Acquires Euronext NOTC-listed seafood company Lumarine AS

Kistefos-controlled Holding Akvaservice, together with shareholders representing more than 90% of the shares, has entered into an agreement to sell their shares to Ode. The remaining shareholders have been offered the opportunity to sell their shares on the same terms.

04 Mar 2026

Lumarine AS currently operates Norway’s largest juvenile cod production facility at Tjeldbergodden in Aure municipality. The facility produced approximately 1,500 tonnes of juvenile cod last year. Ode and Lumarine have worked closely together since 2022, and this acquisition represents an important step in Ode’s continued development as a leading and fully integrated producer of farmed cod.

Ode plans to invest significantly in further modernization and scaling of production to 5,000 tonnes of juvenile cod by 2027. Such capacity will be necessary to support a potential annual production volume of around 100,000 tonnes of market-size cod within the next five years.

“We are very pleased to announce this acquisition. We know Lumarine, the organization, and the facility well after a very successful collaboration over the past five years. Bringing this fully into Ode is a natural and strategically sound step for us. It represents a key milestone in strengthening our fully integrated value chain for cod production,” says Ola Kvalheim, CEO of Ode.

Through this acquisition, Ode is laying the foundation for future growth and a clear modernization and professionalization of juvenile cod production. Lumarine has significant potential for further development and expansion beyond the 5,000 tonnes planned after the acquisition. Ode looks forward to further developing the strong professional environment at Tjeldbergodden and strengthening cooperation with the local community in Aure.

“We look forward to fully integrating the organization and production into Ode. This provides greater predictability, allows us to invest in improved biological control, and strengthens our ability to deliver even better juvenile fish in the future. At the same time, we are welcoming highly skilled employees who already have extensive experience with cod juvenile production and who know Ode and our way of working through the long-standing cooperation between the companies,” says Kvalheim.

Lumarine’s juvenile cod production uses a flow-through system in which seawater is heated through heat exchange with surplus heat from local industry. This enables a highly sustainable production model with low biological and technological risk. Experience with cod production since 2022 has been positive and provides a strong foundation for further development under Ode.

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