Trondheim, Norway-based aquaculture venture Norcod has entered into a NOK 75 million (USD 7.1 million, EUR 7.3 million) overdraft facility with DNB. The GlobalG.A.P.-certified producer is planning to use the facility to further invest in its production at sea and to build up biomass.
In a Euronext Growth Oslo filing, Norcod said the credit agreement with Norway’s largest bank secures the financing of its operations for the upcoming 12 months and also that the agreement is a “significant further step” towards fulfilling its ambition of raising premium Atlantic cod sustainably and commercially.
“Norcod is already well underway in its aims of being the first company breaking this code to become a significant player in the Norwegian seafood industry by delivering high-quality farm-raised cod to private as well as commercial customers,” it said.
Norcod CEO Christian Riber said the loan facility brings hope and excitement in a new business area within the seafood industry.
“This is a very important loan facility to us. Naturally because of the financing itself, but it is equally important that DNB, as a major financial institution, really shows that they believe in a great future for Norcod. Our focus is now to develop our company according to the plans we have set out for our customers and our investors,” he said.
Norcod currently produces cod on five different sites in Norwegian fjords and harvested 4,380 metric tons (MT) of fish in Q2 2022, generating revenues close to NOK 200 million (USD 19 million, EUR 19.4 million). In 2023, it anticipates growing six million cod fry and transferring them to fish farms at four of its sites.
Photo courtesy of Norcod
