Trondheim, 17 December 2020

Norwegian aquaculture innovator, Norcod, is on a fast track towards delivering
fresh farmed cod to retailers, restaurants, and consumers around the world. The
first planned sample harvest and processing has just been carried out, and
samples of fresh cod distributed across Europe and the US. In Denmark, samples
were also sent to pro restaurant chefs. Feedback has been very positive.
Christmas and New Year's Eve are just around the corner. Cod is part of the
seasonal food tradition of many families in Scandinavia, and next year that very
cod may be farmed from Norcod. The company has just made its first planned
harvest and processing, and sent out samples to selected retailers, food service
suppliers and producers in 16 countries.
"Fish performance has been excellent and optimal welfare is a top priority. Due
to high survival rates, calm fish behaviour, well distributed biomass and good
appetite, the fish have grown very well, and we have been able take out cod of
2.5 kg after only 11 months of production," says Rune Eriksen, COO at Norcod.
Sampling is a milestone towards full-scale production
The planned sampling initiative forms part of the run-up to Norcod's first
projected sales in summer 2021.
"Sending real samples from the production is a big step for us and an exciting
part of our route to achieving our business goals and delivering value for our
shareholders. We have come a long way and I was very excited to hear our
customers' comments on what we believe is a fantastic product with a great
future. As well as being great tasting, our cod is responsibly produced and we
hope it will become a new healthy source of protein for consumers not only in
Europe but around the world," says Norcod CEO Christian Riber.
"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," he added.
Very positive feedback from suppliers and restaurants
Samples were distributed to recipients in Norway, Denmark, Sweden, Lithuania,
Poland, Germany, the Netherlands, France, Spain, Portugal, Switzerland, England,
Ireland, Wales, Scotland, and the US. The sampling was carried out by leading
seafood company Sirena Group, which is also handling sales and marketing for
Norcod. And feedback has been very positive.

"I was delighted to have a sample of Norcods new, farmed cod. A good and
healthy-looking fish with thick and firm fillets. With excellent texture and
aroma and white transparent fresh-looking meat. Exactly what I am looking for in
cod," says Jesper Redecker Hansen from Fiskerikajen in Denmark.

The chefs in Denmark were all excited to test the product.

Norcod well received by the market
The sampling follows a series of milestones racked up by the company in recent
months. Its NOK 250m share issue in October was three times oversubscribed and
it listed on the Oslo Stock Exchange's Merkur market shortly afterwards. Its
market value was pegged at approximately NOK 850m but had risen to NOK 1,192m on
16 December.

By the end of September, Norcod and our partner Namdal Settefisk had 1.7 million
cod in production on split between two locations in Norway. New tranches of fry
are slated to go into the growth phase in the next few months in preparation for
new sea transfers in 2021 and harvest volumes in 2022 of 10.000 tons Cod.


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.


For further information, please contact:

Christian Riber
CEO, Norcod
+47 905 37 990
cr@norcod.no