New major milestone for Artec Aqua – signs Heads of Terms with Salmon Evolution
Endúr ASA’s wholly owned subsidiary – Artec Aqua AS (“Artec Aqua”) – has entered into a Heads of Terms agreement with Salmon Evolution ASA (“Salmon Evolution”) for phase 2 of Salmon Evolution’s land-based grow-out salmon farming facility at Indre Harøy. With this award the two companies continue their collaboration on this pioneering project.

«We greatly appreciate that Salmon Evolution has chosen Artec Aqua as turnkey supplier also for phase 2 of their land-based grow-out farming facility. This is a great recognition of our competence and execution capacity, as well as our inhouse developed hybrid flow-through technology», says CEO of Artec Aqua, Ingegjerd Eidsvik.

Salmon Evolution’s land-based grow-out salmon farming facility at Indre Harøy constitutes a pioneering project in Norwegian industrial history. The phase 1 build-out has now entered an operational test phase, with the first smolt expected to be released during March 2022. Artec Aqua is the turnkey supplier for phase 1 of the project and take great pride in Salmon Evolution having chosen Artec Aqua as turnkey supplier for phase 2 as well. On February 6, 2022, the parties signed a Heads of Terms agreement for the planning, construction, and implementation of phase 2. The total CAPEX for phase 2 is currently estimated at NOK 1.3 – 1.4 billion, spanning several years, with planning and preparatory activities expected to extend through most of 2022, and construction commencing late 2022. The Heads of Terms sets out the main commercial terms and scope for the final agreement. The final design and construction agreement is expected to be effectuated during first half of 2022.

Phase 2 is in most respects expected to mirror and stand on the shoulders of phase 1, but the parties will leverage the know-how and experiences gained from phase 1, intending to optimize and implement adjustments and identified improvements. The ambition is that phase 2 shall seamlessly follow and build upon phase 1, allowing for an optimized development and build-out of the facility, both from a quality, progress and financial perspective. This implies that planning and preparatory activities commence immediately, whilst construction will commence following the completion of phase 1.

«This is a significant project for the Norwegian aquaculture industry, and we are obviously both proud and humbled by Salmon Evolution’s continued trust and confidence in us. With this project award we further solidify Artec Aqua’s position as a leading turnkey supplier of land-based fish farming facilities», says Eidsvik.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 paragraph 3 and section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lasse B. Kjelsås, CFO of Endúr ASA, on 7 February 2022 at 07.00 CEST.