Atlantic Sapphire’s shares fell dramatically on the Oslo Stock Exchange on Thursday after the company reported a troubled first quarter and announced a change of its key equipment supplier.

The land-based salmon farmer's share price closed Thursday at NOK 90 (€9/$10.70) per share -- 22 percent lower than at the close of the market on Wednesday.

The drop means the company has shaved more than NOK 2 billion (€202.7 million/$242.6 million) off its market capitalization in the past 24 hours.