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Oddi Hf. – Fiskvinnsla og útgerð

Company Fact File:


Company address: Eyrargata 1 Patreksfjörður

Tel.: +354 892 3968

Fax: 450 2100

Email: oddi@oddihf.is

Website: www.oddihf.is


Number of employees:  72 full-time, 8 part-time, 26 working at-sea

Director: Sigurður Viggóson

Vessels:  NA

Species: Cod, haddock and wolfish

Company capital stock: 100 million ISK

Last year turnover: 1.6 billion ISK


Mission Statement:

To produce high quality fresh, frozen and salted fish products for foreign and local markets.



The company was founded in 1967 by Captain Jón Magnússon. Magnússon decided to found a processing plant so that he could preserve, process and market the fish he was catching. At the time their main product was salted cod. But presently the company has evolved into a processing facility for various frozen and fresh products.



Cod, haddock and wolfish are the main species of commercial value for Oddi.


Yearly output of product in tonnes:

In 2010 Oddi produced 1,100 tonnes of cod products, 500 tonnes of haddock and 500 tonnes of wolfish.


Main export markets:

The largest market base for salted fish is Italy. The major fresh fish market is Great Britain, and for frozen fish Great Britain and France.


Future market:

Oddi aims to break into markets with high profit margins in the fishing industry. There is a strong potential to increase trade in Britain, Italy and Spain. Another possible expansion is intoSwitzerland, presently the most expensive market in terms of USD/kilo.


Quality management system:

Oddi follows both HACCP and MSC protocols. The company works under several quality control systems as a result of requests from buyers.


Fishing gear:

Oddi uses mostly longline fishing techniques. A small portion of the company’s total catch is with trawl.


Processing machinery: 

Oddi currently uses heading, filleting and splitter machines during the processing stages. They also use equipment from Marel, including grading machines, trimlines, packaging machines and a flow freezer.


Means of transportation:

Most products are sent by truck to Reykjavík and Keflavík, where they are then transported abroad by sea or air.



Most of the company’s senior staff have a university education. Factory workers take a fish processing seminar, which the company partially pays for. In some instances the company also provides funded university education for some staff.


Working hours:

Regular working hours are from 07.00 to 15.00.



Oddi does most of its marketing through three agents. However, the owners emphasise the importance of personally meeting their buyers a few times a year. The owners also participate in trade shows and visit their buyers abroad.



Oddi owns all its facilities and processing equipment.


Experience in exporting to other countries:

Oddi first began exporting through sales associations in Iceland which had a monopoly on exporting fish. When the sales associations’ monopoly ended in 1992, Oddi started to export independently through its own agents.


Experience in marketing:

The company conducts market research and feasibility studies for the markets in Switzerlandand Italy; these studies are quite thorough, as knowledge on marketing and pricing trends in this area have become baseline information used by Oddi.


Research and Development:

Oddi has collaborated on many research and development projects in the past twenty years. It has worked along with other fishing companies and marine and food institutions such as Matís to strengthen their understanding of the food industry and its dynamic role in Icelandic society.



Last year’s investments totalled 84 million ISK. The company invested in processing equipment for fillets, packaging lines and a flow freezer. Owners expect these investments will provide the business with profitable returns in the future.


Community contribution:

The company contributes to the community by partaking in many projects. At any given time Oddi actively involves itself in charities, church activities and schools.


Social benefits:

Oddi pays part of the gym memberships for its staff and contributes a large portion of the employee association’s total funding. The employee association organises regular activities such as trips and events.



The company is a member of Fisheries Cluster, Útvegsmannafélag Vestfjarða, and therefore also LÍÚ. It is also a member of SF. Oddi owns a part of Klofningur.



Company assets stand around 2 billion ISK. Company profits average around 170 million ISK annually, while the projected revenue in the next 3 years is 1.7 billion ISK a year.