SEAFARMS GROUP LIMITED — Capital/Financing Update 2021

May 20, 2021

seafarms

ASX Announcement | 21 May 2021

Seafarms Group Limited (ASX:SFG)
SFG Announcement No. 680

Seafarms Group Construct Update

Sustainable aquaculture company Seafarms Group Limited (ASX:SFG) ("Seafarms" or "the Company") responds to a verbal ASX enquiry with respect to the Construct announcement dated 20 May 2021:

Project Sea Dragon Project Framework Agreement with Construct Pty Ltd

Seafarms subsidiary, Project Sea Dragon Pty Ltd and Construct Pty Ltd executed a project framework agreement which runs for three years unless extended or terminated in accordance with the Framework Agreement. The Framework Agreement appoints Construct Pty Ltd as Managing Contractor of Project Sea Dragon.

The binding framework agreement formalises key commercial matters, governance of the management process, and importantly locks in pricing for an initial package of construction works. There is no consideration payable under the Framework Agreement.

The Framework Agreement was finalised after agreement was reached on pricing and terms for the initial package of works, which involves five key contracts totalling approximately A$78 million.

These initial packages have been agreed and are due to be executed by 18 August 2021; noting that they can be re-negotiated by such date. The Company will update the market of any material changes to these packages. As noted on 20 May 2021 the value of this work is within Project Sea Dragon's budget but is subject to funding before being executed.

Authorised by the Board of Seafarms Group Limited.

Ends.

For further information, please contact:

Seafarms Group
Mr Harley Whitcombe
Company Secretary
P: (08) 9216 5200

Media / Investor Enquiries
True North Strategic Communication
Penny Baxter
P: +61 8 8981 6445
M: +61 447 298 752
E: penny@truenorthcomm.com.au

Seafarms Group Limited (ASX:SFG)
ABN: 50 009 317 846
Level 11, 225 St Georges Terrace
Perth WA 6000 Australia
PO BOX 7312 Cloisters Square
Perth WA 6850 Australia
T +61 8 9216 5200
F +61 8 9216 5199
E info@seafarms.com.au
W seafarms.com.au
Seafarms Group Limited is a corporate authorised representative ("CAR") (Number 420079)
of CO2 Group Financial Services Pty Ltd (ABN 92 142 542 774 AFSL 388086)

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About Seafarms Group

Seafarms Group Limited (ASX:SFG) is a sustainable aquaculture company, producing the premium Crystal Bay® Prawns and developing the Project Sea Dragon prawn aquaculture project in northern Australia.

Seafarms Group uses environmentally sustainable processes and is currently Australia's largest producer of farmed prawns, its Crystal Bay® Prawns and Crystal Bay® Tigers are available year-round in fresh and frozen formats. To learn more please visit: www.crystalbayprawns.com.au

Seafarms Group is investing in sustainable aquaculture for export through Project Sea Dragon, a large-scale, vertically integrated, land-based, prawn aquaculture project being developed in northern Australia. The standalone marine prawn production system will be capable of annually producing over 150,000 tonnes of prawns and the high-quality, year-round volumes will target export markets. To learn more please visit: www.seafarms.com.au