Norcod gets NOK 50m credit boost
Cod farmer Norcod has been granted NOK 50 million (£3.7m) in additional credit from Export Finance Norway, increasing the company’s financial headroom to invest in biomass and growth initiatives, Norcod said today.
“This additional credit of NOK 50 million granted today comes on top of our financial achievements during the last months, amounting to a total of NOK 480m. Given the challenging situation in global capital markets with increased interest rates and higher macroeconomic uncertainty, this truly shows that our shareholders and financial partners have strong belief in Norcod,” said the company’s chief executive Christian Riber.
“The world is looking for pure and sustainable sources of food to serve increased human demand, and our product clearly demonstrates its market potential and naturally fits in. I am excited to see that our shareholders and financial partners share this vision.
Financial capacity
Norcod’s chief financial officer, Arne Kristian Hoset, said that during the last months, the company had worked diligently to improve its financial capacity and establish a robust equity base to enable further growth.
“In April, we successfully increased our operational liquidity by NOK 225m. At the same time, we improved our equity situation by approximately NOK 90m in debt restructuring. In May, we extended our credit line with our main bank, securing NOK 75m in liquid funds.
"This additional credit of NOK 50m granted today comes on top of these initiatives. With all this, combined with the vertical integration of (fish slaughter facility) Kråkøy slakteri that we acquired in June, Norcod has taken a large step on its growth journey.”
The additional credit is facilitated by Norcod’s main bank DNB, and holds the same terms as the credit line granted from DNB in the third quarter of 2022.
Norcod has five cod-farming sites encompassing 19 licences with a maximum allowed biomass of 13,920 tonnes in total.
