Norcod today announces that it has been granted 75 million NOK in additional credit from its main bank DNB and Export Finance Norway. The additional credit increases the company’s financial and operational headroom, efficiently serving as predictable funding for future biomass investments. The increased credit line adds on to the financial measures that the company achieved and announced during the first quarter of 2024.
“This additional credit of 75 million NOK truly shows that our main bank has strong belief in Norcod and our strategy on fine tuning our biology, developing the market and positioning our product in a premium niche category. DNB and Export Finance Norway are important partners to us, and I am excited and grateful for their commitment”, says Christian Riber, CEO of Norcod.
“During the first half of 2024, we have worked diligently to improve our financial capacity. In the first quarter, we successfully increased our operational liquidity by 169 million NOK from private placement and subsequent repair offering. This additional credit of 75 million NOK comes on top. Combined with the investments in biomass and the cost reducing value chain integration and other financial measures that we have executed during the last twelve months, Norcod has taken significant financial steps forward” says Arne Kristian Hoset, CFO of Norcod.
The additional credit is facilitated by Norcod’s main bank DNB and will be available for the company from September 2024.
For further information, please contact:
Christian Riber, Chief Executive Officer, phone: +47 905 37 990, E-mail: cr@norcod.no
Arne Kristian Hoset, Chief Financial Officer, phone: +47 988 10 282, E-mail: arne.hoset@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 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.