Andfjord Salmon secures new funding, appoints new contractors

Andfjord Salmon has secured NOK 500m in additional funding, comprising NOK 300m in new equity through a private placement to major shareholders including Jerónimo Martins Agro-Alimentar S.A., and an enhanced NOK 200m bank debt package. This financing, along with an additional NOK 80m liquidity buffer, aims to support current build-out phases at Kvalnes and as a precautionary measure related to a disputed NOK 400m additional capex from the prior contractor.

The company has engaged Entreprenør Harald Nilsen AS, with Nornebygg AS as subcontractor, to complete the next two pools (K2 and K4) by spring/summer 2026. This transition follows a NOK 1+ billion compensation claim against the previous contractor, AF Hæhre & Contur Ans, related to unjustified cost revisions. This transition is expected to have a minor budget impact of NOK 20m for mobilization costs and no material effect on production plans.

Andfjord Salmon is nearing 11,000 tons of operational production capacity at Kvalnes by spring/summer 2026, with 6,000 tons already operational. The total investment at Kvalnes through phase 2a is approximately NOK 3,200m, with a projected total investment budget of NOK 3,650m for 17,000 tons production capacity. The ultimate site capacity is 48,100 tons.