According to the company's third-quarter report, its waterways workstream reached 90% completion as of 27 November 2024.
Photo: Andfjord Salmon
Andfjord Salmon has released its results for the third quarter of 2024, reporting that construction of its land-based facility at Kvalnes, Andøya, in Norway, remains on track. "All workstreams are on or ahead of schedule, and the waterways are close to completion," the company said in a press release.
A key highlight of the quarterly report is the near-completion of the 4.4-kilometre tunnel infrastructure for the facility’s innovative waterway system. Designed to supply fresh seawater to its salmon pools, this system is now 90% complete, with only 20 metres of the outlet waterway and 450 metres of the inlet waterway remaining.
“Although our key focus is now on the first four pools, it is worth reminding our shareholders that the inlet and outlet waterways, which are close to completion, are designed to support a future production of 40,000 tonnes of salmon at Kvalnes," said Martin Rasmussen, CEO of Andfjord Salmon, presenting the results for Q3.
"Although this has required a sizeable upfront investment, it will make the subsequent build-out stages much less costly and with substantially lower risk," he added.
Andfjord Salmon reports that the current phase of the build-out includes the completion of four new pools, aiming to increase production capacity to 8,000 tonnes HOG by 2025, with the workstream at 51% completion. Meanwhile, the harbour area, which is essential to the facility’s operations, has reached 61%, with large boulders laid as a foundation for a protective breakwater, which will be completed using material excavated from the waterways and pool pit.
“I am very pleased with the progress we are making. The high level of activity in the pool pit is impressive, with notable progress being made every single day. I look forward to reporting on the progress we are making during the coming months,” Rasmussen said.
Since the company is currently expanding its Kvalnes facility, Andfjord Salmon had no production and therefore close to zero revenue during the quarter. The company reported a loss of NOK 15.3 million in Q3 2024, compared to a loss of NOK 28.3 million in the corresponding period last year.
