Endúr ASA – Artec Aqua Vaq enters agreement with Salfjord

9 April 2026 – Artec Aqua Vaq AS (“Artec Aqua Vaq”), a wholly owned subsidiary of Endúr ASA (“Endúr”), has signed an agreement to act as turnkey supplier for Salfjord AS’s (“Salfjord”) planned land-based fish-farming facility at Tjeldbergodden in Aure, Norway.

The contract includes an initial collaboration phase to define the project’s scope of work and construction costs, after which the client will decide upon making a final investment decision.

Should Salfjord decide to progress with build-out of the facility, Artec Aqua Vaq will deliver design, engineering, construction, and commissioning of the complete facility, with sister company Total Betong AS (“Totalbetong”) acting as sub-contractor for the project’s construction and civil works. The minimum total contract value is currently estimated to NOK 700-800 million for the build-out of the facility’s first phase, but may be considerably larger, depending on the production volume Salfjord decides upon during the collaboration phase.

Artec Aqua Vaq will deliver its well-proven Artec Aqua hybrid technology system to the land-based aquaculture facility.

“We have the most extensive track record for designing, engineering and building hybrid system facilities on land. Salfjord has informed us that this was a key reason for choosing us as their turnkey supplier. We look forward to realizing this very exciting land-based aquaculture project with support from Totalbetong, making this a 100% Endúr-driven project”, says Fredrik Langehaug, Managing Director of Artec Aqua Vaq.

Salfjord has been granted a license for land-based production of Atlantic salmon, which allows for an annual production volume of 43 000 tonnes of live salmon. or around 36,500 tonnes (HOG) fish for slaughter, as well as 30 million smolt. Necessary electrical capacity is secured and transformation construction/grid connection is ready from May 2028. Salfjord is also exploring possibilities to combine the planned land-based aquaculture facility with other industry projects, such as data centre operations, potentially creating a more efficient energy consumption where the electrical energy is used twice.

Initiation of the first build-out phase is subject to Salfjord making a final investment decision.

To facilitate Salfjord’s journey toward a final investment decision, and secure Artec Aqua Vaq an important turnkey contract for the build-out of this first phase in a major industry development project, Endúr has entered into an investment agreement under which Endúr commits to offer investments up to NOK 40 million in the project. This commitment is conditional upon Salfjord securing equity and loan financing and proceeding to the construction phase with Endúr and its subsidiaries. Hence, the investment will be made available for the project only provided a large turnkey contract is realized for Artec Aqua Vaq.

“We will be the trusted partner of all parts of the build-out, through Artec Aqua Vaq and Totalbetong, should the project progress after a final investment decision. This is a major risk-reducing operational and commercial measure for Endúr. Furthermore, the project also benefits from highly favourable infrastructure and location advantages. In total, we consider this a wise strategic move to potentially secure a substantial turnkey contract for our subsidiaries, where we also position them to prove their ability for additional, bigger, build-out phases at Tjeldbergodden”, says Jeppe Raaholt, CEO of Endúr.

“We are very pleased to enter into an industrial partnership with the highly experienced teams at Artec Aqua Vaq and Totalbetong. Their combined execution capabilities and track-record in large scale industrial projects, provide a strong platform for the Oceanfront farming development at Tjeldbergodden.”, says Hans Ramsvik, CEO of Salfjord.

“The use of Artec Aqua Vaq’s hybrid technology, combined with industrial learnings, is a key element in our biology‑first strategy, enabling high operational robustness while safeguarding fish welfare across all phases of the production, including post-smolt where the potential for contribution to improved welfare and production efficiencies in the traditional open sea pen offer industry cooperation opportunities”, adds Robin Fladseth, COO of Salfjord.

Artec Aqua Vaq and Totalbetong will immediately commence the front-end engineering design (FEED) of the first phase build-out, which is planned to be completed by Q3 in 2026. Endúr will book order intake and backlog for the turnkey contract once Salfjord makes its final investment decision for the first phase build-out.

(ENDS)

For further information, please contact:

Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759 Einar Olsen, CFO of Endúr, tel: +47 924 01 787 Fredrik Langehaug, Managing Director of Artec Aqua Vaq, tel: +47 900 50 833

About Endúr ASA: Endúr ASA (XOSL: ENDUR) is a leading Scandinavian contractor headquartered in Lysaker and listed on the Oslo Stock Exchange. The company specializes in critical infrastructure, including bridges, quays, tunnels, and dams. Operating as a disciplined serial acquirer (compounder), the group utilizes a decentralized model that grants subsidiaries high autonomy to preserve their technical expertise and local market positions. Endúr drives long-term value through strategic platform acquisitions and targeted bolt-ons in fragmented niche markets.

About Salfjord AS: Salfjord AS, located in Aure, Norway, develops the world’s most reliable land-based salmon farming facilities providing healthy and responsibly raised seafood through the Oceanfront farming concept. Through a biology-first approach, proactive risk management and industrial scaling, Salfjord will ensure the welfare of the fish is safeguarded at every production stage, meeting the highest standards for animal care and operational efficiency.

The company’s first Oceanfront farm, located at Tjeldbergodden, provides a scalable foundation for further expansion at Salfjord II - Hyttneset, also in Aure. Salfjord will, through the Oceanfront farming concept, leverage biological performance and advanced technologies, combining salmon-farming and the process industry’s best practices to maximize fish welfare, minimize waste, optimize resource utilization, and support long-term value generation. By integrating responsible management and resource recovery, Salfjord aims to set new benchmarks for sustainable aquaculture, positioning itself to drive stable growth and enhanced investor confidence in a rapidly evolving sector.