Northern Territory Secures Project Sea Dragon

Northern Territory Secures Project Sea Dragon

Northern Territory Deputy Chief Minister Nicole Manison

Project Sea Dragon Lands Huge Fish

Victor P Taffa

Deputy Chief Minister Nicole Manison today congratulated Seafarms on its significant announcement of Japanese global seafood giant Nissui’s investment in the company and Project Sea Dragon in the Northern Territory.

Deputy Chief Minister Manison said attracting one of the world’s largest seafood companies to make such a significant commitment to Project Sea Dragon is a huge vote of confidence in the project and the Northern Territory and will pave the way for the creation of 1,500 jobs once fully operational.

 

Project Sea Dragon is a $1.45 Billion prawn aquaculture project that will see the development of up to 10,000 ha of land for black tiger prawn production facilities. It is the largest of its kind in Australia.

“Territory Government backs Project Seadragon because it delivers a new industry for Australia, driven from the Territory and will create hundreds of permanent jobs, including for Aboriginal Territorians.” Deputy Chief Minister Manison said.

“We have invested over $56 Million in roads that will help support this massive job-creating project. The Northern Territory will play a big role in the economic development of Northern Australia and today’s announcement shows just how important we are.”

“I congratulate Seafarms and Nissui on their announcement and look forward to seeing Project Sea Dragon commencing in the very near future.”

Northern Territory Government signed a Project Development Agreement (PDA) in September 2017 which saw Seafarms commit to relocating its headquarters for Project Sea Dragon and the registration of its Australian Securities and Investment Commission registered office in Darwin.

Northern Territory Government has committed:

  • $32.2 Million to upgrade Gunn Point Road;
  • $7 Million to provide an access road to Point Ceylon, Bynoe Harbour site;
  • $17.5 Million upgrade the Keep River Plains Road to ensure year round access between Kununurra and Legune Station.

Background

Nissui was formed in 1911 and has established itself as one of the world’s largest producers of seafood. Nissui is listed on the Tokyo Stock Exchange and employs over 9,000 people globally and generates over US$6 Billion in sales revenue annually. Nissui’s sales are predominately in Japan (and Asia) and have a significant presence in the US and Europe.

Nissui have demonstrated enormous confidence in Seafarms, Project Sea Dragon (PSD) and importantly in the Northern Territory. Nissui will acquire 15% of the shares in the company, a seat on the Board and have the rights and obligations to take 10-20% of the production of PSD prawns and to market the remainder of PSD Prawns into their global network.