"Without the collaboration, expertise and dedication from both companies, cod farming in Norway would simply not be where it is today," Norcod CEO Christian Riber said.
Photo: Norcod.
Norcod announced today it has inked a five-year agreement with Havland for the supply of juveniles for its cod farming operations in Norway. The Norwegian company emphasized that this is an exclusive agreement under which all cod fingerlings produced by the land-based breeder will be supplied to Norcod.
In the announcement, Norcod also highlighted that, since its establishment in 2018, it has worked closely together with Havland, coinciding with the restart of modern cod farming in Norway, and with a shared ambition: to develop cod farming into a stable and scalable industry.
Now, the agreement supports the Norwegian cod farmer's long-term growth strategy and its increasing production ambitions. The company said the new deal targets expanded capacity towards 7.5 million juveniles annually.
The statement regarding the exclusive agreement also noted that the Havland cod stock has been refined over 20 years and nine generations of breeding and development to produce robust and biologically strong juveniles adapted to commercial cod farming, which has enabled the solid growth the sector is experiencing today.
Thus, to continue supporting the next phase of growth for Norwegian cod farming, in 2021, Norcod and Havland formed a joint venture to establish a new cod hatchery located in Florø, strengthening long-term fry capacity.
"We have worked side by side with Norcod for many years, building the cod farming industry in Norway brick by brick in a mutually beneficial relationship. This agreement reflects both the strong partnership between the companies and our shared belief in the future potential of farmed cod," said Oddgeir Igland, CEO of Havland, commenting on the deal.
"Havland has for many years been, and continues to be, an important partner for Norcod. Together, we have gone from piloting cod farming to creating an industry that is now approaching profitability and entering a phase of significant growth," said, for his part, Christian Riber, CEO of Norcod.
"Without the collaboration, expertise and dedication from both companies, cod farming in Norway would simply not be where it is today. We are thrilled to continue our fruitful work with Havland as stable access to high-quality juveniles is critical to the continued growth of Norcod and the industry," Riber added.
As mentioned above, the deal between Norcod and Havland supports the Norwegian cod farmer's long-term growth strategy, as together with existing agreements, this partnership gives it sufficient fry and juvenile capacity to support its ongoing growth plan, while also increasing flexibility around stocking strategies and fish size before the sea phase.
Following several years of operational development and biological improvements to its farming operations, Norcod continues to expand its production. The company is progressing as planned in developing new facilities and optimizing existing ones, increasing biomass at sea throughout 2026, in line with its growth plan to reach between 13,000 and 15,000 tons of Snow Cod harvested in 2027, and 25,000 tons in 2029.
To support this continued growth and upscaling strategy, following its Q4 2025 operating report, the Norwegian cod farmer initially considered the possibility of a bond issue. However, it subsequently updated its funding plan, opting for a NOK 100 million private placement and new debt financing.
The private placement was completed approximately a month ago, when Norcod secured the capital thanks to the allocation of 8,508,577 shares, obtaining gross revenues of NOK 85,085,772. The amount, together with the shareholder loan from Jerónimo Martins Agro-Alimentar S.A.—which acquired an 18% ownership stake in Norcod in November 2025—for approximately NOK 15 million, equalled the total of about NOK 100 million the company wanted to raise.
At the time, Norcod also announced it would conduct a subsequent repair offering aimed at existing shareholders who were not included in the private placement. Launched last Monday, June 15, and open until June 26 at 4:30 p.m. CEST, the company expects to raise an additional NOK 10 million.