Cod farming was touted as the next big aquaculture sector a decade ago, just before a perfect storm of factors brought the industry to its knees and pushed several companies into bankruptcy.

Farmed cod failed to penetrate the mainstream the way market watchers predicted, and biological problems such as slow growth, high mortalities, escapes and cannibalism took their toll on the production side.

Adding to the woes were huge jumps in quotas for wild cod in the Barents Sea and other areas, and the 2008 financial collapse.