Q4 HARVEST UP-DATE

Q4 harvesting develops according to plan with
increased volumes in the run-up to Christmas. In
the process of harvesting, francisella has been
registered at one of our sites. Due to the lower
water temperatures in Northern Norway, the
consequences appear limited relative to what has
been experienced previously at other cod farms
in Southern Norway. The mortality rate at the
site is normal, but due to reduced feeding and
slower growth the value of the biomass will be
written down by NOK 2m in Q4. As a precautionary
measure, the company will finalize harvesting of
this site by January-February instead of in Q2
as originally planned. As a result average
harvest weight will be somewhat reduced.
Consequently, estimated 2007 total harvest
volume is reduced by approx. 200 tons (round
weight), a reduction of 8.7% compared with
previous harvest estimates. Production at the
other sites develops according to plan.


`Francisellosis in cod has not previously been
registred in Northern Norway. The disease is
caused by a bacterium not thriving in cool
waters. Most likely, it has been carried by
juveniles delivered from on-growth facilities in
the Southern part of Norway. Mortality rates
and losses caused by reduced growth is likely to
be significantly lower compared to what we have
experienced previously in Rogaland and Hordaland
[Southern Norway]` says Professor Are Nylund,
University of Bergen. `Managing the biology of a
new species is a challenge. We learn something
new every day. Even though we enjoy some degree
of added protection due to favourable
temperatures in the North, we are not immune.
This highlights the importance of developing
juvenile and on-growing production capacity in
Northern Norway`, says Øystein Steiro, CEO of
Codfarmers ASA.




For further information please contact:

Øystein Steiro

CEO

Phone:+47 22 40 33 91


Codfarmers is one of the leading developers in
the new industry of cod farming. Codfarmers is
among the companies with the largest licensed
production capacity in the industry. At full
utilization, Codfarmers estimates a production
capacity within its existing licenses of
approximately 20,000 tons of cod at its two
clusters in Northern Norway.