Helge Albertsen has been relieved of his duties as chief executive of Gigante Salmon but remains an advisor.

Gigante Salmon sacks CEO after second big price hike for project


Gigante Salmon has sacked chief executive Helge Albertsen following news that the company is facing a second large cost overrun in the space of six months for the land-based fish farm it is building in Norway. The project is now expected to cost NOK 995 million, a 120% increase over the original estimate.

“In light of the increased cost submitted to the board today, the board has adopted the resolution to terminate the employment agreement with CEO Helge E. W. Albertsen. Albertsen will continue to serve as an advisor to the company,” Gigante Salmon said in a stock market announcement.

“The board has appointed Kjell Lorentsen as acting CEO from today and he will at the same time exit the non-executive board. He was CEO in the company from the start of the company activities until September 2021. Lorentsen is today group CEO in Gigante Havbruk AS.

“The work to recruit a new CEO to the company has been initiated.”