Norwegian cod-farming venture notches up a 'new milestone' as it more than
doubles its production volume of high-quality Atlantic cod.

Norcod transferred a new tranche of sixth-generation cod fry from Joint venture
partner Havlandet Norcod Yngel to growth facilities Mørkvedbukta and Fishbase in
January. "These are the same growth facilities we used for our first batches of
fry last year. They have very good experience with cod. The fry have settled
well in the tanks and have a good appetite," says Norcod Production Director
Rune Eriksen.

New cycle commences
"The growth phase lasts around five to six months. The juveniles will be
transferred to our sea pens in the summer, at which point they will weigh around
80-100 grams" says Eriksen. "Harvest volumes from this batch will come in 2022
following a sea phase of around 15 to 18 months."
The move is another major milestone for Norcod as it heads towards its
production goal of 25,000 metric tonnes of farmed cod by 2025. "We are on track
and following the plan," says Eriksen.

Strong fish performance
Norcod's first production cycle of cod is now approaching the planned size of
4kg/+. Its pilot batch of 200,000 fish are in the sea at partner Namdal
Settefisk's facility in Finnangerøya in Namsos municipality, with the rest at
Norcod's facility at Jamnungen in Frøya. The pilot batch has been in sea for
around 13 months and the main batch for around seven months. Both are performing
well, with high feed efficiency. "The fish are calm, well distributed in the
pens, and mortality remains negligible. Strong biological performance lowers
both risk and costs," says Eriksen.

Low-emission vessels
As part of its commitment to sustainable operations, Norcod has agreements in
place for a battery-electric service boat. The first unit, for deployment in
Mausund, is being built by Kystteknikk Yards in Frøya. "Local value creation
underlines our policy to support the communities where we operate," says Norcod
CSO Hilde Storhaug. Batteries on the 45-foot vessel will be charged overnight,
drastically reducing emissions and ensuring quiet daytime operations. "This is
good not only for the fish but also our technicians and the local environment,"
says Storhaug. ABB Marine is delivering the complete package of electrical
solutions for the boat, which is set for delivery in May. "Zero-emission vessels
are the future for our industry," adds Storhaug.

Norcod received its first state-of-the-art hybrid feed barge in December from
ScaleAQ, which is already in use at its Jamnungen facility, and has ordered a
further two hybrid barges from Akva Group that are scheduled for delivery in May
for deployment at its next two sites. Batteries complement the onboard
generators on the barges, reducing both fuel consumption, emissions and
generator maintenance.

Gearing up for first sales
The production target from Norcod's first harvest starting this summer is around
6,000 metric tonnes. "After a huge amount of groundwork, we really look forward
to generating our first revenue this summer. We have buyers lined up eagerly
awaiting the product," says Norcod CEO Christian Riber. "I'm really proud of
what our team and excellent partners have achieved."

Samples well received
Norcod's business case is to provide stable deliveries of high quality fresh cod
year-round, plugging a market gap that seasonal wild-caught cod can't fill amid
increasing pressure on wild stocks. "We aim to secure premium prices for a
quality product that has already attracted very positive attention," says Riber.
The major European destinations for its product will be the UK and France,
followed by Germany and Spain.

Norcod's environmentally friendly production methods also include no use of
antibiotics and feed with high marine content and sustainable ingredients. "Our
fish utilization of up to 98% will also minimize waste," says Riber. 

The company has received the green light to become certified from Global G.A.P,
while ASC certification is pending full cycle production. It is aiming for
organic and bio certification for part of future production.

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 cold-water habitat 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 the Oslo
Stock Exchange's Merkur Market.


For more information contact:

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

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© Oslo Bors ASA, source Oslo Stock Exchange