Andfjord Salmon Group AS has followed up Monday’s equity raise announcement with a broader financing and operational update, disclosing a NOK 330 million (€30.03 million) increase in the budget for its current build-out phase and new term sheets for expanded bank facilities.
The land-based salmon farmer said it has received an indicative term sheet from its existing lending syndicate, alongside a separate proposal from a leading Nordic bank, for a NOK 200 million (€18.20 million) increase in total bank facilities to NOK 1.5 billion (€136.50 million).
The revised construction budget includes approximately NOK 155 million (€14.11 million) of remedial works that the company said are disputed with a previous contractor. Additional spending relates to upgrades to sludge treatment, feeding lines and logistics systems intended to improve efficiency and capacity.
The update follows the company’s announcement of a private placement seeking at least NOK 300 million (€27.30 million), including a NOK 100 million (€9.10 million) commitment from Eidsfjord Sjøfarm AS as part of a strategic post-smolt partnership.
Operationally, Andfjord said biological performance in pools K0 and K1 is ahead of plan, with 1.1 million smolt released since September 2025.
The company now targets first harvest in the third quarter of 2026, earlier than previously communicated, and said it expects to reach 11,000 tonnes of combined head-on gutted and post-smolt production capacity in the second or third quarter of 2026.
At the end of week 16, Pool K0 had a survival rate of 99.32%, average weight of 1,812 grams and standing biomass of 631 tonnes. Pool K1 reported survival of 99.39%, average weight of 911 grams and biomass of 681 tonnes.
Martin Rasmussen said the partnership with Eidsfjord would shorten the route to revenue, improve cash flow and reduce operational risk.