CEO Martin Rasmussen said the company was “very pleased with our fish farming performance so far."
Photo: Andfjord Salmon
Norwegian aquaculture company Andfjord Salmon has raised NOK 300 million (€25.7m / $27.9m) in new equity through a private placement and is finalising an expanded bank debt facility, at the same time as it is managing a major cost dispute with a former contractor amid development of its land-based facility at Kvalnes on Andøya.
In a business update released on 15 December, the company said the additional funding had been secured as a "precautionary measure" following revisions of its budget linked to its previous construction contractor, and to support continued progress at the site.
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. According to the company, the latest revisions from that contractor would have added around NOK 400m (€34.3m / $37.3m) to the cost framework announced in May 2025, and form part of the claim.
Andfjord Salmon announced earlier this month it has appointed a new contractor to complete concrete works for the two remaining Phase 1 production pools at Kvalnes. Once these are completed and connected to the site’s infrastructure, the company expects its production capacity to reach 11,000 tonnes (HOG and post-smolt), and aims to complete the works by spring or summer 2026.
As of 30 September 2025, total investment at the site amounted to approximately NOK 3.2 billion (€274m / $298m).
The new private placement was completed on 15 December, issuing 11,548,126 new shares at NOK 26.70 per share, and raising gross proceeds of around NOK 300m. This included participation from several of Andfjord Salmon’s largest existing shareholders, including the Portuguese agri-food giant Jerónimo Martins Agro-Alimentar.
In parallel, Andfjord Salmon said it is finalising an "enhanced bank debt package" of NOK 200m (€17.1m / $18.7m), which would increase its total construction loan framework to NOK 1.3bn (€111.5m / $121.3m).
In a separate announcement, the company reported stable biological performance at Kvalnes in its third quarter update for 2025. Around 1.1 million smolt were released into two pools during September and October.
"The biological conditions have remained stable in both pools following smolt release. In pool K0, the fish growth is more than 30 percent ahead of
Skretting's growth table for ocean net pen," stated CEO Martin Rasmussen.
"Solid growth in combination with high survival rates result in rapid ramp-up of biomass. We are very pleased with our fish farming performance so far," Rasmussen added.
