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Arrange a steamer basket in a large stock pot with a tight fitting lid. Add 3-4 cups of water to the pot and bring to a boil. Place the live lobster in the pot and cover tightly with a lid. Steam the lobster for 8 minutes for the first pound and 3 minutes per pound thereafter. My lobster was about 2 1/2 pounds and I cooked it for 13 minutes. Remove the lobster from the pot and set aside to cool. When lobster is cool enough to handle, remove the carapace and the claws. Use kitchen scissors to cut through the underside of the tail section to carefully remove the tail meat. (you may need to use an old dish towel to pry it open without getting skewered by the thorny shell.) Crack the claws if you're using a Maine lobster and remove the claw meat. Place the meat in a dish, cover and refrigerate until ready to use.
Bring the lobster stock to a simmer and add the rice. Cover and cook the lobster stock and rice for about 30 minutes until rice is mushy.
Pour the stock and rice into a blender and blend until the soup is thick and creamy with no lumps.
Add the cream and sherry.
Slice the lobster tail into rounds and the claws into large chunks. Ladle the soup into bowls, drizzle additional cream over the top of the soup and arrange lobster chunks on top of the soup. Sprinkle with parsley and serve.