Fisheries Minister Darin King says the exemption is conditional on Ocean Choice International creating more employment at its plant in Fortune.
King says support must also be provided for displaced workers at Marystown and Port Union.
He says any deal will involve an agreement to opt out if circumstances change.
King says the company will also have to ensure that the Fish, Food and Allied Workers Union is included in the process.
He says an official announcement is expect soon.
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