Yes, it does. They wrap the shark flesh in seaweed, bury it in the gravel above the high water mark, and let nature do it's magic. The process is to remove the uretic acid that is high in shark meat.
I had it several times, I know once is enough, while I was in Iceland. The only reason to try the 'Rotten Shark' is to get a drink of 'Black Death' to wash it down.