SCF Group’s financing deal with VTB Bank recognized by Marine Money as a Deal of The Year
Marine Money, an international maritime finance publication, has awarded Sovcomflot (SCF Group) and VTB Bank one of its annual industry awards: a USD 260 million 13-year loan agreement between Sovcomflot and VTB Bank has been named ‘Project Financing Deal of the Year 2017 – West’.
SCF Group says it is honoured to be the recipient of Marine Money awards for the eight year in a row.
The loan was used to fund the construction of Christophe de Margerie, the world’s first icebreaking LNG carrier. The vessel was built to service Yamal LNG project. In December 2017, the carrier completed her first loading at the Port of Sabetta, on the Yamal Peninsula, with her first cargo of LNG produced at the Yamal LNG plant.
“The winning transaction represents perhaps one of the largest bilateral deals underwritten by a single commercial bank with one of the longest tenor in the commercial space,” noted Marine Money.
“The facility structure relies on Sovcomflot’s first class reputation and the strength of the cash flow from the time charter contract with Yamal LNG project,” added Marine Money.
Last year, Marine Money has named SCF’s USD 750 million 7-year bond offering ‘Institutional Debt Deal of the Year.
Sovcomflot Group (SCF Group) is Russia’s largest shipping company, as well as a global leader in the maritime transportation of hydrocarbons and the servicing of offshore oil and gas exploration and production. The company’s own and chartered fleet includes 147 vessels with a total deadweight of 12.7 million tonnes. Half of the vessels have an ice class.
Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1, Sakhalin-2, Varandey, Prirazlomnoye, Novy Port, Yamal LNG, and Tangguh (Indonesia). The company is headquartered in Saint Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.