Norwegian land-based salmon farming group Gigante Salmon said Tuesday it expects construction costs at its facility in Rodoy, Norway, to leap by another NOK 350 million (€30.1 million/$32.7 million), bringing the total cost of the farm to an estimated NOK 995 million (€85.7 million/$93 million).

The expected cost increase is mainly due to a longer construction time, including costs for rigging and operation, said the company.

Gigante Salmon said the cost increase would require more new capital, which would be covered through a combination of equity and debt financing.