Managing and regulating aquaculture is a complicated issue. From the perspective of fish farmers as well as regulators managing aquaculture can be regarded as what political scientists refer to as a "wicked problem." This is because there is a great extent of uncertainty and lack of firm knowledge with respect to the externalities of aquaculture production; e.g., diseases, environmental impacts, and conflicts with other user interests. Furthermore, the dynamic nature of the aquaculture sector contributes to the uncertainty as new solutions emerge, rendering established knowledge obsolete or irrelevant. Designing appropriate public regulations and policy measures is thus important, but difficult. Based on empirical data from Norway, we investigate what respondents from public agencies and the industry perceive to be challenges in governing aquaculture and what we may infer on the characteristics of a good governance approach. We propose that such an approach needs to focus on building competence, collaboration, and be adaptable. Furthermore, it needs to be flexible and cost efficient.