One of Australia’s most ambitious aquaculture projects is in dire straits after almost a decade of capital raisings and conjecture about its viability.
The adjudicator ruled Seafarms owed $13.9 million to Canstruct in a dispute over the suspension of work on Project Sea Dragon in December 2021 and then the termination of contracts in April 2022. Seafarms owns Project Sea Dragon Pty Ltd and said the voluntary administration would likely be material to its share price.
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