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Nordic Halibut AS – Operational update Q4 2023

Averøy, Norway, 10 January 2024

Nordic Halibut AS (“NOHAL” or “the Company”) witnessed an upwards trajectory in price levels in Q4 2023 supported by increased harvest weights. Aligned with the strategic harvest plan, average harvest weight concluded at 5.5 kg (4.9 kg HOG), leading to an average sales price of 165 NOK/kg for the quarter. Notably, halibut sold in size categories above 5 kg commanded a price of 185 NOK/kg in Q4, underscoring the significance of larger-sized fish and the adjusted commercial focus in response to market signals. Sales price for FY 2023 concluded at 161 NOK/kg, reflecting an impressive 8% year-on-year growth.

The total revenue generated for the quarter reached NOK 25 million, contributing to a FY 2023 revenue of NOK 102 million (+27% YoY). Harvest volumes for the quarter amounted to 161 tonnes (145 tonnes HOG), while FY 2023 cumulative harvest volumes totaled 691 tonnes (622 tonnes HOG). Consistent with previous communications, the Company prioritized to facilitate favorable distribution of harvest weights during the quarter. This strategic focus aligns with our commercial strategy aimed at increasing harvest weights in future periods. The overarching objective is to optimize the utilization of available biomass, reinforcing our commitment to long-term goals, even if it entails potential impacts on short-term harvest volumes.

In 2023, Nordic Halibut achieved an all-time high release of halibut into the sea, totaling 794,500. Assessments conducted in the final stages of 2023 related to the timing of release, considering optimal solutions for fish welfare, logistics, and batch sizes, led the company to defer approximately 100,000 fish releases to early 2024. Although falling short of the 1 million release target for 2023, the short-term adjustments in release volumes will not adversely affect the 2026 production target of 4,500 tonnes HOG. This is attributed to the step change effect from the commercial strategy emphasizing larger fish and expected release of fish in 2024.

For further information, please contact: CEO Edvard Henden,, +47 911 41 165, or CFO Kenneth Meyer,, +47 452 12 424