GIGANTE SALMON AS: Publication of Q2 2022 Report
Bodø, Norway, 26 August 2022.
Highlights for Q2 2022 include:
o The project is moving forward in accordance with prepared and approved plans
and in line with planned and approved cost limits.
o The application to establish a rockfill in the waters east of Lille Indre
Rosøy island has been approved. The rockfill will enable electricity
regeneration and allow for the addition of a secondary wastewater treatment
process that was not included in the original plan. Detailed engineering of the
rockfill is on-going.
o Approved dispensation for changed quay design has been approved by Rødøy
council, which determined that a rockfill was a satisfactory solution. The
rockfill will replace the previous design for the quay.
o Obtained insurance policies: builder's liability and environmental insurance
during the implementation phase
o Successfully held annual general meeting.
o Contracts signed: quality system (Landax), treatment plant (Blue Ocean
Technology), oxygen production (Norluft), detailed engineering of pipelines
o An increase in the price of electrical submarine cables may affect the
investment budget. Work to finalise the plans and identify a route for the
submarine cable continued during Q2 and remains on-going.
As the group is still at the development stage, Q2 sales revenues were, for the
second year running, NOK 0 million. The operating profit of NOK -0.8m
corresponds to the operating costs.
- Gigante Salmon is in a strong, financial position, with both financing for
construction phase granted and long term financing granted, in addition to a
biomass build-up working capital of NOK 140 million. We are pleased that
investments in Gigante Salmon Rødøy are progressing according to plan, and we
still expect first release of smolt in autumn 2023, says CFO Rune Johansen.
The focus is now on the final details of the project, as well as by entering
into the contracts that will provide the project with long-term stability.
During Q2, contracts were signed with Landax (quality system), Blue Ocean
Technology (treatment plant), Norluft (oxygenation) and Bystøl (detailed
engineering of pipelines).
In connection with the Q2 2022 Report, Gigante Salmon is pleased to invite you
to a management presentation at 10:00 CET. The presentation will be held by CEO
Helge E. W. Albertsen and CFO Rune Johansen, and will finish off with a Q&A
session where you may submit questions in writing. The presentation will be held
Link to webinar:
For further information, please contact:
Helge E. W. Albertsen, CEO.
Phone: +47 480 47 613
E-mail: [email protected]
Rune Johansen, CFO
Phone: +47 988 44 724
E-mail: [email protected]
The full Q2 2022 report is attached to this stock exchange announcement and
published on the company's website:
About Gigante Salmon:
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøya in Rødøy, Norway. The
company's aquaculture concept is based on a flow-through system, combining the
benefits of conventional and land-based aquaculture while simultaneously
eliminating issues associated with conventional, sea based, farming, i.e. sea
lice and escapes as well as reduced mortality, emissions, feed waste and impact
on nearby surroundings.
See www.gigantesalmon.no for more information on the company.