August 29, 2022

 

Norway's Artec Aqua in US$175.1 million-plus deal to set up land-based salmon farm in Iceland

 

Artec Aqua, a Norwegian based turnkey supplier for onshore aquaculture, has signed a £150 million-plus (US$175.1 million) deal to build a large land-based salmon farm in Iceland.

 

The facility is for Geo Salmon ehf and it will be located in Þorlákshöfn, close to Reykjavik in the south west of the country.

 

Artec Aqua, which is a wholly owned subsidiary of Endúr ASA, said the operation will be carried out in stages and will be capable of producing 18,900 tonnes of salmon (heads on gutted) when completed.

 

As a turnkey supplier, Artec Aqua said it will deliver design, engineering, construction, and commissioning of the complete facility.

 

The total contract value is kr1.5-1.8 billion (US$153-187 million) for the facility's first stage. Artec Aqua said it will start concept design and engineering immediately. Construction is planned to begin in the third quarter of 2023.

 

The technology in the facility will be Artec Aqua's Hybrid System, where up to 70% of the water will be recirculated. Seawater is supplied from boreholes and naturally filtered through lava rock.

 

Ingegjerd Eidsvik, chief executive officer of Artec Aqua, said: " We did a sketch project during the spring and are very pleased to continue the collaboration with the competent team at Geo Salmo.

 

"This is a very exciting project that combines our hybrid technology with the advantages of staying in Iceland, where seawater will be supplied via boreholes and filtered naturally through lava rock.

 

"Being chosen as a total supplier is a confirmation of Artec Aqua's track record from land-based aquaculture facilities, our technology and the unique expertise that our team possesses."

 

Jeppe Raaholt, CEO of Endúr ASA, added: "This contract represents a significant milestone for Artec Aqua, being the first contract for construction of a full-scale grow-out facility outside Norway. It is a great recognition of the expertise and technology that Artec Aqua possesses. We are also pleased to see one of our many early-phase projects materialising."

 

Artec Aqua's offering includes flowthrough, recirculating aquaculture systems (RAS) and hybrid systems (combining flowthrough with RAS elements).

 

- Fish Farmer