Welcome to FIS   Sponsored By
United States
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Norcod technician holds up a healthy cod while monitoring fish performance in the nets. Photo: Norcod

PRESS RELEASE: Norcod ends 2020 on high note

Click on the flag for more information about Norway NORWAY
Thursday, February 25, 2021, 18:00 (GMT + 9)

Norwegian aquaculture venture in strong position after its first full year of operations and gearing up for its first sales of farmed cod this summer.

Highlights from the fourth quarter of 2020 include exceptional biological performance of the fish, getting a second production cycle underway with the transfer of a new batch of fry to growth facilities, equipment and feeding barges ordered in support of ongoing production, and management changes that put the company on the road to achieving new milestones.

Operating costs under budget


“We are in a very good position to continue our planned growth according to plan,”
said CEO Christian Riber. “Plus, we succeeded in keeping operating costs under budget by NOK 12m for the entire year. Our team have done a fantastic job.”

Norcod has come a long way since start-up only 18 months ago. “We have worked incredibly hard during the establishment phase, applying for licences, securing sea sites and creating an entire value chain for farmed cod from broodstock to market-ready product,” says Riber.

Sales income from Q3 2021

He emphasizes that the company has not yet generated any profits because its first production cycle is still underway. The production cycle lasts around 18 months. “Obviously we haven’t made any money yet because we don’t yet have a finished product to sell. Sales income from our first production cycle will start when we start harvesting in Q3 this year, and from our second production cycle in 2022. But we are well on the way.”

Photo: Norcod/FIS

Close monitoring of fish performance is core to Norcod’s daily operations, with technicians making frequent inspections of individual fish in order to map production trends. Calm behaviour and well-distributed biomass in the sea pens indicate good animal welfare, with high feed efficiency and low mortality. “Exceptional biological performance lowers both risk and costs,” says Riber.

Quality biomass

Norcod has access to sixth-generation cod fry that are bred for optimal health and yield. “For that we have to thank our joint-venture partner, Havlandet Norcod AS,” says Riber. “Our latest batch of fry was successfully transferred to growth facilities in the fourth quarter and they will begin the sea phase in June.”

Norcod opted only to buy new modern equipment from the outset, which has helped to keep operating costs down. “Our use of in-house expertise related to technical site work also reduced our need to purchase external services,” says Riber.

Sustainability focus

The company took delivery of a new hybrid-electric feed barge at the end of December for its Jamnungen site. It has a further two on order, as well as catamaran service vessel also equipped with batteries. “Reducing fuel consumption and emissions is a key part of our efforts to ensure sustainable production,” says Riber. “We are implementing waterborne feeding technology on the last two barges which will further reduce energy consumption. Our electrified service vessel will also cut noise during daily operations which is good not only for the fish but also our employees and the surrounding environment.”

Listing swells coffers


Financing activities during 2020 provided Norcod with both new equity and loans. Net cash flow from financing activities was NOK 420m in 2020 versus NOK 43m in 2019. The company had cash and cash equivalents of NOK 199m at the end of 2020 as against NOK 8m at the same time the previous year. Investment and financing activities generated positive cash flow of NOK 420.5m, up from NOK 378.9m in 2019. This was due to the company’s listing on the Oslo Stock Exchange’s Euronext Growth in October.

Photo: Norcod

High demand


Norcod garnered very positive feedback from samples sent to the US and various countries in Europe from its first trial harvest in December. “We will conduct another and final out-take of cod in the second quarter of this year to further promote our product before our first harvest begins in the summer. We aim to produce 6,000 metric tons of fresh farmed cod in this first cycle, and a harvest volume of 10,000 metric tons in 2022,” says Riber. He adds that market demand is high, with some samples fetching a strong NOK 65 per kilo and an average of NOK 56 per kilo.

Norcod is following the Norwegian authorities’ guidelines regarding Covid-19, and adapting to the situation as necessary. “We are taking care to avoid any operational disruption and are in close dialogue with suppliers to keep upcoming equipment deliveries of equipment on track. Fortunately, we have not experienced any direct adverse consequences due to good planning,” says Riber.

Bright outlook

Right now, we are exactly where we want to be and following our carefully laid plan. Our ambition is to provide healthy protein through responsible farming of cod on an industrial scale, with sales contracts for year-round supply. We have a watertight business model, customers are eagerly awaiting our product and we look forward to becoming profitable when sales begin,” Riber says.

He took over as CEO from Hilde Storhaug during the fourth quarter. Storhaug continues as CSO in charge of Norcod’s sustainability activities. Aquaculture industry luminary Marit Solberg accepted the invitation to become Chair of the Board. “We have a great product, massive combined industry expertise and the backing of seasoned industry investors. 2021 should be a great year,” Riber concludes.

About Norcod


Norcod AS’ core business is commercial sea farming of cod but through ownership and partnerships is involved in the entire value chain. Norcod’s fish farms are located in Mid-Norway with ideal cold-water habitat conditions for cod. The company is contributing to blue ocean value creation with minimal impact on the environment while supporting local communities. Norcod is listed on the Oslo Stock Exchange’s Merkur Market.

[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
Chile
Feb 26, 00:00 (GMT + 9):
Other Media | aqua.cl: Sardine and anchovy season will begin on March 1 in Biobío
European Union
Feb 25, 10:00 (GMT + 9):
Protecting 30% of the Mediterranean Sea will boost fish stocks and biodiversity - WWF report
United States
Feb 25, 10:00 (GMT + 9):
Weekly production of Alaskan pollock roe (DAP in BSAI/GOA) | week 6
United States
Feb 25, 10:00 (GMT + 9):
Alaska pollock catches in season A (DAP in NMFS count) | week 6
Germany
Feb 25, 09:00 (GMT + 9):
BAADER and SKAGINN 3X Announce Closing of Their Merger
Spain
Feb 25, 08:00 (GMT + 9):
Cantabria approves its first Law on Maritime Fishing, Shellfish and Aquaculture
Peru
Feb 25, 07:00 (GMT + 9):
Imarpe will evaluate for 50 days anchovy resource in Mar de Tumbes
United Kingdom
Feb 25, 07:00 (GMT + 9):
Fishing into the Future boosted by partnership with The Fishmongers’ Company and new Programme Manager
Argentina
Feb 25, 07:00 (GMT + 9):
Shrimp: the season in the city of Rawson begins to decline
Chile
Feb 25, 00:40 (GMT + 9):
Other Media | SalmonBusiness: Salmones Camanchaca’s operating revenue was halfed in Q4
Hong Kong
Feb 25, 00:40 (GMT + 9):
Other Media | SeafoodSource: Hong Kong’s supermarkets making slow but steady improvements in sustainability efforts
Norway
Feb 25, 00:40 (GMT + 9):
Other Media | The Fish Site: 100,000 tonne underground salmon farm seals genetics deal
United Kingdom
Feb 25, 00:40 (GMT + 9):
Other Media | FiskerForum: UK Industry Needs Tax Incentives To Invest
Ecuador
Feb 25, 00:30 (GMT + 9):
Other Media | iPac.acuicultura: Cargill Ecuador achieves GLOBAL G.A.P.



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Antarctic marine reserves await russian scientists
Russia Fed. The Ministry of Natural Resources sent the government a plan for the implementation of the Strategy for the Development of Russia's Activities in Antarctica. Expeditionary studies of marine biological...
Nicaragua aims to exceed export goals with the fishing sector
Nicaragua The president of the Nicaraguan Institute of Fisheries and Aquaculture (Inpesca) Edward Jackson, presented the possibility of contributing 300 million dollars to the Nicaraguan economy in 2021 for exp...
Still no evidence of COVID-19 transmission from food, FDA says
United States The following is an excerpt from an article published by Live Science: There is "no credible evidence" that SARS-CoV-2, the virus that causes COVID-19, is transmitted through contaminated f...
Drones and artificial intelligence will help scientists study the situation with salmon in the water area of ​​the Far East
Russia Fed. The All-Russian Research Institute of Fisheries and Oceanography (VNIRO) is using artificial intelligence and drones in the study of Pacific salmon, Kirill Kolonchin, director of the VNIRO Federal Sta...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2021 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER