Norway-based Atlantic cod-farming company Ode has acquired Lumarine, a producer of juvenile cod.
Ode said Holding Akvaservice – which is controlled by private investment company Kistefos and owned 82 percent of Lumarine – along with other shareholders agreed to sell to Ode. The purchase, which entails 90 percent of the shares in the company, grants Ode ownership of Lumarine’s juvenile cod production facility, located in Tjeldbergodden in the Aure municipality of Norway.
According to Euronext NOTC – where Lumarine is traded – the company has a market cap of NOK 185.1 million (USD 19.2 million, EUR 16.5 million). The shares were purchased at a price of NOK 0.568 (USD 0.05, EUR 0.05) per share, and the total purchase price for the shares Ode acquired from Holding Akvaservice and other shareholders amounts to roughly NOK 75.7 million (USD 7.8 million, EUR 6.7 million).
Lumarine produced roughly 1,500 metric tons (MT) of juvenile cod last year at its facility. Ode said it has been working with the company since 2022 and that the experience has been positive. Lumarine produces its cod using a flow-through system that heats seawater using waste heat from local industries, enabling highly sustainable production with low technological risk.
“We are very pleased to announce this acquisition. We know Lumarine, the organization, and the facility well after a very successful collaboration over the past five years,” Ode CEO Ola Kvalheim said of the purchase.
Ode said the purchase is an important step for the company’s growth as a fully integrated producer of farmed cod in Norway. The company said it became Norway’s largest farmed cod producer by volume in 2025 after harvesting 10,018 MT of cod, which was equivalent to 65 percent of Norway’s total farmed cod output and represented 30 percent of fresh cod exports in the year.
Ode’s purchase of Lumarine will help it continue to increase that annual production capacity, the company said. It said it is targeting 5,000 MT of juvenile cod production by 2027, which will help it reach its planned production target of 100,000 MT of market-sized cod annually within the next five years.
“Bringing this [Lumarine] fully into Ode is a natural and strategically sound step for us,” Kvalheim said. “It represents a key milestone in strengthening our fully integrated value chain for cod production.”
Ode said the purchase lays a foundation for future growth even beyond its goals and that the company has “significant potential” to continue expanding beyond producing 5,000 MT of juvenile cod.
“We look forward to fully integrating the organization and production into Ode. This provides greater predictability, allows us to invest in improved biological control, and strengthens our ability to deliver even better juvenile fish in the future,” Kvalheim said. “At the same time, we are welcoming highly skilled employees who already have extensive experience with cod juvenile production and who know Ode and our way of working through the longstanding cooperation between the companies.”
Ode harvested its first batch of farmed cod in 2022, and the industry has rapidly risen to become an important part of Norwegian fresh cod exports as quotas for wild cod in the region drop.
The company recently harvested and sold the first batch of what it called “deep farmed” cod, which lowers fully submersible cages into deeper, colder water for better control of fish maturation and better growth.
