Following the completion of its third and final production pilot, Statt Torsk AS will start farming cod in much larger commercial volumes at its grow-out site in Rekvika, Norway.
Between 2016 and 2021, Statt Torsk carried out the three pilot productions to clarify whether its commercial production of Atlantic cod was possible. In its latest filing with the Oslo Stock Exchange, Oslo Børs, Statt Torsk said the Rekvika site is now in full production, with a total 1.17 million fingerlings transferred to the sea site in 2021, and that these fish are performing well with all biological parameters in line with the company’s targets.
The Stad, Norway-headquartered company is maintaining its 3,000 metric ton (MT) whole fish equivalent (WFE) harvest guidance for 2022.
According to the filing, the pilot production delivered “excellent product quality,” with 420 MT sold. Approximately 70 percent of this volume was sold to a large Spanish retailers for an average of NOK 60 (USD 6.78, EUR 5.95) per kilograms.
“We are now entering a new phase: production at industrial scale. As from September this year, we will deliver more than 3,000 MT of fresh and high-quality products, aiming at everyday deliveries in accordance with a defined and predictable schedule throughout January 2023. We will then have some pause and from May 2023 we shall be able to deliver all year round,” Statt Torsk CEO Gustave Brun-Lie said.
The company, which has two production sites in Vanylvsfjorden, has an annual production target of 12,000 MT of WFE Atlantic cod by 2024.
In March last year, Statt Torsk raised NOK 115 million (USD 13 million, EUR 11.4 million) through a private placement. It was then admitted for trading on the Euronext Growth in April.
It has a five-year marketing, sales, and distribution partnership agreement in place with Lerøy Seafood.
Photo courtesy of Statt Torsk
