Nordic Halibut expects a fish put to sea of 1M juveniles during 2023

Halibut catch of the day in Homer Alaska
Halibut catch of the day in Homer Alaska

Nordic Halibut has implemented an ambitious growth plan to become the world's leading halibut farmer after a significant breakthrough in early-phase production. The company's growth plan has production targets of 4.500 tonnes HOG within 2026 and 9.000 tonnes HOG within 2030.

Therefore, the first production milestone towards these production targets is several fish put to sea during 2023. In 2023, the company has a production target of 1 million juveniles put to sea. This will enable run-rate production of 4.500 tonnes of HOG halibut.

Nordic Halibut's fully integrated value chain from roe to sales will help the company's growth plan to 4 500 tonnes HOG within 2026. Moreover, the production facilities at Midsund, Askøy, and Averøy have benefited from the investments.

Nordic Halibut AS

Planning to establish a fourth location

In the grow-out phase of production, the company currently has three locations. It has as ambition to establish a fourth during 2023 to enable run-rate production of at least 4 500 tonnes of HOG halibut in the sea each year.

Further, the established and operating infrastructure and capacities at Nordic Halibut's facilities can produce the number of fish and volumes needed to reach the growth plan phase 1 production targets of 4 500 tonnes HOG.

Growth plan phase 2 will take the Company's production volumes to 9 000 tonnes HOG within 2030. To reach this production target Nordic Halibut will build a new land-based facility at Tingvoll, Norway. It will produce 1 million juveniles annually from 2027. Enabling the production of 9 000 tonnes of HOG halibut from 2030. The Company hopes to have all regulatory processes to commence the build phase in place by year-end 2022.

To sum up, CFO Kenneth Meyer, confirmed: "Currently, there are no major implications of the global cost tendencies that will affect the company's growth plans going forward. So overall, the financial situation and the resulting development is continuing according to our business plan."

About Nordic Halibut AS

Nordic Halibut AS is a company based in Western Norway and with headquarters in Averøy, Nordmøre. It is a leading farmer of Atlantic halibut.

The Company has a fully integrated and well-developed value chain from genetics to sales and has had a significant breakthrough in early-phase production.

The aim is to implement a growth plan to expand production volumes considerably. Nordic Halibut will create shareholder value by pursuing value-accretive organic growth through increased production.

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