Land-based salmon-farming company Salmon Evolution said Dongwon Industries is planning to take over the two companies’ existing joint venture agreement, changing it into a technical advisory agreement.
“This positions Dongwon Industries to advance the project on its own terms, with full responsibility for project financing,” Salmon Evolution said in an update posted to the Oslo Børs.
Dongwon announced its plans to build a 20,000-metric-ton (MT) land-based Atlantic salmon farm in September 2020 and later confirmed in 2021 it formalized a cooperative agreement with Salmon Evolution to develop the project, creating a joint venture of the two companies. The venture, named K Smart Farming, was jointly owned by both companies, with Dongwon holding 51 percent and Salmon Evolution holding 49 percent.
Salmon Evolution said the new shift from joint venture to technical advisory agreement will keep the company as a minor shareholder with 49 percent of the company, which it expects to dilute over time. The company added it retains a five-year purchase option for up to 33 percent ownership of the project in market terms.
“This updated structure reflects Salmon Evolution's strategic priorities in the near to medium term, hereunder continued focus on operational excellence, and Phase 2 project execution at Indre Harøy while at the same time leveraging the significant human capital built up in recent years,” Salmon Evolution said.
Salmon Evolution said the new agreement means it will have no further investment commitment in the planned land-based facility.
In a recent Q4 2025 operational update, Salmon Evolution said it entered 2026 with full biomass “in anticipation of a tight salmon market” in the first half of the year. The company harvested 1,203 MT of head-on gutted (HOG) in Q4 2025 at an all-in price realization of NOK 74 (USD 7.33, EUR 6.30) per kilogram. For the year, the company said it harvested 4,403 MT of HOG salmon.
Biomass growth in Q4 2025 stood at 1,592 MT live weight. The company also said it sold roughly 69 MT of smolt at regular market terms due to overcapacity.
"We expect to harvest around 1,800 MT HOG in the first quarter and are well positioned for continued improvements in biomass growth, harvest volumes, and harvest weights in coming periods,” Salmon Evolution CEO Trond Håkon Schaug-Pettersen said.
