After a cost gap of NOK 350 million, the board of the land-based farming company had enough.
Helge EW Albertsen must go after the cost gap and notice of fundraising. Photo: Gigante SalmonPublished:
Yesterday 11:37
Updated yesterday 12:07
The case is updated.
– In light of the increased cost forecast presented to the board today, the board has decided to terminate the employment agreement with CEO Helge EW Albertsen. Albertsen will continue to be associated with the company as an adviser, the company writes in a statement stock exchange announcement.
Kjell Lorentsen takes over as temporary general manager of the company from today. He also resigns from the board. Lorentsen led the company from inception until 2021.
The temporary boss is the group manager of Gigante Havbruk and, together with the family, the majority owners. The company owns 61 percent of listed Gigante Salmon.
Work to find a permanent replacement is underway, the company writes.
E24 has been in contact with Helge Albertsen. He refers to the chairman of Gigante Salmon, Eirik Sørgård, who has not yet responded to E24’s inquiries.
Shares based on cost gap
In a melding writes Gigante Salmon that the board has been informed of a cost increase for the development in Rødøy, in the order of NOK 350 million.
The company further writes that they will have to raise fresh funds through a combination of equity and loans.
The share is down around 20 per cent on the Oslo Stock Exchange just before 12 noon.
The increased cost forecast is mainly due to longer construction time, including costs for rigging and operation, the company writes.
The report states that the total investment framework for the development in Rødøy up to the completion of the facility is now estimated at approximately NOK 995 million.
The figures are still subject to control, quality assurance and dialogue with the suppliers, it is stated.