Norcod's Labukta site in Nesna, Nordland County. The new location, also in northern Norway, is a key step in the company's plan to reach an annual harvest of 25,000 tons by 2030.
Photo: Hans Petter Sørensen / ScaleAQ.
In March this year, Norcod raised NOK 165 million to increase fish production and develop new farming sites. The Norwegian cod farming company said then it was targeting four new sites for expansion. The first of these is now a reality as it has been granted permission for a new location in northern Norway, in Meløy municipality.
With a total MAB (maximum allowable biomass) of 3,599 metric tons, Snyen, as the new location is called, will be the company's second production site in Meløy, where Norcod already has Frosvika. Together, they will form a production cluster with a total capacity of 7,198 metric tons MAB.
"We are pleased to have received this approval and value the good cooperation with Meløy municipality and Nordland County," said Norcod's CEO, Christian Riber. "The new site Snyen is well suited for cod farming with good water depth, water temperature and currents. I am confident that our fish will thrive here," he added.
"This new site is a key step in our scale-up plan to achieve an annual harvest of 25,000 tonnes of WFE by 2030," Riber continued. "We are committed to responsible farming practices and ensuring sustainable operations with minimal environmental impact, while also supporting local communities and creating employment opportunities."
The company expects to establish and stock the new site during 2026. Snyen will be the Norwegian cod farming company's sixth active site. In northern Norway, it will join the aforementioned Frosvika location, also in Meløy municipality, and Labukta and Bjørnvika in Nesna municipality. Moreover, the company has two other sites in central Norway, Skogsøya og Pålskjera, and Jamnungen, both of them located in Frøya.
Although the results for the first quarter of 2025 showed a year-on-year increase in revenues of 63%, Norcod nevertheless closed the period at a loss, precisely because the cod producer continues to invest heavily in its operations to reach the aforementioned target of achieving an annual harvest of 25,000 tons.
When these first-quarter results were presented ten days ago, the company stated that, despite the volatile global economy, going forward it firmly believed in favorable market conditions, and indicated that it would continue to focus on cost optimization and operational efficiency to reinforce the profitability trajectory and provide a strong foundation in the ongoing commercialisation phase for farmed cod.
The Norwegian seafood exports data for last month seems to support this. Despite the overall decline in export value dragged down by low salmon prices caused by oversupply, there was one positive indicator for Norwegian aquaculture in May, and that was farmed cod, which increased in value to account for 40% of the value of Norwegian fresh cod exports.
Norway exported 2,917 tons - down 3% - of fresh cod worth NOK 212 million, 14% more than in May 2024. Of these, 1,685 tons were fresh wild cod, 16% less year-on-year, which reached a value of NOK 126 million, 1% less than in May 2024. The remaining 1,232 tons were farmed cod, the volume of which increased by 24%, while the export value increased by 44% to NOK 86 million.