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Artec Aqua signs agreement with Geo Salmo on Iceland

By 26.08.2022November 1st, 2023No Comments

26 August 2022 – Endúr ASA’s wholly owned subsidiary Artec Aqua AS has today signed an agreement with Geo Salmo ehf as turnkey supplier for a land-based grow-out facility for Atlantic salmon on Iceland.

The facility will be located in Þorlákshöfn, close to Reykjavik on Iceland. The production capacity for the complete facility will be 18,900 tonnes (HOG). The build-out will be carried out in subsequent stages.

As a turnkey supplier, Artec Aqua will deliver design, engineering, construction, and commissioning of the complete facility. The total contract value is between NOK 1.5 – 1.8 billion for the build-out of the facility’s first stage.

“We conducted a sketch project during spring this year, and we are very pleased to continue the strong cooperation with the highly competent team in Geo Salmo. This is an exciting project that combines our hybrid technology with the advantages of being located on Iceland, where seawater is supplied from boreholes and naturally filtered through lava rock. To be chosen as turnkey partner is a testament to Artec Aqua’s track record from land-based aquaculture facilities and the unique competence of our team,” says Ingegjerd Eidsvik, CEO Artec Aqua.

As the contract is divided into phases, the parties commit to each phase successively. Endúr will book order intake and backlog for the various phases as and when they are initiated, starting with the concept design phase.
“This contract represents a significant milestone for Artec Aqua, being the first contract for construction of a full-scale grow-out facility outside Norway. It is a great recognition of the expertise and technology that Artec Aqua possesses. We are also pleased to see one of our many early-phase project materializes,” says Jeppe Raaholt, CEO of Endúr ASA.

Artec Aqua will start concept design and engineering immediately. Start of construction is planned for the third quarter 2023. The technology in the facility will be Artec Aqua Hybrid SystemTM, where up to 70% of the water will be recirculated.

“We are delighted to partner with Artec Aqua on our project. They have shown themselves to be an industry leader in land-based aquaculture and have demonstrated a unique ability to meet and exceed expectations in their projects. The combination of Artec Aqua’s strong knowledge and proven technology were decisive in our choice of a turnkey supplier for our project. The partnership will ensure success in our goals of producing top-quality salmon to the highest sustainability standards,” 
says Jens Þórðarson, CEO of Geo Salmo.

Iceland’s farmed fish production has increased significantly in recent years. A record total of 45,458 tonnes salmon was produced in 2021, up 35 percent compared to 2020, according to Iceland’s national statistical institute, Statistics Iceland.

“Iceland has a rapidly growing fish farming industry. We hope that proving our competence and technology in Geo Salmo’s project can open up further opportunities in the Icelandic aquaculture sector,” adds Ingegjerd Eidsvik.

For further information, contact:
CEO Endúr ASA, Jeppe Raaholt, +47 97 66 97 59
CEO Artec Aqua, Ingegjerd Eidsvik, + 47 95 08 77 54

CFO Endúr ASA, Einar Olsen, +47 924 01 787

About Endúr ASA:
Endúr is a listed Nordic industrial group and a leading player in the market for
marine infrastructure and solutions for sea and land-based aquaculture. The
company’s head office is in Lysaker outside Oslo. See more about us at:


Ingegjerd Eidsvik, CEO Artec Aqua.

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