Seafarms Group Revives Project Sea Dragon with AUD 750,000 Asset Acquisition
SYDNEY – Australian aquaculture firm Seafarms Group Ltd (ASX: SFG) has acquired the assets of Project Sea Dragon Pty Ltd, which was previously in liquidation, for AUD 750,000 (USD 489,000 / EUR 423,000 as of November 10, 2025). This strategic move aims to revitalize the large-scale prawn farming project and expand Seafarms’ operations into Northern Territory and Western Australia. Seafood Source and News Releases reported on the acquisition.
Project Sea Dragon: A History of Challenges
Project Sea Dragon, initially envisioned as a AUD 1.45 billion (USD 945 million / EUR 818 million as of November 10, 2025) investment, aimed to develop up to 10,000 hectares of ponds for black tiger prawn production. Yet, the project faced significant hurdles, including legal and financial complexities, leading to the suspension of trading of its securities, and liquidation.
Acquisition Details and Future Plans
The asset sale agreement, executed through Seafarms’ subsidiary Sea Dragon Shrimp Pty Ltd, includes infrastructure and licenses essential for prawn pond development at Legune Station (located on the border of Northern Territory and Western Australia), a processing facility in Kununurra, and breeding operations in Exmouth, Western Australia. The purchase price includes an initial deposit of AUD 33,000 (USD 21,500 / EUR 18,600 as of November 10, 2025).
Seafarms Group CEO Peter Fraser stated that the acquisition allows the company to “re-engage with investors and progress development on a clean slate.” The company intends to seek strategic and equity partners to secure funding for the project’s expansion.
Seafarms Group: A Sustainable Aquaculture Leader
Seafarms Group Ltd is an Australian aquaculture company focused on sustainable seafood production, including Crystal Bay Prawns®. Seafarms operates and invests in aquaculture, with existing prawn farming capacity of approximately 132.5 hectares in Queensland, producing up to 1,300 tonnes of black tiger and banana prawns annually. The company’s annual report for the year ended June 30, 2025, is available for download on their website.
Financial Support
Seafarms recently increased its revolving credit facility with Avatar Finance Pty Ltd to A$16.5 million, with repayment extended to October 2026, to support working capital and finalize its FY25 accounts.
Further updates regarding planning, permitting, and investment activities will be provided as they turn into available.