Aquaculture equipment and technology supplier Akva Group announced itis cutting jobs and implementing other cost-cutting measures to trim as much as NOK 45 million (€3.8 million/$4 million) in costs in response to market changes brought on by the introduction of a new aquaculture tax imposed in Norway earlier this year.

Many of the country's salmon farmers halted equipment purchases and other investments when Norway approved a new 25 percent so-called ground rent tax earlier this year.

Akva's downsizing includes the elimination of 50 positions across the group, including 10 employees at the its head office, 10 employees in Denmark and 20 employees who will not be replaced after natural departures.