A Korea change for Salmon Evolution
Norwegian landbased fish farmer won't invest more in Asian project but will provide former joint venture partner Dongwon with expertise at market rate
Norwegian landbased fish farmer Salmon Evolution and South Korean seafood heavyweight Dongwon Industries have agreed to replace their joint venture agreement to build a 16,800 tonne (head on gutted) salmon farm in Korea, Salmon Evolution said in a market announcement today.
The move allows Dongwon Industries to advance the project on its own terms, with full responsibility for project financing.
Instead of being an investment partner, Salmon Evolution will provide technical advisory services on market terms as part of the revised agreement, which also includes provisions for potentially significant royalty payments linked to certain operational milestones.
The Norwegian company has no further investment commitments under the new agreement. It remains a minority shareholder and key contributor in the project, although its current 49% ownership is expected to be diluted over time. Salmon Evolution retains a five-year purchase option for up to 33% ownership in the project at market terms.
Strategic priorities
The company said the updated structure reflects its strategic priorities of continued focus on operational excellence and phase 2 project execution at its hybrid recirculation / flow-through facility on the island of Indre Harøy, Møre og Romsdal, while at the same time leveraging the significant human capital built up in recent years.
The company added that the new model also underscores its commitment to capital discipline with phase 3 at Indre Harøy remaining the highest priority when it comes to capital allocation on growth projects.
Phase 1 of the project at Indre Harøy started operating in March 2022 and has an annual production capacity of 7,900 tonnes (head on gutted). Phase 2 will increase capacity by a further 10,100 tonnes HOG, and phase 3 will add another 18,000 tonnes HOG, taking total production to 36,000 tonnes HOG.
Norway first
Salmon Evolutionâs focus on Norway has already led to it cooling on plans to build a 36,000-tonne landbased facility in North America.
âActivity and investments in international expansion projects have been reduced to a minimum, as development of the Indre Harøy site remains Salmon Evolutionâs foremost priority,â the company said in its Q3 2025 report in November.
It said it is continuously exploring other possible high-potential expansion sites in Norway, focusing on sites with similar, optimal farming conditions as Indre Harøy.
Salmon Evolution has undertaken an extensive site search in the last few years in North America, and initially envisaged a first harvest by 2028. But building a facility in the United States or Canada will have to wait.
âConsidering the current geopolitical situation and uncertainty with respect to tariffs combined with the expected capex and opex structure, Salmon Evolution has a âwait and seeâ approach to future expansion in North America,â the company wrote in November.
