Andfjord Salmon says its Arctic project is on track

Land-based fish farmer Andfjord Salmon has said its development in the north of Norway is going well.

Releasing its first quarter report, the company, which recently completed a capital raising of NOK 350 million (£25m), reports that its build out programme at Kvalnes on the island of Andøya in the Arctic Archipelago of Vesterålen is progressing as planned.

The pool pit excavation was completed ahead of schedule, and the harbour area and waterways workstreams are on track, the company said. The facility will operate as a flow-through system using seawater.

Post-smolt production is underway with a high survival rate at 97.5%.

Andfjord Salmon said a report on the site by the leading food research institution Nofima has concluded that fish welfare and health in the first production cycle have been good.

The company says its policy of co-operation with other industry players is proving positive for economic development in the region. Agreement has been reached with Eidsfjord Sjøfarm/Holmøy Havbruk (part of Holmøy Group) whereby Andfjord Salmon will farm post-smolt for a select number of nearby ocean-based farming locations as part of upcoming production cycles.

The initial production plan has been approved by relevant authorities, while there are ongoing discussions with additional local conventional fish farmers regarding partnering.

The company is planning for a harvest of around 40,000 tonnes between next year and 2030.

Andfjord Salmon is also attracting outside investment. It recently announced that the big North American seafood group High Liner Foods was investing US $10m (around £8m) in the business.