Norwegian seafood group Pan Fish has said it plans to significantly restructure its North American operation.

The company, which is the world's number two salmon farming business, said that as part of the restructuring the number of employees would be reduced from 500 to 300, while new or modified management and administrative structures would be introduced, reported the Nordic Business Report.

"This will lead to huge cost reductions, emerging into the financial figures over the next coming years," the report quoted Pan Fish as saying.