In QI'14, net profit of Sovcomflot Group calculated under IFRS surged 29.1 times, year-on-year, to $58.1 mln. According to the Company materials, gross revenue increased 16.5% to $365.1 mln.
Commenting on the Group’s results Sergey Frank, President and CEO of OAO Sovcomflot, said:
“During the first quarter of 2014 we continued to implement the Group’s development strategy. This is designed to ensure that we continue to use state-of-the-art technologies across our fleet, in order to serve the evolving needs of our clients. Specifically, we aim to provide safe and reliable transportation for the developing oil and gas fields in the Arctic and sub-Arctic regions.”
As at 31 March 2014, SCF Group’s fleet comprised 158 vessels (including vessels in joint ownership with third parties) with a combined deadweight of over 12.0 million tonnes: 134 owned vessels; two chartered-in vessels; nine escort tugs which have been chartered-out on bareboat charter to an associate company – Rosnefteflot; as well as four LNG carriers and nine LR1 product carriers in joint-venture companies. A total of four vessels, with a total deadweight of 477,600 tonnes were on order as at 31 March 2014. This included: three LNG carriers (Ice-class Ice2, 170,000 cubic metres capacity) and a state-of-the-art Arctic LNG carrier (Ice class Arc7, 172,000 cubic metres capacity).