Facing the combination of shrinking cod quotas and rising costs, Norwegian fishing giant Nergard Havfiske is now considering a foray into cod farming.

The company recently applied for, and received, a permit to farm cod, according to IntraFish sister publication Fiskeribladet.

"Cod farming could be a new opportunity for us," said CEO Tommy Torvanger. "We are good at whitefish, and the processing of both pelagic fish and whitefish. Previously, we also engaged in live storage of cod," he said.

"It is not the case that we are ready in the starting blocks to invest heavily in cod farming but, as I said, we think it is exciting."