NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE
UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the Q4 2024 report from Norcod AS ("Norcod" or the
"Company") published on 13 February 202, where it was announced that the Company
intends to launch a private placement of new shares (the "Offer Shares") to
raise gross proceeds of minimum NOK 150 million (the "Private Placement"). DNB
Markets, a part of DNB Bank ASA has been engaged as financial advisor. The
contemplated Private Placement is expected to take place during Q1 2025.
 
As previously announced, some of Norcod's largest shareholders have already
indicated support covering the minimum amount in the Private Placement. Based on
the indications of interest to subscribe for shares already received, the
Company has determined that the subscription price per Offer Share in the
Private Placement will be NOK 12.00.

Further information on the Private Placement will be announced in due course. 

For more information, please contact:
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail:
cr@norcod.no
Stian Vollan-Hansen, Chief Financial Officer, phone: +47 481 78 846, E-mail:
svh@norcod.no

About Norcod:
Norcod AS' core business is commercial sea farming of cod. Norcod's existing
fish farms are located in Mid-Norway with ideal conditions for cod. The company
contributes to blue ocean value creation with minimal impact on the environment
while supporting local communities. Norcod is listed on Oslo's Euronext Growth
market.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation
(MAR).