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Heat the seafood stock over medium high heat and maintain at a simmer while you make the risotto.
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Heat the olive oil in a large saucepan over medium heat. Stir in the shallots, and cook until soft but not brown, about 3 minutes.
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Add the rice, stirring to coat with oil, about 2 minutes. Turn the heat to medium high. When the rice has taken on a pale, golden color, stir in the tomato paste and cook for one minute until it is well-combined with the rice. Pour in the sherry, stirring constantly until it is fully absorbed.
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Turn the heat to medium and add 1/2 cup of the heated broth to the rice, and stir until the broth is absorbed. Continue adding broth 1/2 cup at a time, stirring continuously, until the liquid is absorbed and the rice is al dente, about 15 to 20 minutes. Stir in the lobster or shrimp and heat for two minutes. .
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When the last bit of broth is added, in the same saucepan in which you heated the stock, warm the heavy cream over medium high heat, warm the broth until it is hot but not boiling, about 3 minutes.
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Stir the tarragon and thyme leaves into the risotto along with the heavy cream. Remove the pan from the heat, stir in the softened butter and serve immediately.