Andfjord Salmon rides contractor troubles to deliver solid Q4
The Arctic fish farming company Andfjord Salmon AS has reported that solid biological conditions continued to drive performance towards the end of last year.
This was in spite of a troubled few weeks in December when it fired its main contractor and hired a new company during the period.
The fish are being fed Andfjord Salmon's specially designed feed, Calanus® Plus by Andfjord Salmon.
It said at the time that it is planning to sue the old contractor for more than a billion kroner.
In its Q4 update, Andfjord said that growth in pools K0 and K1 at its site in Kvalnes, Andøya, is increasingly outperforming expectations, with continued healthy biological conditions in the two pools.
Survival rates in both pools continue to exceed expectations too. The aggregate survival rate stood at 99.59% at the beginning of this week, after six and four-and-a-half months in pool K0 and K1, respectively.
High survival rates coupled with growth ahead of schedule mean that the facility’s standing biomass is growing rapidly.
At the beginning of this week, total standing biomass was 902 tonnes live salmon, up approximately 70% since the beginning of the year.
Accumulated feed conversion ratio currently stands at 0.97 for pool K0, and 0.88 for pool K1, demonstrating efficient feed utilisation, the company said.
The fish are being fed Andfjord Salmon’s specially designed feed – Calanus® Plus by Andfjord Salmon – which contains, among other things, nature’s own starter feed, the zooplankton Calanus finmarchicus, and algae oil.
Martin Rasmussen, CEO of Andfjord Salmon, said: “Growth in both K0 and K1 has exceeded our expectations, including when taking into account higher than expected water temperatures, which have further stimulated appetite and accelerated biomass development.
“A core objective of implementing our flow-through system at Andøya has been to replicate the salmon’s natural habitat on land, while at the same time reducing exposure to several of the challenges associated with traditional sea-based farming. The results achieved to date demonstrate that our core objective is attainable.
“That said, we remain committed to continuous and rigorous monitoring of pool conditions, fish health, and overall welfare to ensure that the strong start we have experienced is maintained over time.”
Andfjord Salmon released approximately 350,000 smolt with an average weight of around 180 grams into pool K0 at the end of September.
And during the final quarter, it raised NOK 300 million (£23m) in new equity from larger existing shareholders, together with enhanced bank debt of NOK 200 million.
Andfjord Salmon is currently in the middle of production cycles and will report revenue from sale of salmon during 2026.
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