Salmon Evolution revises Korea partnership with Dongwon Industries.
Salmon Evolution ASA has agreed to revise its partnership structure in Korea with Dongwon Industries, replacing the existing joint venture with a technical advisory agreement.
Under the new arrangement, Salmon Evolution will provide technical advisory services to Dongwon on market terms. Dongwon will assume full responsibility for project development and financing, while Salmon Evolution will have no further investment commitments under the revised model.
Salmon Evolution will remain a minority shareholder in the project, although its current 49 per cent ownership stake is expected to be diluted over time. The company has retained a five-year option to acquire up to a 33 per cent ownership interest at market terms. The agreement also includes provisions for potential royalty payments linked to certain operational milestones.
The company said the updated structure reflects its near- to medium-term strategic priorities, including a continued focus on operational performance and execution of phase two at its Indre Harøy facility in Norway. Phase three at Indre Harøy remains the company’s highest priority for capital allocation among growth projects.