Norwegian aquaculture equipment supplier Akva said Friday it has entered into a contract to supply Cooke Aquaculture with land-based facility in Chile for farmed salmon valued at €10.3 million ($11.4 million).

The project is expected to be completed first quarter of next year and the fourth quarter of 2021, according to Akva.

This year Akva also entered a sale and purchase contract for four feed barges with Chile-based Australis Mar, the grow-out, processing and sales arm of Chile's Australis Seafoods.

Akva's land-based technology division's EBITDA saw a significant decline of 31 percent to NOK 9 million (€882,000/$984,000) in the third quarter of this year compared to last year.