DNB backs cod farming firm

The Fish Site
by The Fish Site
4 November 2022, at 10:00am

Norcod has entered into a NOK 75 million (€7.3 million) overdraft facility with DNB to secure the financing for its operations for the next 12 months.

man holding cod
DNB has given Norcod €7.3 million in credit

Norcod is planning to use the credit facility to further invest in cod production at sea and building up of biomass.

Oslo-based DNB is Norway's largest bank and the cod farming company claims that the agreement “confirms the huge forward potential of Norcod”.

Christian Riber, CEO of Norcod, said in a stock exchange announcement: "This is a very important loan facility to us. Naturally because of the financing itself, but it is equally important that DNB, as a major financial institution, really shows that they believe in a great future for Norcod. Our focus is now to develop our company according to the plans we have set out for our customers and our investors."

Norcod produces cod on five different sites in Norwegian fjords. All are naturally bred bringing a delicious product to the customers. During 2023 Norcod anticipates a total of 6 million cod fry to leave the hatchery and to enter fish farms at sea at four different sites.