Nordic Aqua Partners

Nordic Aqua (Ningbo) Co., Ltd, a fully owned subsidiary of Nordic Aqua Partners (“Nordic Aqua”) has entered into a 30-year rental agreement for land and production facilities with Xiangshan Government through its affiliated company, Xiangshan Strait Economic & Technological Cooperation Co., Ltd.

The agreement enables Nordic Aqua to develop Stage 3 of its land-based farming facility in Ningbo, China, allowing for an annual production capacity of 20,000 tonnes; adding 12,000 tons to the 4,000 tons in production and the 4,000 tons under construction (first harvest Q3/26)

Simultaneously, existing rental agreements for Stage 1 and Stage 2 are extended to 30 years, aligning maturity for all three stages, with an option to buy out the entire facility should Nordic Aqua so want.

CEO Ragnar Joensen comments:

“The agreements formalize the necessary long-term conditions for the development of our operations and is yet another confirmation of the dedication and support we enjoy from the local authorities in the region.”

Under the agreement, the Xiangshan Strait Economic & Technological Cooperation Co., Ltd. will develop infrastructure and utilities based on Nordic Aqua specifications, which Nordic Aqua will lease back on a long-term basis.

The infrastructure part of a land based salmon farm, like Nordic Aqua, is normally in the area of 40/45% of total investments. For Nordic Aqua this part, through the signed contract, is externally financed on attractive interest rate levels.

A final investment decision for the development of Stage 3 is expected during 2025.

For further information please contact:

Ragnar Joensen, CEO

E-mail: ragnar@nordicaquapartners.com

Mobile: +298 599 112

Tom Johan Austrheim, CFO

E-mail: tom@nordicaquapartners.com

Mobile +47 9829 9873