<Page>

                                                                     EXHIBIT 5.4

May 17, 2004

Norske Skog Canada Limited
16th Floor, 250 Howe Street
Vancouver, British Columbia
Canada V6C 3R8

Shearman & Sterling
1080 Marsh Road
Menlo Park, California 94025-1022
United States of America

Dear Sirs and Mesdames:

NORSKE SKOG CANADA LIMITED
EXCHANGE OFFER OF US$250,000,000 7 3/8% SENIOR NOTES DUE 2014

We have acted as counsel to Norske Skog Canada Services (Hungary) Limited
Liability Company ("Norske Hungary") a subsidiary of Norske Skog Canada Limited
(the "Company"), in connection with the preparation and filing with the
Securities and Exchange Commission under the Securities Act of 1933, as amended
(the "Securities Act"), of a Registration Statement on Form F-4 (the
"Registration Statement").

The Registration Statement relates to the offer by the Company to exchange (the
"Exchange Offer") the Company's outstanding unregistered US$250,000,000
aggregate principal amount of 7 3/8% Senior Notes due 2014 (the "Outstanding
Notes") for the Company's US$250,000,000 principal amount of 7 3/8% Senior
Exchange Notes due 2014 (the "Exchange Notes") that will be registered under the
Securities Act, as set out in the prospectus forming a part of the Registration
Statement.

The Exchange Notes will be issued under the indenture dated as of March 23, 2004
among the Company, the Guarantors (as such term is defined in the Indenture) and
Wells Fargo Bank, National Association, as Trustee, (the "Indenture").

For the purpose of the opinions expressed in this opinion letter, we have
reviewed the Indenture, the Outstanding Notes and a form of the Exchange Notes
and have examined originals or copies, certified or otherwise identified to our
satisfaction, of such other records or documents as we have considered relevant,
necessary or advisable for the purpose of the opinions expressed in this opinion
letter.

We have also considered such questions of law, examined the statutes, public
records, corporate records, certificates and other documents and made such other
searches and examinations as we have considered necessary in order to give the
opinions expressed in this opinion letter.
<Page>

PAGE 2

For the purposes of the opinions expressed in this opinion letter, we have, with
your concurrence assumed:

     (a)  the legal capacity of all individuals, the genuineness of all
          signatures, the authenticity and completeness of all documents
          submitted to us as originals and the completeness and conformity to
          authentic originals of all documents submitted to us as certified,
          photostatic conformed, notarial or facsimile copies;

     (b)  the accuracy of and relied upon all information, indices and filing
          systems maintained at the offices of public record in which we have
          conducted or caused to be conducted searches or enquiries in
          connection with this opinion;

     (c)  that no winding up, liquidation, dissolution, insolvency, bankruptcy,
          amalgamation, reorganization or continuation proceedings has been
          commenced by Norske Hungary;

     (d)  that Norske Hungary has not received notice of any proceedings to
          cancel its memorandum, certificate of amalgamation, articles,
          certificate of incorporation or certificate of continuance, as the
          case may be, or otherwise to terminate its existence; and

     (e)  that Norske Hungary is not insolvent, and in particular, that Norske
          Hungary is able to pay its debts as such debts become due in the usual
          course of its business.

We have not undertaken any independent investigation to verify the accuracy or
completeness of our assumptions and other matters upon which we rely.

The opinions expressed in this opinion letter are limited to the laws of
Hungary.

Based and relying upon the foregoing and subject to the qualifications and
limitations set out below, we are of the opinion that the Guarantee to the
Exchange Notes have been duly authorized by Norske Hungary and that when the
Guarantee to the Exchange Notes are issued, executed and delivered by the
authorized people by Norske Hungary pursuant to the terms and conditions of the
Indenture, the Exchange Notes will be validly executed and delivered by Norske
Hungary.

We consent to the filing of this opinion letter as Exhibit 5.4 to the
Registration Statement. We do not, by giving this consent or otherwise, concede
that we are within the category of persons whose consent is required by the
Securities Act or the General Rules and Regulations promulgated under the
Securities Act, or that we are "experts" in relation to any matters relating to
the Indenture, the Outstanding Notes, the Exchange Notes, the Exchange Offer, or
the Registration Statement, other than those matters governed by the laws of
Hungary.

Yours very truly,

/s/ Deri & Lovrecz

Deri & Lovrecz