Belgium's DEME decides to liquidate Mordraga subsidiary in Russia

MOSCOW. March 6 (Interfax) - Belgium's DEME, the sole participant in St. Petersburg-based Mordraga LLC, decided on March 4 to liquidate the company, according to materials in the Fedresurs unified federal register of important information on legal entities and individual entrepreneurs.

Creditors may submit claims within two months from the date of the liquidation notice's publication, according to the materials.

Mordraga LLC was established in 2005, and Belgium's DEME group of companies has full control over the company as per its 2022 financial report. Belgium is a global leader in the dredging industry, hydraulic engineering, reclamation of artificial territories, and implementation of complex projects.

A number of the largest international dredging companies in 2022 announced their respective refusals to operate in Russia as per signed contracts. As reported at the time, Mordraga, which was a key contractor for reconstructing and dredging the sea channel in the port of Sabetta, announced its exit from the Russian market owing to sanctions pressure.

Mordraga LLC saw revenue drop to 313 million rubles in 2022 from 8.7 billion rubles in 2021. The company also swung to a loss of 220.5 million rubles in 2022 from a profit of 456.8 million rubles in 2021.