Statt Torsk ASA is adapting its harvest strategy and is planning to accelerate the beginning of year-round deliveries of its farmed cod.
In its latest filing with the Oslo Stock Exchange, the Stad, Norway-headquartered cod farmer said under its new harvest plan, it expects to start delivering fresh farmed cod to European clients on a consistent weekly basis from the second half of 2022, more than a year earlier than originally planned.
The company said its third pilot production of farmed cod in January 2022 confirmed both the company’s expected cost and biological performance of the farm. Statt is also in the process of strengthening its sales and marketing organization to develop products and brands in cooperation with clients, it said.
“In parallel, the company will continue its gradual build-up of an efficient production cluster and value chain in the Stad municipality, maintaining its targeted harvest volumes of 12,000 metric tons (MT) per year,” it said.
Between 2016 and 2021, Statt Torsk carried out three pilot production projects to clarify whether its commercial production of Atlantic cod was possible. It is now in commercial production at two sites in Vanylvsfjorden.
It had previously given a 2022 harvest guidance of 3,000 MT whole-fish equivalent. It said a stable year-round harvest is “a pre-requisite” to build a sustainable market position and to develop the farmed cod category.
In March 2021, Statt Torsk raised NOK 115 million (USD 13.2 million, EUR 12 million) through a private placement. It was then admitted for trading on the Euronext Growth (now Oslo Stock Exchange) in April 2021. The company began industrial-scale production in February 2022 and has signed a five-year marketing, sales, and distribution partnership agreement in place with Lerøy Seafood.
Photo courtesy of Statt Torsk
