Norcod Switches CEOs, Conducts First Sample Harvest

Norcod Switches CEOs, Conducts First Sample Harvest

Trondheim, Norway-based Norcod has moved another step closer to rolling out its farm-raised cod to customers after conducting its first planned sample harvest.

Cod from the first planned sampling were sent to selected retailers, foodservice suppliers, and producers in Norway, Denmark, Sweden, Lithuania, Poland, Germany, the Netherlands, France, Spain, Portugal, Switzerland, England, Ireland, Wales, Scotland, and the United States. The fish were distributed by the Sirena Group, which is handling sales and marketing for Norcod.

“Fish performance has been excellent and optimal welfare is a top priority,” Norcod COO Rune Eriksen said in a press release. “We have high survival rates, the fish have grown very well, and we have been able to harvest 2.5-kilogram cod after only 11 months of production.”

Earlier this week, the company announced new appointments for two executive positions. Christian Riber, formerly chairman of Norcod’s board of directors, has stepped down to become the new CEO. He has also resigned as the commercial director of Sirena Group, which is the largest shareholder in Norcod, and one of the company’s collaborative supply chain partners.

Marit Solberg – a former COO of Mowi and Norwegian Seafood Council chairperson – replaced Riber as chair of Norcod’s board. Hilde Storhaug, who had formerly served as CEO, has moved to a new position as chief sustainability officer.

“Norcod is on an exciting journey to re-innovate and recreate the business of farmed cod,” Riber said. “We have worked hard during the start-up phase and to get where we are now – on the verge of delivering a high-quality, responsibly-produced cod to retailers, restaurant, and consumers around the world.”

The company listed on Oslo Stock Exchange’s Merkur market in October this year, with a market value cap of NOK 850 million (USD 99 million, EUR 80.8 million). By 16 December, Norcod’s share value had risen to NOK 1.2 billion (USD 139 million, EUR 114 million).

Riber said he was encouraged by the positive feedback the company has received from the recipients of the first samples of Norcod’s product.

“I was very excited to hear our customers’ comments on what we believe is a fantastic product with a great future,” he said. “We are very grateful to the restaurants and chefs who have taken time to test the product in spite of the very difficult situation for the hospitality industry due to COVID-19 lockdowns.”

Norcod and partner Namdal Settefisk currently have 1.7 million cod in the water, and new batches of fry are due to be produced, ready for sea transfer in 2021. The harvest volume for 2021 is estimated at 6,500 metric tons (MT), and at 10,000 MT in 2022. The company’s eventual target harvest is around 36,000 MT per year.