Salmon Evolution has signed a deal with Artec Aqua and Hent for the continued expansion of its Indre Harøy farm.
The Norwegian salmon farmer announced last month that it had raised NOK 365 million from a private placement to fund phase two of the expansion at its land-based facility.
Mobilisation will begin shortly, says the company, with construction starting during Q3 2024. Alongside this build will run the planning and engineering for the additional tank capacity.
“We are now creating a foundation for substantial profitable growth, and with phase 2 in full operation we will have a strong cash-flow generating platform with significant annual investment capacity,” said chief executive, Trond Håkon Schaug-Pettersen.
The expansion comes amid buoyant fortunes for the company with an all-time harvest volume in Q2 2024.
Highlights for this year’s second quarter include:
- Harvest volume of 1,581 tonnes HOG.
- All-in price realisation of NOK 106/kg.
- Continued strong superior grade share of 96%.
- Standing biomass of 2,032 tonnes LW end of quarter.
- Expecting Q3 2024 harvest volumes of approximately 1,600 tonnes HOG.
“The second quarter represents a major milestone for Salmon Evolution with harvest volumes at all-time high levels in a record strong salmon market,” said Trond Håkon Schaug-Pettersen.
“We are very pleased to see a continued excellent superior grade share of 96%, resulting in solid price realisation, further demonstrating the potential in our business.”
