Gigante Salmon: Publication of Q2 Report
Bodø, Norway, 08 August 2023
Gigante Salmon has today published the quarterly report for the second quarter
of 2023, and the project in Rødøy is in progress for production to start this
The group is still in the execution phase, and through Q2 the total investments
have increased to NOK 260 074 kNOK, from NOK 165 567 kNOK for Q1 2023. The
operating profit for Q2 was NOK -842 kNOK.
Long-term bank financing for Gigante Salmon RødøyŽs development in the amount of
NOK 204 000 kNOK has been granted by Sparebank1 Nord-Norge. Eksfin -Export
Finance Norway has issued a guarantee covering 50 % of the loan amount. As of 30
June, the loan had been drawn down by NOK 147 644 kNOK. After completion the
construction loan is convertible into a repayment loan.
As of 30 June, Gigante Salmons total liquid assets were NOK 155 331 kNOK.
Gigante Salmon Rødøy AS has NOK 50 000 kNOK on hand, set aside for working
capital. In addition, an overdraft of NOK 90 000 kNOK has been granted as
- This project has been object for planning and execution through several years,
and we are pleased to see that the effort is now taking shape. At this moment we
are really looking forward to starting production this autumn, with 1,1 million
smolt released in the facility, says CFO Rune Johansen.
There are 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. Most
critical materials and equipment have been delivered and are either being
assembled or installed at Lille Indre Rosøy, or are being prefabricated and
assembled at another location before delivery to Lille Indre Rosøy.
Our main attention is now on the latest procurements, and from Q2 we report the
following main points:
o Concrete walls in production basin 3 are close to completion. Columns in basin
finished, and PE-liners for installation on walls and floors delivered.
o As of 30 June, the loan had been drawn down by NOK 147 644 kNOK, out of kNOK
o Electrical and automation: 1 (of 4) container containing power-distribution
panels fabricated and ready for delivery.
o In the technical area, pipelaying of intake pipes is ongoing and work on
electrical conduit has begun.
In connection with the Q2 2023 Report, Gigante Salmon is pleased to invite you
to a digital management presentation at 09:00 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 in Norwegian.
Link to webcast:
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 2023 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 Rosøy 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
See www.gigantesalmon.no for more information on the company.