Ode Takes 51% Stake in Namdal Settefisk, New Subsidiary Ode Namdal AS Pushes Cod Farming Capacity Above 60,000 Tonnes

Norwegian cod farming company Ode announced on 13 November 2026 that it has acquired a 51% stake in Namdal Settefisk, which will be brought into the group as a newly established subsidiary, Ode Namdal AS, as part of Ode's fully integrated operations.

Ode said that with this acquisition, the company will develop six cod offshore farming sites in central Norway. Namdal Settefisk currently has a capacity of approximately 11,700 tonnes, with the potential to grow to more than 25,000 tonnes in the future. Combined with Ode's existing capacity, this will raise the company's annual farmed cod output to more than 60,000 tonnes.

Ode CEO Ola Kvalheim said in the announcement that the company has built a solid partnership with Namdal Settefisk over many years and is confident of replicating Ode's success in northwestern Norway in Trøndelag. He noted that the United Nations has made clear that aquaculture must grow by 75% by 2040 to meet global climate goals, and sees this as an opportunity in Ode's progress toward becoming a better seafood company.

On supply arrangements, Ode said its goal is to be able to deliver fresh cod to global seafood markets every day of the week, with consistent quality and a predictable schedule, which is why the additional licensed capacity is important. Kvalheim said customers want a range of creative, high-quality and consistent cod products with reliable and predictable supply every week of the year; the new sites increase the company's capacity and strengthen its position as a stable and predictable supplier, enabling it to plan for growth over the next five years and make long-term commitments to retail and foodservice partners, cultivating farmed cod as a category in key markets.

Ode said it was founded in 2020 and harvested its first farmed cod in 2022; in 2025, its cod farming business became profitable, which the company described as its first profit and the first in the global industry.

At the same time as Ode began harvesting farmed cod, global wild-caught cod quotas began to decline: the Barents Sea quota available in 2021 was 885,600 tonnes, and the quota set for 2026 is 285,000 tonnes, driving up prices for the species. Farmed cod has thus taken an increasingly important place in Norway's fresh cod exports. In October 2026, 65% of the value of Norway's fresh cod exports came from farmed cod; as of that month, farmed cod accounted for 46% of the year's fresh cod export value.

Ode said it has established a fully integrated value chain for farmed cod in Norway and plans to continue developing the product, with the Namdal acquisition a key component of that goal. Tor Olav Seim, Senior Vice President of Business Development at Ode, said Trøndelag is a leading aquaculture region and provides a good starting point for further development of the company and the industry.