Salmon Evolution CFO Trond Vadset Veibust (left) and CEO Trond Håkon Schaug-Pettersen (right) at Indre Harøy.
Photo: Salmon Evolution.
Norway's Salmon Evolution has announced changes to its planned partnership to establish a land-based aquaculture facility in South Korea.
The company issued a statement today stating it has restructured its partnership with Dongwon Industries, taking a step back from direct project development and replacing the existing joint venture with a technical advisory agreement.
Under the revised arrangement, Salmon Evolution said it will provide technical advisory services on market terms, with the potential to earn royalty payments linked to defined operational milestones. Meanwhile, Dongwon will assume full responsibility for advancing the project, including all financing and development decisions.
Salmon Evolution will remain a minority shareholder in the project, although it indicated its current 49% ownership stake is expected to be diluted over time as Dongwon invests additional capital. The Norwegian firm has, however, retained a five-year option to acquire up to 33% of the project at market value.
Salmon Evolution said the updated model better reflects its "strategic priorities in the near to medium term", allowing it to concentrate resources on operational performance and the execution of phase two at its flagship facility at Indre Harøy, which the company said is its "highest priority", and which would remain so also when allocating capital to growth projects.
At the same time, Salmon Evolution said it will be "leveraging the significant human capital built up in recent years".
The company had previously indicated already in 2024 that its project in South Korea had faced challenges, mainly due to a lack of both existing salmon farming infrastructure and a clear regulatory framework.
In its most recent financial update, reporting on results obtained at its Indre Haroy site during the fourth quarter of 2025, Salmon Evolution said it had closed the year "well positioned for 2026," with a solid foundation for continued improvement in biomass growth, harvest volumes, and harvest weights in the coming periods.