Mercator adds two vessels to its dredger fleet
Mercator Limited (Mercator) one of India's largest Marine and Energy group with businesses in Oil & Gas, Coal, Shipping and Dredging, on May 25 announced that it is expanding its dredging business by adding two more Dredgers to its fleet, the Company said in a press release.
Mercator has taken delivery of two European built dredgers; one is a Trailer Suction Hopper Dredgers which would be one of the largest capacity dredgers in India and second a Bucket Ladder Dredger. Both these dredgers would be commissioned around first week of September this year.
The above acquisition substantially enhances the capacity and capability of Mercator to serve the coastal dredging activities at major and minor ports of India as well as the Indian Navy.
With the addition of these two dredgers, Mercator's fleet has grown to 9 dredgers, making it the second largest dredging company in India. Mercator's dredger fleet is currently deployed on its long term contracts.
Mercator has recently announced its first oil discovery its subsidiary, Mercator Petroleum Ltd (MPL). Crude oil flowed from its very first well, Jyoti-1 in CB-9 block in Cambay basin, Gujarat, India, onto the surface in presence of the DGH representative. The discovery opens up a large corridor of possible hydrocarbon accumulation in the area. The discovery is also testament to the company's strong team and capability in the Oil & Gas exploration space.
Mercator Limited is one of India's largest Marine and Energy group with businesses in Oil & Gas, Coal, Shipping and Dredging. The Group services primarily Indian / International Oil Majors, large thermal-based power plants and steel companies, Ports, Indian Navy and has established strong relationships with its reputed end user customers such as Indian Oil Corporation, ONGC, HPCL, BPCL, BG Exploration & Production, some major Indian Ports, Afren PLC, to name a few. Mercator employs a large part of its fleet on long-term contracts, specifically time charters and contracts of affreightment (COAs) consecutive voyage (CV) contracts. Its long term fixed rate contracts, ensures revenue stability and cash flow visibility.
