Norcod — Regulatory Filings 2020

Dec 17, 2020

Company announcement

Norcod harvests first cod

Trondheim, 17 December 2020

Norwegian aquaculture innovator, Norcod, is on a fast track towards delivering fresh farmed cod to retailers, restaurants, and consumers around the world. The first planned sample harvest and processing has just been carried out, and samples of fresh cod distributed across Europe and the US. In Denmark, samples were also sent to pro restaurant chefs. Feedback has been very positive.

Christmas and New Year's Eve are just around the corner. Cod is part of the seasonal food tradition of many families in Scandinavia, and next year that very cod may be farmed from Norcod. The company has just made its first planned harvest and processing, and sent out samples to selected retailers, food service suppliers and producers in 16 countries.

"Fish performance has been excellent and optimal welfare is a top priority. Due to high survival rates, calm fish behaviour, well distributed biomass and good appetite, the fish have grown very well, and we have been able take out cod of 2.5 kg after only 11 months of production," says Rune Eriksen, COO at Norcod.

Sampling is a milestone towards full-scale production

The planned sampling initiative forms part of the run-up to Norcod's first projected sales in summer 2021.

"Sending real samples from the production is a big step for us and an exciting part of our route to achieving our business goals and delivering value for our shareholders. We have come a long way and I was very excited to hear our customers' comments on what we believe is a fantastic product with a great future. As well as being great tasting, our cod is responsibly produced and we hope it will become a new healthy source of protein for consumers not only in Europe but around the world," says Norcod CEO Christian Riber.

"We are very grateful to the restaurants and chefs who have taken time to test the product in spite of the very difficult situation for the hospitality industry due to COVID-19 lockdowns," he added.

Very positive feedback from suppliers and restaurants

Samples were distributed to recipients in Norway, Denmark, Sweden, Lithuania, Poland, Germany, the Netherlands, France, Spain, Portugal, Switzerland, England, Ireland, Wales, Scotland, and the US. The sampling was carried out by leading seafood company Sirena Group, which is also handling sales and marketing for Norcod. And feedback has been very positive.

"I was delighted to have a sample of Norcods new, farmed cod. A good and healthy-looking fish with thick and firm fillets. With excellent texture and aroma and white transparent fresh-looking meat. Exactly what I am looking for in cod," says Jesper Redecker Hansen from Fiskerikajen in Denmark.

The chefs in Denmark were all excited to test the product.

Norcod well received by the market

The sampling follows a series of milestones racked up by the company in recent months. Its NOK 250m share issue in October was three times oversubscribed and it listed on the Oslo Stock Exchange's Merkur market shortly afterwards. Its market value was pegged at approximately NOK 850m but had risen to NOK 1,192m on 16 December.

By the end of September, Norcod and our partner Namdal Settefisk had 1.7 million cod in production on split between two locations in Norway. New tranches of fry are slated to go into the growth phase in the next few months in preparation for new sea transfers in 2021 and harvest volumes in 2022 of 10.000 tons Cod.

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 fish farms are located in Mid-Norway with ideal coldwater habitat conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities.

For further information, please contact:

Christian Riber CEO, Norcod +47 905 37 990 cr@norcod.no