Nordic Halibut AS - Announces final investment decision for the Tingvoll production facility

24 Feb 2025 07:38 CET

Averøy 24.02.2025

Nordic Halibut AS ("NOHAL" or the "Company") has reached the final investment
decision for the Tingvoll production facility, marking a significant milestone
in the company's growth strategy. Mobilization will commence shortly, with
planned construction start during Q1 2025. The facility is planned to be fully
operational by 2027.

The new Tingvoll production facility is set to significantly enhance efficiency
and production capacity as part of the company’s ramp-up plan, targeting an
annual production of 10,350 tonnes HOG by 2031.

-We are now establishing a solid foundation for sustainable profitable growth.
As Phase 2 reaches full operational capacity, we will have a highly efficient,
cash-flow-generating platform that not only strengthens our financial position
but also provides significant investment capacity and drive long-term
expansion", CEO Edvard Henden.

Further updates on project progress and key milestones will be provided in due
course.


About the Tingvoll facility:

NOHAL is developing and building a new land-based facility with all production
phases integrated at one location, targeting an annual production of 1 million
juveniles released into the sea. Coupled with the company’s already existing
land-based infrastructure, it will have the capacity to put over 2 million fish
to sea per year, corresponding to a harvest volume of 10,350 tonnes HOG.

The facility will be built with well-established and proven technology and will
be based on a 100% flow-through system. The fjords surrounding Torjulvågen,
Tingvoll, are deep, enabling NOHAL to access water of high quality and stable
temperature, perfectly suited for land-based halibut production without the need
for advanced technological water treatment or heating. This makes the facility
energy-efficient, in addition to minimizing technological risks throughout the
production cycle.

As part of the company’s sustainability ambition, NOHAL has designed the new
land-based facility to be nearly self-sufficient by utilizing its own renewable
solar power installed on the rooftops of the production units. Additionally, the
facility will serve as a center of competence and R&D development, further
strengthening NOHAL’s competitive advantage.

- The new land-based facility will, for the first time in the company’s history,
be specially designed for halibut farming, without any legacy costs in terms of
location and technology. Utilizing Torjulvågen’s natural environment and water
properties enables us to produce energy-efficient and sustainable superfood at
an industrial scale, says CEO Edvard Henden.

For more information, please contact:

CEO Edvard Henden
edvard@nordichalibut.no
+47 911 41 165

or

CFO Are Strand
are.strand@nordichalibut.no
+47 91539232


About Nordic Halibut AS:
Nordic Halibut is a leading farmer of Atlantic halibut located in Western Norway
and with headquarters in Averøy, Nordmøre. The Company has a fully integrated
and well-developed value chain from genetics to sales and has had a significant
breakthrough in early phase production. A growth plan to expand production
volumes is implemented with production target of 4,500 tonnes HOG within 2027
and 10,350 tonnes HOG within 2031. Nordic Halibut will create shareholder value
by pursuing value accretive organic growth through increased production.

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