Thousands of halibut escaped from Nordic Halibut’s site in Orjavika in central Norway earlier this month, the company confirmed in a stock exchange announcement.

In total, 11,102 fish escaped, with losses expected to be approximately NOK 3-4 million (€295,000-€393,000/$300,000-$400,000). The losses are covered by insurance.

The incident will have a limited impact on the company's long-term growth plans of producing 4,500 metric tons of head-on gutted (HOG) halibut by 2026 and 9,000 metric tons by 2030, Nordic Halibut CEO Edvard Henden said.

The Norwegian Directorate of Fisheries has been notified and an inspection will take place. However, the directorate does not conclude there was any procedural breach or lack of risk assessments in the company's governance systems.

Regardless, all internal procedures and risk assessments are reviewed to prevent these types of incidents.

"Escape of farmed halibut is rare. The fish by nature is local and tend to stay around the site," said Henden. "This enables efficient recapture and minimizes the risk of negative environmental impact."