Australia-based Seafarms Group has terminated CEO Peter Fraser “for cause” with immediate effect, the company announced on the Australian Stock Exchange.
Seafarms Group said Rob Dyer, who was the managing director of the company “on a casual basis,” will now expand responsibilities to take on the role of CEO.
“Mr. Dyer’s previous experience as CEO and executive director, and subsequently a non-executive director from the time of Mr. Fraser’s appointment, means he has current and intricate knowledge of the operations and assets of the group and Project Sea Dragon,” Seafarms Group said in a release.
Fraser was previously Project Sea Dragon’s commercial director and, in 2024, was appointed CEO of Seafarms Group, replacing Dyer.
Seafarms Group is the company behind Sea Dragon Shrimp, the subsidiary it used to purchase the assets of Project Sea Dragon in February 2026 after announcing the plan in November 2025. Project Sea Dragon was originally slated to be a massive land-based prawn aquaculture project, but those plans hit complications before development could begin and, ultimately, a court order forced the project’s liquidation.
Currently, the company is still awaiting the fate of some of Project Sea Dragon's assets, as Seafarms Group is the largest creditor of the project.
Since his appointment in 2024, Fraser has spearheaded Seafarms Group’s push to continue to develop the assets. He has worked to reengage with potential investors in Project Sea Dragon and lead the company’s reacquisition of its assets, reiterating that “the board, executives, and employees have remained focused and committed to our goal of developing a unique and globally significant seafood industry project.”
Seafarms Group did not elaborate on Fraser’s termination.
