Statt Torsk increases from 3 to 6 licenses at Rekvika

The maximum production of fish will be 4,680 tonnes

Statt Torsk ASA has been awarded 3 new licenses to Rekvika, increasing from 3 to 6. Thereby, the company informed through a statement that the maximum simultaneous production of fish will be 4,680 tonnes.

According to Leif Ronny Rætta, COO of Statt Torsk ASA, this increase will allow achieving an overall sustainable production of farmed cod around Stad.

"Short distances in the value chain mean a lot to be able to operate efficiently. I am very happy that the responsible authorities see that this is important, and not least that we get the opportunity to create new and safe jobs in the area," he confirmed.

On the other hand, CFO Bjug Borgund noted how a larger plant will cause a lower investment and lower production cost per kg produced for Rekvika.

"The investment will be carried out so that Rekvika is ready for larger production when the second production cycle is started in the second half of 2023," Borgund added.

To sum up, the company has a target of 24 licenses in 4-6 locations to achieve the most sustainable production unit in the area around Stad. Following the expansion, the company has 2 facilities with a total of 8 licenses.

In addition, Statt Torsk entered into a long-term agreement with Western Seaproducts AS, a company owned by Måsøval AS. Thus, it will harvest and process up to 3,500 tons of cod per year.

About Statt Torsk AS

Statt Torsk ASA produces and sells farmed Atlantic cod. Euronext Growth Oslo listed the company with ticker "STATT" and with operations in Stad municipality.

From 2016-2021, the company carried out three pilot productions to clarify whether commercial production was possible. STATT is now in commercial production with currently two sites in Vanylvsfjorden.