Sovcomflot posts net profit of $109.1 mln in Jan-Sep’14 against loss in 9M’13
Net profit of ОАО Sovcomflot calculated according to IFRS totaled $109.1 mln against $5.3 mln of loss a year ago, the Company’s press center says. In QIII’2014 net profit totaled $45.5 mln (up 4.9 times).
9M gross revenue amounted to $1 bln 59.2 mln (+9.8%), QIII - $384.1 mln (+14.2%). 9M EBITDA - $411.3 mln (+36.5%), QIII – $159.6 mln (+47.6%).
Ccontracted future revenues - USD 8.8 billion including the Company’s joint ventures.
Commenting on the results, Sergey Frank, President and CEO of OAO Sovcomflot, said:
“Sovcomflot has performed strongly in the first nine months of 2014, with revenue and profits significantly ahead of the comparable period last year. These financial results reflect an improved freight rate environment over the period, especially within the crude oil segment of the tanker market. Equally, they demonstrate the benefits of our work to develop long-term relationships with ‘blue chip’ charterers across the globe, in order to provide safe and reliable transportation for their cargoes.
“During the period, we continued to focus on implementation of the Group’s strategy. This includes increasing the scale, range of services and contribution of our premium operations such as gas transportation and offshore support activities, with significant progress also being made in the seismic segment.
“The company took the delivery of two ultra-modern LNG carriers of the Velikiy Novgorod series, and a second VLCC (320,000 dwt). These ships are operated under long-term agreements with OAO Gazprom and Petrochina International (China) respectively. Elsewhere, we completed several important new long-term agreements, including for the construction and operation of four IBSV’s for Sakhalin Energy, and for a unique Arctic LNG carrier to serve the Yamal LNG project. The delivery of these vessels is scheduled from 2016 to 2017.”
As at 30 September 2014, the SCF Group fleet comprised 153 owned and chartered vessels (including vessels in joint ownership with third parties) amounting to over 12.7 million tonnes DWT in total.
There were ten vessels under construction at the period end (total 423,200 tonnes DWT), including: two LNG carriers; one ice-breaking LNG carrier; three Arctic shuttle tankers; one multi-functional ice breaking supply (MIB) vessel; three MIB standby vessels all of which are scheduled for delivery between December 2014 and March 2017 and all of which are contracted to Oil Majors on long term fixed income charters.
SCF Group (OAO Sovcomflot) is Russia’s largest shipping company and a world leader in the maritime transportation of hydrocarbons as well as the servicing and support of offshore oil & gas production. The company’s fleet numbers 153 vessels with a combined deadweight of 12.6 million tonnes. SCF Group specialises in the shipping of crude oil, liquefied gas and a wide range of oil products. The Group’s vessels perform complex towing operations and geophysical survey work at offshore oil & gas fields. Sovcomflot supports large-scale offshore energy projects in Russia and overseas, including: Sakhalin-I, Sakhalin-II, Varandey, Tangguh, Peregrino, Prirazlomnoye, Yamal LNG, Escobar and others. SCF Group employs over 9,300 personnel both on land and at sea. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, Madrid, Singapore and Dubai.
