• Some weeks before, they acquired Lumarine, that currently operates the largest juvenile cod production facility in the country
The Norwegian cod farming company Ode just announced that has entered into an agreement to acquire Mowi’s facility in Vanylven, Norway. They reported that Mowi will continue operating the facility through the summer with its current stock of ballan wrasse. After that, Ode will take over the facility and its employees and convert the operations to cod juvenile and broodstock production.
“Ode is a strong player in cod farming and will further develop the facility in a responsible and sustainable manner,” said Regional Director Asgeir Hasund of Mowi Norway.
For his part, Ode CEO Ola Kvalheim commented: “The company has a strong need for increased onshore capacity, and Sighaug fits perfectly into our portfolio with its skilled and experienced employees, proximity to several of Ode’s farming sites, and opportunities for further development and investment.”
Without Interruption
Kvalheim emphasized that Ode sees Sighaug as an important facility in the company’s value chain for farmed cod. The facility, together with several of its employees, has previously produced cod juveniles with very strong results.
“We are confident that we can build on what Mowi has developed over the past years. The facility can easily be converted back to cod and is well suited for both juvenile and broodstock production. Together with Mowi, we are immediately starting the process of applying for a change of species approval to cod. We hope for a swift process with the relevant authorities so that operations can resume without interruption in activity,” assured Kvalheim.
According to Mowi’s Regional Director Hasund, they “are pleased to have found a good solution for the facility and its employees. This will ensure continued operations in Vanylven,” he said while he also thanked the facility’s employees for their efforts over many years, and especially for their work in recent times.
Euronext NOTC-Listed Seafood Company Lumarine
Some weeks before the announcement, Kistefos-controlled Holding Akvaservice, together with shareholders representing more than 90% of the shares, entered into an agreement to sell their shares to Ode. The remaining shareholders have been offered the opportunity to sell their shares on the same terms. Lumarine currently operates Norway’s largest juvenile cod production facility at Tjeldbergodden in Aure municipality, also in Norway. The facility produced approximately 1,500 tons of juvenile cod last year.
Ode and Lumarine have worked closely together since 2022, and the acquisition represents an important step in Ode’s continued development as a leading and fully integrated producer of farmed cod, they highlighted.
The company plans to invest significantly in further modernization and scaling of production to 5,000 tons of juvenile cod by 2027. Such capacity will be necessary to support a potential annual production volume of around 100,000 tons of market-size cod within the next five years.
“We are very pleased to announce this acquisition. We know Lumarine, the organization, and the facility well after a very successful collaboration over the past five years. Bringing this fully into Ode is a natural and strategically sound step for us. It represents a key milestone in strengthening our fully integrated value chain for cod production,” said Kvalheim.
Through this acquisition, Ode is laying the foundation for future growth and a clear modernization and professionalization of juvenile cod production. Lumarine has significant potential for further development and expansion beyond the 5,000 tons planned after the acquisition. According to them, Ode looks forward to further developing the strong professional environment at Tjeldbergodden and strengthening cooperation with the local community in Aure.
“We look forward to fully integrating the organization and production into Ode. This provides greater predictability, allows us to invest in improved biological control, and strengthens our ability to deliver even better juvenile fish in the future. At the same time, we are welcoming highly skilled employees who already have extensive experience with cod juvenile production and who know Ode and our way of working through the long-standing cooperation between the companies,” finished Kvalheim.
Lumarine’s juvenile cod production uses a flow-through system in which seawater is heated through heat exchange with surplus heat from local industry. This enables a highly sustainable production model with low biological and technological risk. Experience with cod production since 2022 has been positive and provides a strong foundation for further development under Ode.
