August 11, 2023

Newcomer Gigante Salmon to start Norway-based RAS production in autumn

New land-based fish producer Gigante Salmon announced on August 8 it is on course to start production this autumn.

The company is building one of Norway's most advanced recirculating aquaculture system (RAS) facilities on the island of Lille Indre Rosøya in Rødøy.

Presenting its 2023 Q2 results, the company stressed it was still in the development phase, but chief financial officer Rune Johansen said: "At this moment, we are really looking forward to starting production this autumn, with 1.1 million smolt released into  the facility."

Gigante Salmon had informed the Oslo Stock Exchange that "Long-term bank financing for the development in Rødøy, a construction loan of  kr204 million (US$20 million), has been granted by Sparebank1 Nord-Norge, and Eksfin has guaranteed 50% of the loan.

"As of June 30, 2023 , the loan has been drawn down by  kr147 million (US$14.2 million). After the facility's completion, the construction loan is convertible into a repayment loan."

The company said there were a number of activities related to the project that must be completed before start-up, and, in the coming period, good planning, management and prioritisation of outstanding work will be crucial.

Some activities must be completed sequentially, while others can be worked on concurrently, it added.

Most critical materials and equipment have been delivered and are either being assembled or installed, or are being prefabricated and assembled at another location before delivery to the  Lille Indre site.

- Fish Farmer