New contractors engaged at Kvalnes

11 December 2025

Andfjord Salmon Group AS (Andfjord Salmon) has reached an agreement with North Norway-based contractor Entreprenør Harald Nilsen AS, together with concrete specialist Nornebygg AS as subcontractor. Together they will complete the two next land-based pools that form part of the current build-out phase at Kvalnes, Andøya.

Entreprenør Harald Nilsen AS and Nornebygg AS have already begun preparations, allowing work on the construction site to start as early as January 2026. Several of the current site subcontractors will remain involved in the project, ensuring an efficient transition from the previous main contractor.

"We are pleased to reach agreement with contractors that have extensive experience from concrete works, used to dealing with the climatic conditions in Northern Norway and can start more or less immediately. This is also in line with our announcement on 3 December that the change of contractor is expected to have a non-material effect on our production plans," says Martin Rasmussen, CEO of Andfjord Salmon.

The parties have agreed on a timeline and plan moving forward with the next two pools - K2 and K4 - scheduled for completion by spring/summer 2026, which is sufficient to maintain Andfjord Salmon's production plans. Andfjord Salmon estimates mobilisation costs of approximately NOK 20 million to replace the former main contractor.

Entreprenør Harald Nilsen AS, together with concrete specialist Nornebygg AS, have recently completed a milestone concrete project for Statnett and possess the prerequisites needed to carry out the final part of K2 and K4 in a safe and cost-efficient manner.

Andfjord Salmon and Entreprenør Harald Nilsen AS will also enter into dialogue regarding potentially collaborating on future build-out phases at Kvalnes. Andfjord Salmon will provide an operational update, and present the company's third quarter 2025 financial results, on 16 December 2025.

CONTACTS

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

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

ABOUT ANDFJORD SALMON

Located at Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon is developing the world's most sustainable and fish-friendly aquaculture facility of its kind. Through a proprietary flow-through system, Andfjord Salmon combines the best from ocean and land-based salmon farming. In its first production cycle, the company achieved an industry-leading survival rate of 97.5 percent, feed conversion ratio of 1.05, superior share of 91.1 percent, and required 1 kWh to produce one kilo of salmon.