Sovcomflot says its time charter equivalent revenue for 2016 totaled USD 1,142.2 million
PAO Sovcomflot, Russia’s largest shipping company and one of the world’s leaders in energy shipping, as well as in servicing offshore upstream oil and gas projects, has today announced its results for the full year to 31 December 2016. The company says its time charter equivalent revenue totaled USD 1,142.2 million (2015: USD 1,240.1 million).
Other highlights:
Gross revenue (freight and hire) of USD 1,388.1 million (2015: USD 1,483.0 million) vs the tanker spot market drop by more than 40 per cent and time charter market drop by up to 25 per cent
EBITDA of USD 706.5 million (2015: USD 780.1 million)
Net profit of USD 206.8 million (2015: USD 354.5 million)
Three 42,000 tonnes DWT, double-acting, Arc7 shuttle tankers delivered to service Gazpromneft’s Novy Port export facility in the Ob River Estuary
Enhancing of SCF ice-fleet capacity by acquisition of nine modern ice-class tankers
Consolidation of all fleet technical management operations within a single governance structure under the new uniform brand SCF Management Services
Strengthening of Sakhalin 2 Icebreaking Support Vessel services with launch of Gennadiy Nevelskoy (IceBreaker6) and acquisition of two IBSVs from Swire Pacific Offshore, SCF Endeavour and SCF Enterprise (IceBreaker ICE-10), extending the Group’s global leadership in the IBSV segment
Christophe de Margerie launched – 172,600 m3, innovative double-acting, Arc7 LNG carrier designed to serve Russia’s Yamal LNG project
Raising of USD 1.26 billion of debt capital including USD 750 million of unsecured public debt and USD 512 million of bank loans raised for purposes of funding the SCF fleet renewal programme and for the refinancing of maturing debt.
SCF Group (PAO 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 144 vessels with a combined deadweight of 12.48 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, Noviy Port, Yamal LNG 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.
