Aerial view of Andfjord Salmon's Kvalnes site.
Andfjord Salmon Group.
Norwegian land-based aquaculture company Andfjord Salmon has secured NOK 385 million (€35.1m / $41.3m) through a private placement to support ongoing construction of its site at Kvalnes.
In a stock exchange announcement posted late yesterday afternoon, the company said it allocated 14,000,827 new shares at NOK 27.50 each, with the proceeds earmarked for the next phase of the project and for general corporate purposes.
The private placement included participation from some of Andfjord Salmon’s largest existing shareholders, including the Portuguese agri-food giant Jerónimo Martins Agro-Alimentar.
The latest round of fundraising comes as Andfjord Salmon has revised the budget for its current construction phase upward by about NOK 330 million (€30.1m / $35.4m). The company said around NOK 155 million (€14.1m / $16.6m) of that relates to remedial work it plans to dispute with its previous contractor, with the rest linked to upgrades to sludge treatment, feeding lines and logistics systems.
As previously reported by WeAreAquaculture, Andfjord Salmon has submitted a compensation claim exceeding NOK 1 billion (€85.8m / $93.3m) against its former main contractor, which it says relates to "unjustified" cost increases for completed works.
The company previously completed a separate NOK 300 million private placement in December 2025, which the company described at the time as a "precautionary measure" linked to budget revisions and continued works at Kvalnes.
The company also said yesterday it had received term sheets for an additional NOK 200 million (€18.2m / $21.4m) in bank financing, which would increase its total bank facilities to NOK 1.5 billion (€136.7m / $160.7m), subject to final agreement.
The new fundraise was announced alongside a "strategic partnership" with Eidsfjord Sjøfarm, which Andfjord Salmon said would cover substantial post-smolt deliveries in 2026 and 2027.
According to the company, the agreement includes around one million post-smolt in 2026, while Eidsfjord Sjøfarm has also committed NOK 100 million (€9.1m / $10.7m) to the share placement.
Andfjord Salmon said the partnership also secures access to smolt and includes a processing agreement with Holmøy Havbruk to provide harvest capacity when needed.
“We are pleased to enter into this strategic partnership. It allows up to capitalize on our pool capacity, which both shortens runway to revenue and improves our cash flow. Moreover, the partnership reduces operational risk through gaining access to smolt and processing capacity, while Eidsfjord Sjøfarm benefits from releasing a more robust fish into their ocean net pens. It's a win-win cooperation,” said chief executive Martin Rasmussen.
In yesterday's stock exchange announcement, Andfjord Salmon also gave an update on operations at Kvalnes, saying performance in pools K0 and K1 was ahead of plan.
It also confirmed 1.1 million smolt had been released since September 2025 and said it is now targeting its first harvest in the third quarter of 2026, earlier than previously planned.