The board of aquaculture biotech company Benchmark Holdings has put the company up for sale in an effort to increase the company's value and improve its long-term prospects.

In a release to the Oslo Stock Exchange Monday, the board said it believes the current share price "materially undervalues" the combined value of Benchmark's businesses and the long-term prospects of the company.

As a result, having consulted with the company's major shareholders, the board has decided to undertake a formal review of the company's strategic options including sale of the company as a whole, or the sale of one or more individual business units.