Increased Cost Estimate for Completion of Landbased Salmon Farming Facility

The board of directors of Gigante Salmon AS has been informed about an expected cost increase for the construction work in Rødøy, of approximately MNOK 200, the company states in a stock exchange notice. 

Gigante Salmon is a land-based salmon farming company with its first production facility under construction on Lille Indre Rosøy in Rødøy, Northern Norway.

After this increase, the total investment amount for the construction work in Rødøy up until completion of the production site is estimated to amount to approx. MNOK 645.

"The cost increase is caused by general price increases, as previously communicated, in particular within electric power, in addition to changes that the company intends to make to secure fish welfare and accommodate sustainable production. The cost increase will be covered through a combination of equity and debt financing," the company writes. 

"When production starts it is with assurance that the facility is ready. Our key priority is the wellbeing of our fish at our facility," says CEO Helge E. W. Albertsen of Gigante Salmon.

Gigante Salmon is currently in the process of completing the first production pool and expects to have water in the facility from the start of October.