Seafarms Group Limited, the company behind an ambitious project to build an enormous black tiger shrimp farm dubbed Project Sea Dragon, has completed the sale and leaseback of some of its farms.
In an announcement posted to the Australian Stock Exchange (ASX), Seafarms said it has successfully reached an agreement with Mainstream Aquaculture Property involving the sale and leaseback of certain assets owned by Seafarm Queensland, a wholly-owned subsidiary of Seafarms Group. The company said it has sold Farms 1 and 2 at Cardwell, receiving AUD 6.8 million (USD 4.4 million, EUR 3.8 million) in return with some adjustments for completion costs.
The company first announced the asset sale agreement in August 2024, which allowed Seafarm Queensland to continue operating Farms 1 and 2 until 30 April 2025 and retain ownership and continue operations at Farm 3.
"The proceeds from this transaction will enable us to make specific enhancements to certain operations, as we continue to focus on the core aspects of PSD – breeding, farming and processing world-class Black Tiger prawns for the export market,” Seafarm CEO Peter Fraser, who took the role in March 2024, said.
The company said that Mainstream and Seafarm Queensland have entered into leaseback arrangements allowing its operations at Farm 1 and Farm 2 to continue up to and including 8 January 2026...
