Andfjord Salmon remains on track with its Kvalnes development, which has been significantly de-risked during the fourth quarter 2020 and into 2021.
Last year Andfjord Salmon made the decision to move from a sequential development at Kvalnes to a parallel development of the full Kvalnes area with the aim of increasing the production capacity from 1,260 tonnes to 12,600 tonnes.
“The decision we made in December to fast-track the development of the full Kvalnes area was smart as it reduces both overall project execution risk for the area development and biological risk for the start pool,” explained Martin Rasmussen, chief executive of Andfjord Salmon. “This year’s successful hook-up of the first pool has further de-risked the entire project,” he added.
The company raised NOK88.2 million to fast-track blasting and excavation work necessary for the expansion and, at year-end, held cash or cash equivalents of NOK 148.8 million.
Andfjord Salmon has successfully installed the two most time-critical and weather dependent installations, namely the water inlet and outlet pipelines for the first pool meaning that the central building-blocks of its flow-through system are now connected to the surrounding ocean at Andøya.
The company is currently finalising electrical and automation installations, as well as installation of less time-critical pipeline connections, before the first pool is ready for water testing.