It is anticipated that global warming will increase the future temperature in the waters off Norway. The objective of this report is to analyse the potential economic effect a general increase in sea temperature can have on the Norwegian salmon aquaculture industry. The assessment of the economic impacts of global warming is made possible by estimating a growth function which explicitly includes sea water temperature. The analysis compares the economic effect of a climate change on fish farming plants in the south and north of Norway, respectively between Lista in the south and Skrova in the north. The scenarios are based on a model with monthly seasonal variation in temperature.