Norcod appoints new Chief Financial Oficer

Norwegian cod farming company Norcod AS has announced the appointment of Stian Vollan-Hansen as its new Chief Financial Officer (CFO), effective December 1, 2024. Vollan-Hansen, 34, brings nearly a decade of financial management and business development experience from his tenure at Entro, a leading Norwegian energy consultancy firm, where he most recently served as CFO.

Based in Trondheim, Vollan-Hansen holds a master’s degree in economics from NTNU Business School. His expertise spans financial planning, reporting, mergers and acquisitions (M&A), strategy, and business development, making him a strong asset to Norcod as the company continues its growth in the aquaculture industry.

"We are delighted to welcome Stian to the Norcod team. I am confident that his experience, knowledge and positive energy will be a valuable contribution to the company in our efforts to make industrial scale cod farming a commercial success," said Christian Riber, CEO of Norcod.

"I am very excited to join Norcod as their new CFO and look forward to being a part of the company's journey," Vollan-Hansen said.

"Their future is bright as the world needs more healthy and sustainable seafood, and Norcod has come a far way in pioneering cod farming on an industrial scale. I look forward to contributing to making this economically sustainable and realizing the huge potential I see for Norcod and cod farming," Vollan-Hansen added.

The new appointment comes several months after Norcod's previous CFO Arne Kristian Hoset announced his resignation in April 2024, after just over one year in the company. Norcod appointed financial advisor Trym Are Sivertsen as interim CFO shortly afterwards - a position he will continue in until the new finance chief takes office in December.

This leadership change comes on the heels of Norcod's strong financial results for the second quarter of 2024, and a series of strategic milestones achieved during 2024.

In Q2, Norcod reported a surge in revenues of 121% compared with last year, reaching 86 million NOK (EUR 7.35 million / USD 7.93 million), compared with the 39 million NOK (EUR 3.33 million / USD 3.60 million) recorded in Q2 2023. This significant growth was driven by a 76% rise in harvest volume, reaching 1,830 tons WFE (whole fish equivalent), up from 1,038 tons in the same period last year.

This year, the company has also obtained a permanent permit to expand the harvesting capacity of its subsidiary Kråkøy, signed a new contract with a leading Chinese distribution company, and completed a NOK 170 million (EUR 14.65 million - USD 15.87 million) private placement to continue its expansion plans, followed up by a subsequent offering.

Vollan-Hansen will thus step into his role during a period of rapid growth and strategic initiatives, including the recent launch of Norcod's "Snow Cod" brand, aimed at positioning farmed cod in a premium niche market.

In its most recent financial report, Norcod says it continues to target profitability at its current production level of 10,000 tons annually, focusing on optimizing cod biology and tapping into consumer trends with sustainable, high-quality cod.