Norwegian cod farmer Statt Torsk has signed a deal to sell 1,600 metric tons of its farmed cod for NOK 70 million (€6.9 million/$7 million).

Deliveries will start in September, said the company.

"This is a significant agreement with a customer who already knows the company and our fish," said Gustave Brun-Lie, CEO of Statt Torsk.

He added the agreement was good for both the company and the fledgling farmed cod industry.

“Although we will never be satisfied with the price we achieve, the agreement represents a good increase compared to last year's price achievement,” Brun-Lie said.