Polar Quality is part of the Salten Aqua group.
Photo: Salten Aqua
Norwegian seafood exporters Polar Quality and Fram Seafood are planning to merge, in a move that would create a larger export business rooted in Northern Norway.
The boards and owners of the two companies have agreed to continue work towards the proposed merger, according to an announcement published by Salten Aqua on Friday.
Bodø-based seafood exporter Polar Quality, which is majority-owned by the Salten Aqua group, was established in 2002 as a sales channel for salmon farmers within the group. The company exports fresh and frozen salmon to markets in Europe, the US and Asia.
Fram Seafood was founded in 2018 by Marit Sivertsen and Ole Kristian Kjellbakk, both of whom previously worked at Polar Quality. It now employs 14 people and has invested in filleting facilities in Røst, in Northern Norway’s Lofoten archipelago, and Eidsvoll, north of Oslo.
Both seafood export businesses have local salmon farming companies among their shareholders, spanning an area from Southern Troms to Helgeland.
The companies said combining their operations would bring together their customer relationships, expertise and knowledge of international seafood markets. Their ambition is to develop new markets and products while maintaining close links with producers in Northern Norway.
"Our goal has always been to build a solid and forward-looking export company with a long-term perspective and a clear position in the global market. We now see an opportunity to bring together two organisations with considerable expertise and complementary experience," said Jarle Solemdal, CEO of Salten Aqua and chair of Polar Quality, in a Norwegian-language press release.
"By joining forces, we will have a stronger foundation for further growth. We are bringing together expertise, customer relationships and market knowledge. Together, we will be better positioned to develop the business and respond to changes in an international market," said Ole Kristian Kjellbakk, managing director of Fram Seafood.
The proposed merger comes after Polar Quality reported a weaker financial performance in 2025. According to Salten Aqua, the export company recorded a loss of around NOK 15m (€1.4m/$1.6m) last year, compared with a profit of almost NOK 80m (€7.4m/$8.6m) in 2024, despite continued volume growth.
Salten Aqua as a whole reported record group sales of almost NOK 7bn (€645.4m/$752.5m) in 2025 and a pre-tax profit of NOK 22.6m (€2.1m/$2.4m).
Alongside Polar Quality, the Salten Aqua group comprises salmon processor Salten Salmon, broodstock producer Salten Stamfisk, salmon slaughter and processing company Salten N950 and housing company Sørarnøy Bolig.
The group continued to invest during the year, including NOK 40m (€3.7m/$4.3m) in Salten Salmon’s filleting plant in Bodø and NOK 15m (€1.4m/$1.6m) in upgrades to Salten N950. It also ordered a new wellboat through Nordland Skipsholding AS, in which Salten Aqua is a part-owner.
“Our volumes have continued to grow and production has been good, but margins in the market have been weaker than the previous year. In addition, we have made more investments, which has resulted in increased financial costs in 2025,” said Solemdal when announcing the group’s results.
He added: “We will continue to grow where it is right, while at the same time becoming even better at efficient operations and profitability. The goal is to extract better margins throughout the entire value chain, while continuing to invest in people, technology and sustainable solutions.”
The companies said the proposed merger remains subject to approval by their governing bodies and the completion of other formal processes.
