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  • 2021 September 20 17:45

    Sovcomflot Board reviews Group’s results for H1 2021

    On 15 September 2021, a meeting of the Board of Directors of PAO Sovcomflot (SCF Group) reviewed the Group’s financial results for H1 2021, the company says in its press release.

    The Board of Directors noted that, despite the unfavourable market conditions on the spot oil and oil product markets in H1 2021, caused by the continued influence of the COVID-19 pandemic on global energy markets, Sovcomflot achieved adjusted profit for the six months ended 30 June 2021 of USD 59.2 million.

    Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, said: “Fully in compliance with the Company’s development Strategy, Sovcomflot continues to expand its portfolio of long-term contracts, which include primarily LNG transportation. As a result, the Company’s total future contracted revenue, as at 30 June 2021, amounted to USD 24 billion. The Board of Directors noted, with satisfaction, that during the reporting period the company managed to fully implement the measures identified in its Green Charter, which include a significant reduction in the carbon footprint of SCF’s fleet operations.”

    Adjusted profit – calculated as a net profit attributed to shareholders of PAO Sovcomflot less impairment for fixed and intangible assets, foreign exchange gains and losses and gains and losses related to revaluation of financial assets.

    PAO Sovcomflot (MOEX:FLOT) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas production. As of the date of this release, the Group’s fleet comprises 136 vessels with a total deadweight of over 11.7 million tonnes, including vessels owned through joint ventures. More than 80 vessels have an ice class.

    SCF 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 Group is headquartered in St. Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.




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