Aquaculture equipment and technology supplier Akva Group is coming off a tough 2023.

Norway's decision to impose its new aquaculture tax forced of its salmon farming clients to pull the plug on planned investments.

Stung by the decline in orders and cancelled projects, Akva announced in November it would be forced to slash NOK 45 million (€3.8 million/$4 million) in costs, including job losses.

"The introduction of the resource tax has a negative impact on the activity level both in land-based and parts of the sea-based business, and the market outlook is challenging and uncertain," said Akva.