In a Project Sea Dragon update, the Board of Seafarms Group Limited (ASX: SFG) (Seafarms) announced that the directors of Project Sea Dragon Pty Ltd (a wholly owned entity of SFG) (Project Sea Dragon) has placed Project Sea Dragon into voluntary administration after the withdrawal of funding by Seafarms.
Seafarms have requested that all trading in the Company’s shares on the ASX remain suspended during the administration period.
Commenting on the decision, SFG CEO Rod Dyer said, “As a result of the decision made by the adjudicator on 3 February 2023 regarding a construction dispute, the voluntary administration became a necessary step for Project Sea Dragon. “Seafarms’ other existing operations based in Queensland are separate to Project Sea Dragon and as such these operations are not under administration.
Since 1988, the North Queensland Seafarms Group Limited have been operating, marketing and selling under the well-known Crystal Bay Prawns® brand. The business grew from 600 tonnes to almost 1,800 tonnes, a 43% compound annual growth rate over the last 4 years, making it the largest prawn farmer in Australia.
Project Sea Dragon (PSD) is a proposed, large-scale, integrated, land-based prawn aquaculture project with 10,000ha of ponds, being developed in northern Australia, designed to produce high-quality, year-round reliable prawn volumes for export markets. The project has made significant progress to date, including Commonwealth and Territory environmental approvals of the prawn grow-out facility to be located on Legune Station (NT). The project extends in five locations – quarantine and founder stock centres and processing plant in Western Australia; breeding, broodstock maturation centres, hatchery and grow-out ponds in Northern Territory. https://seafarms.com.au/
