Andfjord Salmon raises an extra NOK 500m 'as a precaution'

Landbased fish farmer Andfjord Salmon is raising NOK 500 million (£36.8m) by issuing new shares and increasing its construction loan debt by NOK 200m, it announced today.

It said it had secured the funding as a precautionary measure following its split with its former building contractor and the appointment of a new contractor.

Andfjord Salmon, which is in the process of developing a 48,000-tonne flow-through fish farm at Kvalnes on the island of Andøya, Norway, has lodged a legal claim for more than NOK 1 billion against former contractor AF Hæhre & Contur Ans (AFHC) for alleged gross negligence and breach of contract. AFHC disputes the claim and says it was its decision to terminate the contract because it has not been paid.

Continued momentum

In a stock exchange announcement today, Andfjord Salmon said a private placement and an enhanced debt package would ensure continued flexibility and momentum for the company.

The private placement amounts to NOK 300m in gross proceeds through issuance of new shares to certain of the company’s largest shareholders, including its biggest shareholder, Jerónimo Martins Agro-Alimentar, the agriculture division of Portugal-based retail group Jerónimo Martins.

The subscription price per new share will be NOK 26.70 per share, equal to the closing price on Euronext Growth Oslo on December 15, 2025.

The Andfjord Salmon board has a pre-existing authorisation to issue 6,085,000 shares, which is equivalent to almost NOK 162.5 million at the subscription price. Issuance of the remaining shares needed to raise the full private placement amount, including allocations of new shares to other existing shareholders, is subject to approval by an extraordinary general meeting expected to be held on or about December 30, 2025. 

The NOK 200m loan increases Andfjord Salmon’s construction loan to NOK 1.3 billion.