OAO Sovcomflot announced its results for the second quarter and half year periods ended 30 June 2012.
Highlights Q2 and H1 2012:
Sergey Frank, President & CEO of OAO Sovcomflot , said: “Despite continued depression in the global tanker markets resulting from a combination of sustained weak demand and increased supply from the ongoing delivery of new buildings into operation, the Group has in the first half of 2012 demonstrated resilience to these factorsand achieved substantial operational profit for the period.”
“Over the first six months of 2012, the Group has met its targets under the development strategy to expand further its business portfolio in the offshore and liquefied gas transport sectors with significant milestones being achieved.”
Nikolay Kolesnikov, Senior Executive Vice President, Chief Financial Officer , added: “A long-term financing deal with two leading global financial institutions new to the SCF Group’s pool of financial partners despite ongoing turbulence in the financial markets demonstrated confidence of international lenders in the SCF Group. We have been honouring all our existing bank debt obligations and are on track to finance outstanding capital commitments on the Group’s shipbuilding programme.”
[mappress] LNG World News Staff, September 13, 2012