Salmon Evolution has provided an update on its partnership to build a land-based salmon farming facility with Dongwon Industries in South Korea. The parties have agreed to replace the existing joint venture agreement with a technical advisory agreement.
Under this new arrangement, Salmon Evolution will provide technical advisory services on market terms. This shift positions Dongwon Industries to advance the project on its own terms with full responsibility for project financing.
Salmon Evolution will provide technical advisory services on market terms, including provisions for potentially significant royalty payments linked to certain operational milestones. The company has no further investment commitments under the new agreement.
Salmon Evolution remains a minority shareholder and key contributor in the project, although it noted that its current 49 per cent ownership is expected to be diluted over time. It retains a five-year purchase option for up to 33 per cent ownership in the project at market terms.
The company said this updated structure reflects strategic priorities in the near to medium term. These include a continued focus on operations and phase two project execution at its Indre Harøy facility. Meanwhile, phase three at Indre Harøy remains the highest priority for capital allocation on growth projects.
