Aquaculture tech group Akva has been awarded two post-smolt recirculating aquaculture system contracts in Norway.

The contracts, announced to the Oslo Stock Exchange don't name the companies involved but are valued at €6 million ($6.8 million) and €19.8 million ($22.5 million).

The projects are set to start in February 2022.

Last year Akva named Kennth Bak CEO of its land-based aquaculture division.

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Land-based operations have become an increasingly important revenue stream for the company.

Revenues for division in the fourth quarter were NOK 161 million (€15.9 million/$18.1 million), up from NOK 157 million (€15.5 million/$17.7 million), with earnings before interest, tax, depreciation and amortization (EBITDA) hitting NOK 9 million (€890,000/$1 million).

Order intake was NOK 21 million (€2.1 million/$2.4 million), with an order backlog of NOK 2 billion 9€198 million/$225 million).

Full year EBITDA for the company slipped 10.6 percent to NOK 302 million (€29.9 million/$34.1 million) as cost inflation dented margins for some product lines.