This master’s thesis has conducted a strategic review of the salmon farming company Mowi ASA. The main objectives of the thesis are to explore Mowi’s origin and history from a financial and strategic perspective, the challenges and opportunities that the company faces today, and a presentation of how the company can make good strategic decisions going forward to address these. The thesis consists of six chapters, where Chapter 1 describes how Mowi started with three pioneers in their backyard to become the largest Atlantic salmon farming company in the world. Chapter 2 examines Mowi’s fully integrated value chain and introduces industry characteristics. The chapter aims to provide useful insights into the technicalities of how salmon is produced, key factors that salmon farmers must consider, and Mowi’s position. In Chapter 3, we dive into Mowi’s financial situation with a particular focus on the company’s profitability, setting the basis for our subsequent analysis and discussions around Mowi's strategic positioning going forward. In Chapter 4, we compare Mowi’s position and profitability to competitors at Mowi’s various farming locations globally, with a particular focus on regions in Norway. Throughout the competitor analysis, the goal is to discover the causes behind the differences in profitability and how Mowi can improve in each area. The recently announced resource rent tax on Norwegian salmon farming operations has gained serious attention in the media. Norwegian salmon farmers are highly concerned about the impact of the resource rent tax on their operations. In Chapter, 5 we introduce the proposed resource rent tax and analyse its impact on Mowi’s Norwegian farming operations. Finally, Mowi’s alternative strategic measures are discussed in Chapter 6. Our first recommendation for Mowi is to prioritize further investments and growth in Scotland. In addition, Mowi should strive to improve its operations in Norway, as Norway will constitute a significant portion of Mowi’s business in the future despite the resource rent tax. Our last recommendation for Mowi is to improve its presence and performance within the feed segment, which will be less affected by the resource rent tax than the farming segment.

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