NCOD: Norcod enters five-year agreement with Havland securing juvenile supply for planned growth

Norcod AS has entered into an exclusive five-year agreement with Havland to
supply cod juveniles to the company's farming operations in Norway. Under the
agreement, all cod juveniles produced by Havland will be supplied exclusively
to Norcod.
The agreement supports Norcod's long-term growth strategy and increasing
production ambitions, and the new deal targets expanded capacity towards 7.5
million juveniles annually.

Partners in Norwegian cod farming since 2018
Norcod and Havland have worked closely together since the restart of modern
Norwegian cod farming in Norway. When Norcod was established in 2018, the
companies began a close collaboration built around a shared ambition to
develop cod farming into a stable and scalable industry. In 2021, Norcod and
Havland entered a joint venture to establish the new cod hatchery in Florø,
strengthening long-term fry capacity and supporting the next phase of growth
for Norwegian cod farming.

"Havland has for many years been, and continues to be, an important partner
for Norcod. Together, we have gone from piloting cod farming to creating an
industry that is now approaching profitability and entering a phase of
significant growth," said Christian Riber, CEO of Norcod.

"Without the collaboration, expertise and dedication from both companies, cod
farming in Norway would simply not be where it is today. We are thrilled to
continue our fruitful work with Havland as stable access to high quality
juveniles is critical to the continued growth of Norcod and the industry."

Through 20 years and nine generations of breeding and development, the Havland
cod stock has been refined to deliver robust and biologically strong juveniles
adapted for commercial cod farming, enabling the solid growth the industry is
experiencing today.

"We have worked side by side with Norcod for many years, building the cod
farming industry in Norway brick by brick in a mutually beneficial
relationship. This agreement reflects both the strong partnership between the
companies and our shared belief in the future potential of farmed cod," said
Oddgeir Igland, CEO of Havland.

Supporting Norcod's production growth plan
Together with existing agreements, this partnership gives Norcod sufficient
fry and juvenile capacity to support its ongoing growth plan, while also
increasing flexibility around stocking strategies and fish size before sea
phase.  
Norcod continues to scale production following several years of operational
development and biological improvements across its farming operations.

The company is on track to develop new and existing sites, increasing biomass
at sea throughout 2026, in line with their growth plan towards 13-15,000
tonnes harvested Snow Cod in 2027, and 25,000 tonnes in 2029.
 

For more information, please contact:
Christian Riber
CEO Norcod
cr@norcod.no
+47 905 37 990

About Us

Norcod's core business is commercial sea farming of cod and is involved in the
entire value chain through ownership and partnerships. Norcod's existing fish
farms are located in Mid-Norway and along the Helgeland coast with ideal
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 Oslo's Euronext Growth market.
nt while supporting local communities.\
Norcod is listed on Oslo's Euronext Growth market.\