Sealord says its overall business remains strong despite reducing its New Zealand presence.
The Nelson-based fishing company is to cut about 180 jobs at a seafood processing plant in the city and will process more fish at sea.
It says commissioning another factory freezer trawler will create additional jobs at sea.
Sealord also wants to move to a day-shift-only operation on-shore and sell some of its mussel farms.
Chief executive Graham Stuart says the overall business has been subsidising operations in New Zealand.