PAO Sovcomflot (SCF Group) releases its Consolidated Financial Statements for the periods ended 31 December 2021.
During the reporting period, SCF Group achieved solid operating results despite a difficult year for the conventional tanker market. A strong performance from the Group’s industrial offset weakness in the conventional tanker fleet over 2021 and helped drive the Group’s adjusted net profit to USD 61.1 million.
|
USD million |
|
|
|||
|
|
2021 |
2020 |
% |
||
|
Revenue |
1,540.3 |
1,652.5 |
-6.8 |
||
|
Time charter equivalent (TCE) revenues |
1,095.7 |
1,350.6 |
-18.9 |
||
|
Vessels’ running costs |
-338.8 |
-366.9 |
-7.7 |
||
|
Net earnings from vessels trading |
756.9 |
983.7 |
-23.1 |
||
|
Adjusted profit/loss for the period |
61.1 |
295.3 |
-79.3 |
||
|
Profit/loss for the period |
35.8 |
267.1 |
-86.6 |
||
|
EBITDA |
678.5 |
912.8 |
-25.7 |
||
The Group’s contract backlog rose by further USD 0.4 billion over the reporting period and the total contract backlog stood at USD 24 billion as of 31 December 2021.
SCF Group’s industrial business portfolio, comprising liquefied gas transportation (LNG and LPG vessels) and harsh environment offshore services (ice-class shuttle tankers and ice-breaking supply and stand-by vessels) continued to show a stable growth due to input from new vessels put into operations and employed under long-term contracts with international energy majors. Industrial business delivered 6.3 per cent year-on-year revenue growth.
Conventional tanker market began to show initial signs of recovery with a seasonal uplift in charter rates since October 2021. And benefiting from that SCF conventional tanker business (crude and oil products transportation business segments) showed a growth of 15.4 per cent quarter-on-quarter in the fourth quarter 2021.
PAO Sovcomflot (SCF Group) is one of the world's leading marine energy transportation companies, specialising in the transportation of liquefied gas, crude oil, and petroleum products, as well as the servicing of offshore upstream energy production. The Group’s fleet comprises 133 vessels with a total deadweight of 11.62 million tonnes, including vessels owned through joint ventures. About 77 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.