Greenland halibut is currently the most valuable flatfish species in Icelandic waters, but it is a deep-water species, mainly found in the cold waters to the west, north and east of Iceland, a very different distribution from the other flatfish species. Greenland halibut can be found in cold waters all around the Arctic, both on the Atlantic as well as on the Pacific side. Greenland halibut in East Greenlandic, Icelandic and Faroese waters are considered to be the same stock.