Eight years into investment, Nissui-backed Australian mega shrimp farm deemed ‘not viable'

After eight years of investment, Project Sea Dragon (PSD), a massive Nissui-backed shrimp farm being built in Australia's northern territory, is unviable in its current form, according to an in-depth review commissioned by the company's new management.

Australian aquaculture company Seafarms Group, the company behind the project, kicked off the review last November after an update on the project’s debt financing was found to be “not feasible” and the terms “not in shareholders interests."

Seafarms’ newly appointed CEO Mick McMahon and CFO Ian Brannon commissioned the review, and said that while the company remains “committed to delivering on the promise of Project Sea Dragon,” the review found that it “cannot proceed in its current form."