Kvalnes construction continues at full pace | Third quarter 2023 financial results

Construction work at Andfjord Salmon’s land-based salmon facility at Kvalnes continues at full pace, and the company today announces that it expects excavation of pool pits for the current build-out to be completed during the first quarter of 2024 – one quarter ahead of schedule.

30 November 2023
“The plan was to complete excavation of the 12 next pool pits by the end of the second quarter 2024. Right now, it looks like we will finalise this work during the first quarter next year – a great start to our build-out at Kvalnes,” says Martin Rasmussen, CEO of Andfjord Salmon.

As of today, the pool pit excavation workstream has reached 80 percent completion, up from 35 percent at the end of August.

During the first quarter next year, contractors will be ready to initiate construction of the first four pools, which will increase Andfjord Salmon’s production volume up to 8,000 tonnes (HOG) in 2025. Andfjord Salmon targets a total production capacity of 40,000 tonnes (HOG) at Kvalnes through a gradual volume increase between 2025 and 2030.


In the initial construction phase, Andfjord Salmon also develops major shared infrastructure, such as waterways and harbour area, that will support future production of 40,000 tonnes at Kvalnes.

Andfjord Salmon has adopted a mass balance approach for the current build-out, whereby excavated masses from pool pits and waterways are used in the development of a new harbour at Kvalnes. This considerably reduces operating costs and CO2 emissions associated with the build-out.

At the designated harbour area at Kvalnes, the excavated masses will be used to develop a quay and a breakwater. As of today, this workstream stands at 20 percent completion, driven by good progress from pool pit excavation.

The inlet and outlet waterways workstream has reached 5 percent completion, up from 1 percent at the end of August.

“Progress ahead of schedule in the early stages provides added flexibility for the subsequent workstreams. It de-risks the build-out and reduces the probability of unwanted cost overruns. The construction performance so far is highly encouraging,” says Martin Rasmussen.


Early in the third quarter, Andfjord Salmon completed its inaugural harvest of salmon with strong results, including an industry-leading survival rate of 97.5% and superior share of 91.1%. The total biomass of Atlantic salmon reached 646 tonnes, equivalent to approximately 530 tonnes HOG.

Following the first harvest and subsequent sale of the fish, Andfjord Salmon delivered operating income of NOK 27.7 million in the third quarter 2023, up from zero in the same quarter last year. The company had an operating loss of NOK 28.2 million in the third quarter, versus a loss of NOK 17.6 million in the corresponding period in 2022. In total, Andfjord Salmon's first harvest generated revenue of NOK 37.3 million.


Andfjord Salmon AS will provide an operational update and presentation of the third quarter financial results at 08:00 (CET) today.

Please note that the presentation will be held physically in Oslo, Norway, as well as streamed live to online viewers.

Venue: Hotel Continental, Stortingsgata 24/26, 0117 Oslo

The webcast presentation can be watched from this link:

The presentation will be held in English. The presentation material is enclosed to this announcement.


This is information that Andfjord Salmon AS is obliged to make public pursuant to the EU Market Abuse Regulation (MAR) Article 17 no. 1. The information was submitted for publication, through the NTB Kommunikasjon service by the contact persons listed below.


Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, bjarne.martinsen@andfjord.no

Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665, martin@andfjord.no


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.

Andfjord Salmon is a Norwegian company established in 2014. The company is listed at Oslo Stock Exchange (ANDF), and located at Kvalnes on the northernmost island of Andøya in Vesterålen, Norway.