GIGANTE SALMON AS: Publication of Q2 2022 Report
Bodø, Norway, 26 August 2022.
Highlights for Q2 2022 include:
- The project is moving forward in accordance with prepared and approved plans and in line with planned and approved cost limits
- 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
- 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
- Obtained insurance policies: builder’s liability and environmental insurance during the implementation phase
- Successfully held annual general meeting
- Contracts signed: quality system (Landax), treatment plant (Blue Ocean Technology), oxygen production (Norluft), detailed engineering of pipelines (Bystøl)
- 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 in Norwegian.
For further information, please contact:
Helge E. W. Albertsen, CEO.
Phone: +47 480 47 613
Rune Johansen, CFO
Phone: +47 988 44 724
The full Q2 2022 report is attached to this stock exchange announcement and published on the company’s website: https://gigantesalmon.no/investor/rapporter-og-presentasjoner/
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