Norcod AS: Norcod granted 75 million NOK in additional credit – improving financial and operational headroom

05 Jun 2024 13:00 CEST

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.

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