Floating fish cages provide the main production utilities for salmon farming. However, despite their pivotal role in production safety as well as in protection of the environment, there is still much room for improvement in relation to verified structural design procedures and computerized tools for structural analysis. To a large extent, they can be regarded as not being in accordance with the state-of-the-art of structural analysis and design for more traditional types of marine structures. In this paper, a study of fatigue design for floating fish farms is presented. This study is based on a structure that is being applied by the Norwegian fish farming industry today. The floater is made of steel cylinders that are configured as a square. The formulation for the wave loading is based on a combination of potential theory and horizontal drag forces on the floater. Horizontal and vertical drag forces on the netpen are also accounted for. A fatigue design procedure for floating fish farms in steel is suggested. The procedure is based on a time domain analysis of the structure in irregular waves. For each seastate, 1/2 h (real time) analysis is performed and the stress history for an assumed critical location is computed. Based on the stress histories, the fatigue damage is estimated by application of rain flow counting and a given SN curve. The scatter diagram for the seastates at a given location is generated from the associated wind speed distribution.