SCF announces intention to float on the Moscow Stock Exchange
The Russian Federation is expected to remain the majority shareholder of the Company
PAO “Sovcomflot”, one of the global leaders in maritime transportation of hydrocarbons with focus on operating in ultra-harsh ice environments, announces its intention to conduct an initial public offering of ordinary shares of the Company and to list on the Moscow Exchange.
Igor Tonkovidov, President and CEO of SCF Group, said: “We are excited to begin a new chapter in the history of SCF. The Offering reinforces our position as a global leader in the maritime transportation of hydrocarbons and expands our access to international capital markets.
SCF’s strategy remains focused on maintaining our 'preferred carrier’ status with the major oil and gas companies by renewing and expanding our fleet, with a particular focus on the industrial projects that have historically provided long term predictable cash flows and profitable returns on invested capital.
The offering provides investors with the opportunity to gain exposure to the global energy sector, and invest in a high quality and growing transportation provider with significant operational expertise in harsh environments, with a history of strong financial performance, and commitment to supporting sustainable development by adopting advanced, “green” technologies and enhancing operational efficiency.”
The Company expects that the net proceeds from the IPO will be at least US$500 million equivalent.
The Company is currently wholly-owned by the Russian Federation and it is expected that, after completion of the IPO, the Russian Federation will remain the majority shareholder of the Company.
The Company intends to use net proceeds from the placement of the Offer Shares for general corporate purposes, including, without limitation, investments in new assets, with a focus on industrial projects, decarbonisation and further deleveraging.
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