Andfjord Salmon completes first harvest

Norwegian land based fish farmer company Andfjord Salmon has carried out its first slaughter but, like many young salmon businesses, it is still finding that profits remain elusive.

The company has achieved a third quarter operating income of NOK 27.7m (around £2m) but has reported a loss of NOK 28.2m or just over £2m) against a loss of 17.6m (£1.3m) 12 months ago.

The concept up in the Arctic region  is based on a flow-through technology solution.

The company said that early in the third quarter it 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 some  530 tonnes (HOG).

The company said construction work at Kvalnes on the island of Andøya on the Arctic Archipelago of Vesterålen continues at full pace.

The company also announced that it expects excavation of pool pits for the current build-out to be completed during the first quarter of 2024 – three months ahead of schedule.

“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,” said Martin Rasmussen, CEO of Andfjord Salmon.

The  pool pit excavation workstream has now reached 80% completion, up from 35% at the end of August.

The company said that 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.

Rasmussen added: “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.”