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Contracts awarded for Indre Harøy phase 2
STOCK EXCHANGE NOTICE
19th June 2023 / 06:01
Salmon Evolution ASA ("Salmon Evolution" or the "Company", OSE: SALME) is pleased to announce that it has entered into contracts with Artec Aqua and HENT for phase 2 at Indre Harøy. Upon completion, phase 2 will add another 7,900 tonnes HOG of annual production, bringing the total planned production volume up to 15,800 tonnes HOG per annum.
“We have now been producing salmon for almost 15 months at Indre Harøy and are already on our 6[th] generation. Throughout this period we have seen very strong biological performance, and although we have also had challenges, we have demonstrated that we are capable of effectively handling demanding situations,” Salmon Evolution CEO Trond Håkon Schaug-Pettersen said.
“We firmly believe that our highly scalable concept will play an important role in future aquaculture, delivering high quality salmon at conventional industry cost levels,” he said.
The project will be split into two parts, with HENT taking responsibility for civil design and construction, and Artec Aqua for design, construction and commissioning of the process facility.
HENT is one of Norway’s largest general contractors, with over 40 years of experience in delivering large and complex construction projects to private and public stakeholders in the Nordics. Artec Aqua is a leading supplier for land-based aquaculture and was turnkey supplier for Indre Harøy phase 1.
”We are confident that this structure will deliver the best of both worlds, having contracted leading experts for both the civil construction and the process facility which we expect will ensure delivery on quality, time and cost,” Trond Håkon Schaug-Pettersen said.
Salmon Evolution has already started with the initial groundwork which will continue over the coming months alongside project design. The project cost is currently estimated at NOK 1.6 – 1.7 billion. As communicated earlier, Salmon Evolution has secured debt and equity financing for the project. The project is subject to final investment decision by Salmon Evolution upon completion of the project design phase, expected towards the end of 2023.
“We are very satisfied with being back in production modus and are currently seeing good appetite and normal mortality levels across the facility and very much look forward to continue our growth plans while at the same time incorporating the lessons learned in the next phase,” Trond Håkon Schaug-Pettersen said.
Salmon Evolution is a Norwegian land-based salmon farming company targeting a production capacity of 100,000 tonnes HOG by 2032. The Company’s core focus is on extending the ocean’s potential by transferring the best preconditions offered by the sea to farm fish on land through its chosen hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk.
The Company’s first production facility is strategically located at Indre Harøy on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure, and an educated and experienced work force. Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes HOG at steady state. Fully developed, the Indre Harøy facility will have an annual capacity of 31,500 tonnes HOG.
The Company has also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution’s chosen HFS technology.
Furthermore, Salmon Evolution has initiated a process with the aim of establishing a land-based salmon farming operation in North America.
Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.
To learn more, please visit www.salmonevolution.no
Trond Håkon Schaug-Pettersen ,CEO
thsp@salmone.no
+47 911 91 327
Trond Vadset Veibust, CFO
tvv@salmone.no
+47 480 90 595
“We have now been producing salmon for almost 15 months at Indre Harøy and are already on our 6[th] generation. Throughout this period we have seen very strong biological performance, and although we have also had challenges, we have demonstrated that we are capable of effectively handling demanding situations,” Salmon Evolution CEO Trond Håkon Schaug-Pettersen said.
“We firmly believe that our highly scalable concept will play an important role in future aquaculture, delivering high quality salmon at conventional industry cost levels,” he said.
The project will be split into two parts, with HENT taking responsibility for civil design and construction, and Artec Aqua for design, construction and commissioning of the process facility.
HENT is one of Norway’s largest general contractors, with over 40 years of experience in delivering large and complex construction projects to private and public stakeholders in the Nordics. Artec Aqua is a leading supplier for land-based aquaculture and was turnkey supplier for Indre Harøy phase 1.
”We are confident that this structure will deliver the best of both worlds, having contracted leading experts for both the civil construction and the process facility which we expect will ensure delivery on quality, time and cost,” Trond Håkon Schaug-Pettersen said.
Salmon Evolution has already started with the initial groundwork which will continue over the coming months alongside project design. The project cost is currently estimated at NOK 1.6 – 1.7 billion. As communicated earlier, Salmon Evolution has secured debt and equity financing for the project. The project is subject to final investment decision by Salmon Evolution upon completion of the project design phase, expected towards the end of 2023.
“We are very satisfied with being back in production modus and are currently seeing good appetite and normal mortality levels across the facility and very much look forward to continue our growth plans while at the same time incorporating the lessons learned in the next phase,” Trond Håkon Schaug-Pettersen said.
ABOUT
About Salmon Evolution:Salmon Evolution is a Norwegian land-based salmon farming company targeting a production capacity of 100,000 tonnes HOG by 2032. The Company’s core focus is on extending the ocean’s potential by transferring the best preconditions offered by the sea to farm fish on land through its chosen hybrid flow-through system technology (HFS). This secures a truly sustainable production process with controlled and optimal growth conditions and limiting operational and biological risk.
The Company’s first production facility is strategically located at Indre Harøy on the Norwegian west coast with unlimited access to fresh seawater, renewable energy, established infrastructure, and an educated and experienced work force. Phase 1 is already in operation and will have an annual capacity of 7,900 tonnes HOG at steady state. Fully developed, the Indre Harøy facility will have an annual capacity of 31,500 tonnes HOG.
The Company has also entered into a joint venture with Dongwon Industries where the parties will develop, construct and operate a land-based salmon farming facility in South Korea with an annual production capacity of 16,800 tonnes HOG, using Salmon Evolution’s chosen HFS technology.
Furthermore, Salmon Evolution has initiated a process with the aim of establishing a land-based salmon farming operation in North America.
Salmon Evolution ASA is listed on Oslo Børs under the ticker SALME.
To learn more, please visit www.salmonevolution.no
CONTACT
For further information, contact:Trond Håkon Schaug-Pettersen ,CEO
thsp@salmone.no
+47 911 91 327
Trond Vadset Veibust, CFO
tvv@salmone.no
+47 480 90 595