The Norwegian government has submitted a report to the Norwegian parliament, concluding that raw oil export can no longer sustain economic growth. Norway is therefore seeking other industries to minimize the economic loss this is causing. Norway is already the largest exporter of salmon and trout in the world. The report states that the government's goal is to increase production to five times today's production by 2050. The ability and desire to grow has its backing from a handful of large companies dominating the aquaculture business and a newly recognized right-wing government eager to make the playroom larger for the aquaculture industry. This paper analyzes the report, using an ethical matrix, looking for ethical arguments from the government as well as defining the stakeholders affected by the government's goal. This thesis' aim is to analyze and discuss the broad range of ethical concerns, based on an ethical matrix, so that a variety of ethical perspectives can be included in an evaluative discussion.