Norwegian cod farmer Statt Torsk has secured a NOK 35 million (€3.41 million/$3.47 million) overdraft facility from an unnamed leading Norwegian bank.

“This agreement is an important milestone for Statt and a key enabler to realize our growth plans for coming years," Statt Torsk CFO Bjug Borgund said.

This comes just as the company is awarded three additional production licences for its Rekvika production site in northern Norway, raising the total there to six.

The additional licences at Rekvika lift production capacity at the site to 4,680 metric tons, although this will not affect harvests before 2024/25.