Morefish, a Norwegian aquaculture consultancy focused on land-based fish farming projects, has filed for bankruptcy after citing weak market conditions, unpaid customer invoices and a slowdown in land-based aquaculture developments.
The consultancy’s board filed for bankruptcy protection with Trøndelag District Court on Tuesday, according to Adresseavisen.
Founder, CEO and majority owner Svein Martinsen told the newspaper the company had been unable to service its debts after struggling to recover outstanding payments from customers.
“We have debt we are unable to service and money we are unable to collect,” Martinsen said. He added that receivables had been written down, pushing equity into negative territory.
Martinsen also pointed to a halt in the awarding of permits for land-based aquaculture facilities, which had been an important market segment for the company.
Chairman of the board previously stated total liabilities were NOK 1.8 million (€167,000), but bankruptcy trustee Siv Aida Rui later told Adresseavisen the company’s debts were closer to NOK 5 million (€465,000).
Morefish employed as many as 11 people at its peak.
According to company accounts, revenue fell 17% year-on-year to NOK 15.6 million (€1.45 million) in 2024. The company posted an operating loss of NOK 2.1 million (€195,000), compared with break-even operating earnings a year earlier. Equity fell to zero from NOK 2.8 million (€260,000).