Norcod — M&A Activity 2023

May 11, 2023

Norcod AS: Norcod divests its Havlandet Norcod investment and enters into new long-term agreement with Havlandet

Norcod AS: Norcod divests its Havlandet Norcod investment and enters into new long-term agreement with Havlandet

The partnership between Havlandet and Norcod enters into a new chapter with cod farming firm Norcod divesting its investment by selling its share to fry producer Havlandet. It has been a successful cooperation between the two parties. Norcod will keep access to all of the current advantages. At the same time the transaction is freeing up 75 million NOK, which Norcod intends to use on ongoing operation and upcoming projects.

Trondheim, Norway - Norcod, a leading producer of farm-raised cod, has announced that it is divesting its investment in the joint venture with Havlandet by selling its share of Havlandet Norcod to the latter.

Norcod's joint venture with Havlandet Norcod has been crucial in the building up process of Norcod, as the facility has provided access to high-quality cod fry in the volume that Norcod required. Now that the facility is fully operational, Norcod has decided that the timing is right to transfer ownership and operation of the cod fry facility to Havlandet.

As part of the agreement, Norcod has entered into a 20-year fry supply contract with Havlandet, which will allow Norcod to continue to access high-quality fry as before. The sale of Norcod's shares in Havlandet Norcod is freeing up 75 million NOK, which Norcod intends to use for ongoing operations and upcoming projects. This additional capital will enable Norcod to continue to invest in the development of its core operations, including expanding its farming operations and exploring new growth opportunities.

"The partnership with Havlandet has been important for Norcod, and we will continue our collaboration in other projects. Our long-term fry supply agreement with Havlandet ensures that we will continue to receive high-quality fry that meet our needs," said Norcod CEO Christian Riber.

For more information, please contact:

Christian Riber,

CEO, Norcod AS

Tel: +47 905 37 990

E-mail: cr@norcod.no

About Norcod:

Norcod AS’ core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod’s existing fish farms are located in Mid-Norway with ideal conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on Oslo’s Euronext Growth market.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation (MAR).