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Since 2022, the Norwegian group has already owned 51% of the shares and largely operated this previously family-owned salmon farming company.

The Norwegian group saw an overall year-on-year increase of 14%, but volumes in its Icelandic business fell by 41.5%.

SalMar subsidiary Arctic Ocean Farming's Fellesholmen facility will no longer be able to operate from 1 January.

Drop in profits comes despite "record-high" harvest volume, but CEO Frode Arnsten says reduced costs and strong demand will support future performance.

The salmon farming companies say their new Aquatraz C2 units, supplied by Seafarming Systems, will double Norway’s closed production volume by 2028.

Piotr Wingaard is the new commercial lead at Grieg, while former CCO Holvik will begin his new role at SalMar next March.