnes of salmon and the company expects blended capex to be NOK 115/kg.
To finance part of the updated capex, Andfjord has secured an equity injection of NOK 400 million through issuance of 10,869,565 new shares to existing shareholders, including Jerónimo Martins Agro-Alimentar, the company's largest shareholder.
