Please fill out the subscription form below and you will receive a pdf version of the completed subscription form per email. You can pay according to the form immediately, or sign the form and send it to to secure your shares. Welcome as a shareholder in Norwegian Shores! The share offering period is open from March 18 to April 14, unless the maximum target of NOK 8,5 million is being achieved prior to that date.


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Selskapet tilfredsstiller kravene for personlig skattefradrag ved investering jmf skatteloven §6-53.Ordningen gir en mulighet for et skattefradrag på 22% (les mer om ordningen hos Skatteetaten) av investert beløp for investorer, minimum investering må være kr 30 000..

About Norwegian Shores

Founded in 2016 with the idea of harvesting, treating and marketing
underutilized, wild, near-coast seafood products of the best quality

Owns the Receiving & Cleaning Terminal for mussels at Tenvik, Nøtterøy

Has wild Pacific oysters, ocean eel and green sea urchin in its product offering, having built the #1 position for all three products in Norway

Financial Data

Revenues grew from NOK 500k to 2,7 million from 2017-2019

2020 was supposed to be the breakthrough year, but Covid-19 lead instead to the company making several changes operationally in 2020

Norwegian Shores is now well positioned for growth, and 2021 will be a year of significant growth for the company, fueled by the gradual re-opening of restaurants after Covid-19 closures in Oslo

Market and Customers

The domestic market for oysters, eel and sea urchin immediately available to Norwegian Shores is more than NOK 15 million, and all product categories will see significant growth year-on-year

The potential for exports is massive with a NOK 2 billion export market for oysters alone, and the company forecasts reflect only a moderate success in sales to Asia and Europe

This round of investment will provide the company with additional capital and human resources to fully explore and execute on the growth opportunities that are right in front of the company

Key Milestones

A maverick company on the verge of international expansion

A market leader in oysters, eel and sea urchin with limited resources

Has built a strong network of distribution partners
The best restaurants and seafood merchants use Norwegian Shores products

Complete value chain integration:
harvesting, treatment, sales & marketing

Exclusive partnerships for harvesting and fishing
with first-class fishermen
Owner of state-of-the art facility and 3
productive classified harvest areas

Rigged for growth in domestic, European and Asian markets

The seafood industry is an attractive market segment, and has recently attracted plenty of growth capital and M&A activity

Norwegian Shores has built a strong position in the Norwegian market through a robust distribution network

The company has become a serious competitor to incumbent suppliers who offer imported, farm raised products of inferior quality

Recently finalized first international deliveries to Sweden, Africa and Hong Kong, setting in motion the international sales strategy

Industrial advantage over competition because of the Tenvik facility’s unparalleled capacity of 55 000 shells and sophisticated systems which guarantee maximum product quality and food safety

A strong organization is in place, including robust teams of harvesters, operational people, and a brilliant sales network, backed by a solid management team and board of directors

Norwegian Shores has already targeted for potential acquisition several one-product companies that fit with the Norwegian Shores growth strategy

New capital will give the company several options for boosting sales growth internationally, expand direct sales through retail outlets and webshop, as well as adding products to its offering

Description of Business

Too much seafood is produced with the idea of achieving maximum output with as little input in as possible in the tightest possible space. This results in environmental waste, transfer of disease and parasites, as well as inferior products in terms of quality and nutrition value

Norwegian Shores´ solution

Norwegian Shores was founded on the idea of harvesting wild and underutilized marine species with a large market potential in a sustainable manner

The species selected by the company grow wild, at their own pace in the clean and cold water of the North Sea, securing 100% natural products of the best quality in the world

The oyster and sea urchin are harvested by hand in approved areas, tested for algae toxins, bacteria, virus and heavy metals, treated in the facility, and distributed to a wide range of customers

The catch of the selected species is reported to Fiskehav (the fishermen cooperation), Statens Naturoppsyn (Norwegian Environment Agency) and Havforskningsinstituttet (Institute of Marine Research)

Key Personnel

Robin Kjelseth
Operations Manager
Professional cook with 5 years of experience from restaurant kitchens. Robin has also worked with fish processing at Naustvik Enghav as well as in a slaughterhouse. He was hired in 2019, and is now responsible for all operations at Tenvik, including food safety, production, packaging and logistics
Kristian Lier
Founder & Executive Chairman
MSc marine engineering with 20+ years
experience from investment banking and private equity in Norway and the US. Founded Norwegian Shores in 2016. Responsible for sales & marketing, partnership agreements, soft
funding initiatives, strategy & business development in Shores
Alexander Foxegård
Technical Manager
Energy Technology-educated with years of experience from construction, maintenance, safety and sales. Alex is instrumental in executing all technical upgrades, repair work and modification in the facility. He is also a key resource in the day-to-day production and food safety initiatives
Tomas Kittelsen
Production Assistant
With his background from production in Nortura and having worked within both professional cleaning and car paints, Tomas is a jack-of-all-trades, making sure everything’s running smooth at Tenvik in addition to supporting the hygiene, maintenance and production activities

Board of Directors

Kristian Mattiasson
MBA with extensive experience from various seafood industries. Former CEO of Icelandic Salmon (Arnarlax) and Leines Seafood AS. Currently CEO of Norwegian Cod Company AS and Chairman of Nordøy Sea AS
Erik Tronbøl
Economist with 24 years of experiencefrom banking and finance. FoundingPartner of Delicatessen. Partner CEO inConcept Restaurants AS (catering,imports, restaurants, as well as investorand advisor in select companies)
Erik Hoftun
Extensive international experience from North American and Asia as manager, consultant and entrepreneur in tech, communication and marketing. Co-Founder and CEO of Snowcastle Games. Instrumental in bringing together the founding investors in Norwegian Shores.
Øystein Ruud
Journalist and later founder and partner in Vardegruppen, partner in Kreab Gavin Anderson and Geelmuyden.Kiese. Now writer and founder of Rest. – Fine dining on food waste. Board member since the inception of Norwegian Shores

The Pacific Oyster Invasion

A source of concern and opportunity

The Pacific oyster, also known as Crassostrea Gigas or Stillehavsøsters in Norwegian, was first spotted outside of Tjøme in 2007

The oyster is an invasive species that does not belong in Norwegian waters, and the oyster was blacklisted by Miljødirektoratet in 2012

In other countries, and to a certain degree in Norway, the oyster is forming reef-like structures according to Havforskningsinstituttet

It has an enormous reproduction rate, and each shell can release up to 200 million eggs when spawning, typically 1-2 times per year

The oyster is categorized as a significant threat to existing habitats and ecosystems, and poses a health risk due to its sharp shells

Observations have already been made as far north as Møre- og Romsdal, and Miljødirektoratet recognizes that the Pacific oyster is here to stay

A Sustainable Solution

Turning an environmental problem into a sustainable solution
Typically, businesses neglect their environmental and social obligations when focusing on profit

The quality, reproduction rate and availability of the pacific oyster represent a unique opportunity for the creation of an economically sustainable business that has a significant environmental impact where it operates

Norwegian Shores has built a solid position even while competing toe-to-toe with French imported oysters which is not an easy feat

Significant investments have been made in building the cleaning facility, getting control systems, approvals and licenses in place, as well as building an organization and distribution that is very hard to replicate for other players who want to enter this market

The product is associated with high risk of food-induced sickness, and Norwegian Shores has together with Innovation Norway and industrial partners developed, and is continuously developing methodology and technology for optimizing food safety
 Every activity in Norwegian Shores is performed to make a significant environmental and social impact

To establish sustainable solutions for the harvesting, treatment and distribution of the safest, wildest, highest quality oyster in the world

Norwegian Shores is already and will continue to be the most important contributor to keeping the oyster in check in areas with high recreational or preservation value. But, unlike other initiatives, the oyster is used as a valuable resource rather than being disposed of

Oyster Consumption

In Year 2000, sushi was everything but mainstream in the Norwegian cuisine with a tiny market share of the restaurant market catering to ambassadors and shipbrokers

The oyster consumption in Norway is pretty much what sushi was 20 years ago, with Norwegians consuming 2,5x less than the Swedes, and a whopping 150X less than the average Frenchman

More and more restaurants are now adding oysters to their set menus, and oyster bars are being planned in several Norwegian cities, much due to the evangelistic approach of Norwegian Shores in the marketplace

Since then, sushi has become a billion NOK annual market, and a household alternative to taco and pizza, with young people driving consumption

The current consumption of approximately 1 000 000 oysters per year can easily grow fivefold over the next 10 years as the market matures

Norwegian chefs have proven for years that they can compete with the best in the world, and an increasing number of restaurants are valuing local, sustainable and novel food in their offerings

Therefore, Norwegian Shores is hitting the Norwegian market at the right time with its wild and short-travelled oysters, eel and sea urchin.

Oyster Trade

The total annual global export market for oysters is more than NOK 2billion, or between 60 - 65 000 tons

There is an increasing demand for oysters in the world due to supply side issues that have limited total production

France produces 130 000 tons of the Pacific oyster (Stillehavsøsters) alone, and is the biggest exporter in the world

Climate change and virus are both factors challenging French oyster farmers, having experienced steady decline due to increased mortality of their farmed-raised shells

A massive 95 percent of French production is consumed by French shoppers. The remaining 5 percent is mopped up by Belgium, Germany, Italy and Switzerland, plus about 7,000 metric tons exported to Asia

An enormous market upside
exist for Norwegian Shores

Current annual sale is 20 tons, a tiny portion of the existing
available export market both in Asia, Africa and the EU

Norwegian Shores’ wild oyster is a truly differentiated and
premium product when compared to the farmed version that is
completely dominating the market today

European suppliers are struggling to meet demand due to climate
change, virus, parasites and regulatory issues

Norwegian Shores has recently landed first export sales to Africa,
Sweden and Hong Kong, all markets that can drive growth rapidly

Wild Eel

In 2018, Norwegian Shores started fishing of wild, European eel. This fish is wildly caught off the Norwegian coastline to provide data for The Institute of Marine Research, the biggest institute of its kind in Europe. This sustainable fishing for research purposes, is essential for the supervision of the eel population in Norway.
The institute has released a quota of 21 tons per year with the purpose of
1) establish a time series for monitoring of the population based on the research based fishing that Norwegian Shores is performing;
2) tagging of live eel for monitoring migration and movements; and
3) building biological knowledge of the eel in marine areas – including length and age of each species
If the eel is not sold commercially, the sustainable fishing will end, and valuable data
will be lost for the monitoring of the Norwegian eel population

All the eel is currently caught on the ocean outside of Arendal, and each species is
picked based on the quality of the fish, the rest are released back to the sea

Norwegian Shores delivers live, frozen or smoked eel to its customers, and the latter
is prepared in a tiny smokery for maximum quality by our fisherman, Atle
Each eel is caught in traps and has been treated in the most humane way possiblefrom its capture to its delivery to our customers. The goal is to put a minimalamount of stress on the animal and thereby optimizing food quality

The eel has been sold to high-end restaurants, such as Sabi Omakase, Maaemo,Rest, Happolati and specialty stores and fish markets all over Norway

Norwegian Shores delivered just over 450 kg of eel in 2020 to Norwegian customers

Green sea urchin

The Norwegian demand for green sea urchin is growing steadily
The green sea urchin is probably one of the most complex and interesting seafood products sold in the Norwegian marketplace today

Norwegian chefs demand new and exciting products, and the search for rare, high-end additions drives demand for this product

The species is uniquely compelling due to the high gonad content of the urchins, and their unique sweet, salty, rich umami flavor

Norwegian Shores has put in place an exclusive partnership with Statsnail for the harvesting and delivery of green sea urchin

The urchin fishing is carried out by an in-house team of free divers, who endure the cold wintery waters of Trondheim fjord to hand pick only the best quality urchins from the sea floor, allowing the sea urchin fields to grow in a sustainable manner for future seasons
The green sea urchin represents an immense environmental issue due to its damages to the kelp forests where the sea urchin habitats. When left unchecked, sea urchin can decimate a kelp forest entirely

Sea urchin will be a small but steady contributor to profits:

Norwegian Shores has already proven that it can deliver profitable volumes of sea urchin to the Norwegian market

A solid customer base in Oslo and Stavanger are already used to the product and an efficient distribution has been put in place

Customers were pre-corona regularly buying 700-900 sea urchins a week, and the sale of sea urchin restarted in March 2021

The green sea urchin is one of the world’s most expensive seafood products, and our coastline
has billions of them

The demand is almost bottomless in countries like Canada, USA, France, Iceland, Ireland,
Chile, Mexico, China, Japan, New Zealand, Russia, South Korea, Spain and the Philippines

The species is extremely delicate, and gentle handling and frequent shipments during winter
season is required to preserve freshness and quality – volume is therefore key to succeed.

The market potential domestically short-term is about NOK 1 million annually to existing
customers, expected to grow to a tenfold of that within few years as the product becomes
more available and mainstream.

Iceland alone exports 300 tons or approximately NOK 100 million worth of sea urchin
annually, indicating the international potential

Financial forecast 2021 - 2024

Revenue assumptions

This plan assumes realistic growth in Norway within theexisting product portfolio and existing customers

Q1 2021 is assumed to be heavily affected by continued C-19 shutdowns in the HoReCa market

It also assumes some uptick in the events and catering business, in which the company has had early success

The export forecast assumes gradually setting up 3 export lines, based on the current early success that thecompany has had in exports to Asia, Africa and Europe

COGS assumptions

All product-related costs, including oysters, eel and sea
urchin are based on actual 2018-2021 metrics

Transportation and packaging costs are based on recent
actual costs both domestically and internationally

Operating cost assumptions

Assuming 3,5 full-time employees in 2021 to 5,5 FTEs in2024, including 1 person 100% dedicated to sales

Testing and analysis in 2021 is high due to Innovation Norway research project

Rent includes current Tenvik facility plus capacity growth


The company will issue between 50 000 – 200 000 shares @ a share price of NOK 51,25 per share. This corresponds to a pre money valuation of NOK 20 000 000.

Norwegian Shores has raised more than NOK 8,5 million from its current shareholders and from government grants (see over).

Founder and Executive Chairman, Kristian Lier owns Con Ganas AS and Temporary Managing Director, Jørund Moseid owns Handkraft AS

Concept Restaurants AS operates several restaurants, including Delicatessen and Aymara

Board member and founder of Arnarlax, Kristian Mattiasson owns Haganes AS

Vardegruppen AS is part of First House

Board member Erik Hoftun represents Demliard AS