Mercator Line has signed a long term contract worth $224 million through its wholly owned subsidiary in Singapore.
In a notification to Bombay Stock Exchange, the company said the term of the contract is seven years. As per the contract, Mercator will charter out a mobile offshore production unit and a floating storage and offloading unit.
“The charter is expected to commence from September 2010 and the estimated value of the contract is $225 million,” said the company.
Despite the contract the company’s shares fell 0.37 per cent or Rs 0.25. During the market hours, the stock was trading at Rs 67.05.
