Trondheim, Norway-based cod-farming venture Norcod AS has been granted permission to establish a new production site in the Nesna municipality, in Nordland county, Norway, with a total maximum allowed biomass (MAB) of 3,600 metric tons (MT).
The company said in a press release the new Labukta site will go into production in the first half of 2023.
“We have been very well-received by Nesna municipality, which we highly appreciate, and we look forward to continuing our excellent cooperation. We consider the site at Labukta to be perfectly suited for cod farming with good water depth, water temperature, and current conditions. I am confident our fish will thrive here,” Norcod CEO Christian Riber said.
Nesna Mayor Hanne Davidsen said the arrival of Norcod is economically important for the area.
“I am delighted it has been given the go-ahead to begin cod farming in our community. We wish them the best of luck and trust that we will continue to work together successfully in future,” she said.
Including Labukta, Norcod has a total of five cod-farming sites along the Norwegian coast encompassing 19 licenses, with a total MAB of 13,920 MT.
The company recently finalized its first full production cycle and is set to begin harvesting its second cycle in the third quarter of 2022. It is also in the process of putting its third cycle of cod into the sea phase this summer.
According to its recently published first-quarter 2022 report, Norcod harvested 2,027 MT whole-fish equivalent (WFE) in the opening three months, with higher-than-expected growth rates achieved during the winter months. It achieved gross sales of NOK 83.1 million (USD 8.3 million, EUR 8.1 million) in the period.
The total volume in the coming harvest period is estimated at approximately 8,500 MT WFE.
Having taken the decision to extend the sea-growth phase to deliver an average of four-plus kilogram-sized fresh cod to the market, the company has increased its expected harvest volume for 2025 by 10 percent to 27,500 MT WFE.
The company first announced its plans to move forward with a commercial-scale cod farm in 2019, and since that time has had successful private placements, doubled its farmed cod production, and landed contracts with retailers for its products. In May, Norcod announced Blueplanet Academy AS Chief Commercial Officer Trine Danielsen and former Norwegian Seafood Council CEO Renate Larsen had joined the company’s board of directors as it prepares to enter the main list at the Oslo Stock Exchange.
Photo courtesy of Norcod
