STATT – Long-term agreement entered into for handling and processing of cod

Statt Torsk AS has today entered into a long-term agreement for the handling and processing of up to 3,000 tonnes of cod per year.

Contract partner Per Stave AS is located at Leikanger in Stad municipality. The facility is located close to Statt Torsk's two facilities in Vanylvsfjorden. Per Stave AS and Statt Torsk AS are both shareholders in Statt Sjømat AS.

Through the agreement, Statt Torsk AS has secured a competitive processing partner with large capacity, long term experience and excellent knowledge for the planned growth in the coming years. The location of the facility is in short distance to the farming facilities, is attractive both in terms of sustainability and profitability.

Statt Torsk AS plans to process its entire production in 2021 and 2022 at Per Stave AS.

CEO of Statt Torsk, Gustave Brun-Lie, says "The fact that we are starting processing locally, one year ahead of our original plan, is positive with regard to further realization of our growth plan and is an important milestone for the company. A concentrated location of participants throughout the value chain is a mainstay for creating good profitability and for sustainable production. This agreement gives us great flexibility in processing and is the foundation for ensuring that we will achie our goal of using the entire fish for different products."

CFO of Statt Torsk, Bjug Borgund, states that ”Through this agreement the processing will be made locally, based on short distances and is an important piece of our plan to achieve the most competitive logistical system. The agreement will give our customers security for stable deliveries and products, which we expect will be an important factor in our price achievement in the years to come.”

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About Statt Torsk AS

Statt Torsk AS is listed on Euronext Growth with ticker STATT and with operations in Stad municipality. The company produces and sells Atlantic cod. In 2016-2020, the company carried out two pilot productions to clarify whether commercial production was possible. The company is on its way to commercial production, and now has two sites in Vanylvsfjorden. The company has a target of 12,000 tonnes of WFE (Whole Fish Equivalent) annual production by 2024.

About Per Stave AS

Per Stave AS is a family-owned company with long traditions in handling and processing of white fish.