Revenue of Sovcomflot group in 2007 exceeds $1.2 billion

On February 21, Somcoflot BOD held a regular meeting dedicated to the company’s current activities including preparation for the annual meeting of shareholders. The Board of Directors was furnished with a consolidated budget for 2008 including Novoship OJSC which merged the group in December 2007. The company management informed the BOD about the work on IFRS consolidated statements for 2007, which is to be completed by April. According to preliminary data, the group’s revenue exceeded $1.2 in 2007, gain in time-charter equivalent are to total $1 billion. Balance value of the group’s total assets exceeds $5 billion as of December 31 of 2007.
According to Sergei Frank, Director General of Somcoflot OJSC, “Considering the group’s shipbuilding program, the deadweight of our fleet is to grow by over 7% in 2008, in particular due to commissioning of hi-tech vessels – LNG carriers and Arctic shuttle tankers. By the end of 2008, the fleet of the group will number 130 vessels with a total deadweight of 9.3 million tonnes. The tankers’ average age will be 5.9 years old, almost two times younger than the age of the world’s tanker fleet.”