NEWS Norcod completed a successful cod production at their Jamnungen facility in Frøya

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Aquaculture Magazine reports:

The company achieves a 35% reduction of its FCR

Members of the Norwegian company Norcod have announced that they have just completed a successful cod production run at their Jamnungen facility in Frøya. “The results are truly outstanding,” they assured. For them, biological conversion rates of 0.97 and economic conversion rates of 1.08 underline “the fantastic performance of our fish and the strong position cod occupies as a sustainable source of marine protein.”

“Since our last full cycle, Norcod has reduced FCR (Feed Conversion Factor) by an impressive 35% while increasing harvest weight. This highlights the immense potential and unique properties of our saltwater superstar – cod above all others,” they said.

In unveiling the news, Norcod thanked the dedication of its on-site operational team and the expertise of its operators in the feed center. Thanks to them, they said, “we have achieved extraordinary results”.

“Join us in celebrating this achievement and the promise it holds for the future of sustainable aquaculture. Together, let’s continue to elevate the profile of cod as a vital contributor to food security and environmental stewardship,” they said.

Fourth Quarter report

Shortly before, the Norwegian company presented its Fourth Quarter report. “After concluding an exceptional year, we are proud to share some of the highlights of our work throughout 2023 and in Q4,” they said. As explained from Norcod, revenues increased impressively to NOK 83 M, a significant increase of 61% compared to NOK51 M in Q4 2022.

“Our commitment to deliver outstanding results translated into a significant increase in harvested WFE, which reached 1,611 tons, an impressive 90 % increase over Q4 2022,” they said. On the other hand, operating losses of NOK 47 M, excluding extraordinary items of NOK 21 M, were recorded, compared to NOK 32 M in Q4 2022.

In other aspects, the company explained that they achieved a feed conversion ratio of 1.05, combined with strategic investments in biomass that led to a net growth of 2,317 tons of WFE.

Another highlight for Norcod is that, following Q4 2023, the company achieved a commercial breakthrough with a new contract in China, with favorable terms.

Revenues for the full year amounted to NOK 269 M, representing an impressive 58% increase from NOK 171 M in FY2022. “Our sustained efforts resulted in the harvest of 6,155 tons of WFE, a significant increase of 60% over FY2022. We maintained a commendable feed conversion ratio of 1.05, with strategic investments in biomass driving a net growth of 4,600 tons WFE,” they said.

Production highly efficient

Norcod is currently the world’s largest cod farmer. The company has spent five years working to pioneer the second wave of industrial cod farming, making remarkable advances with each new generation.

“Our focus on biological control has resulted in a significant reduction in feed conversion ratio (FCR), making our production highly efficient. With a strategic focus on expanding into new markets such as China, Japan and the United States (US), Norcod is poised to have a global influence.”

From Norcod they emphasize that despite market challenges their production costs are now comparable to those of the salmon industry, with a strong emphasis on continuous improvement. “The journey has not been without its challenges, but the resilience of our team is evident as we navigate the complexities of an ever-changing market.”

The post <em>Norcod</em> completed a successful cod production at their Jamnungen facility in Frøya appeared first on Aquaculture Magazine.