Norcod Begins Fish Oil Production at Kråkøy, Reaching 98% Cod Utilisation

Norcod has started fish oil production at its Kråkøy harvesting facility, producing more than 14 tonnes in the first two weeks and reaching 98 percent utilisation of harvested cod, according to TradingView. The Norwegian cod farmer said the factory was installed over the summer following an investment of around NOK 20 million.

Norcod's Kråkøy Fish Oil Factory

Norcod is a Norwegian publicly listed aquaculture company that farms and distributes premium Atlantic cod, known as Snow Cod, from Norwegian fjords to European seafood distributors, wholesalers and food service providers through channel partners Sirena Group and Maris Seafood, according to akta.pro company records.

The in-house factory lets Norcod produce fish oil from almost all offcuts from its cod harvesting, including parts of the fish that were previously destined for ensilage. The oil is intended for the nutritional supplements market, giving Norcod an additional source of revenue from its existing production.

CEO Christian Riber said: "Achieving 98 percent utilisation of our harvested cod, with all products destined for human consumption, is a significant milestone for Norcod and something we are very proud of."

Managing Director of Kråkøy Norcod, Roger Sørgård, said: "We are now producing high-quality fish oil not only from cod livers, but also from guts and intestines that previously went to ensilage."

Norcod's Earlier By-Product Investment

Norcod launched a cod liver oil factory at the Kråkøy harvesting and processing facility in Åfjord in January 2026, backed by a NOK 20 million investment, to create a by-product revenue stream, according to akta.pro company records. The same records show Norcod secured approximately NOK 270 million in additional financing in 2026, comprising NOK 120 million in debt facilities, NOK 100 million in new equity and shareholder loans, and a NOK 50 million loan from Innovation Norway.

Norcod's Harvest and Revenue Run-Up

Norcod reported NOK 57 million in revenue from 791 metric tons of cod harvest in Q2 2026, with 96.45 percent quality and a 21 percent year-over-year increase in operating revenue per kilogram, SeafoodSource reported. Biomass at sea rose 76 percent to 5,390 MT, and the company plans 13,000 to 15,000 MT harvests in 2027.

Norcod reported a drop in Q1 2026 revenue to NOK 30.7 million from NOK 193 million in Q1 2025, as it deliberately reduced harvests to 404 MT from 3,929 MT to increase average harvest weights and build biomass, SeafoodSource reported.

Norcod's 2027 Harvest Plans

Norcod plans harvests of 13,000 to 15,000 MT in 2027, according to SeafoodSource.