Sovcomflot of Russia said its gross revenue was USD 1,114.3 million for the nine months to 30 September, up 3.7 percent compared to the same period last year.
Highlights
Commenting on the results, Sergey Frank, President and CEO of OAO Sovcomflot, said:
“ The first nine months of 2012 have seen no overall improvement in the tanker market. Indeed, average industry earnings for all tanker segments remained near their historical lows of the last 12 years.
“ Against this background, SCF Group remained profitable in the first nine months of 2012. In part this results from our more diversified business portfolio with a substantial portion of fixed rate long-term time charters to national and international leading oil companies. It also reflects our strategy of expanding our presence in higher margin market segments, such as offshore and seismic surveying.
“ SCF Group remains grateful for the continuing support of its customers and employees, without whom we would not have been able to achieve the results we are able to report. We believe our emphasis on safety and the quality of services offered to our customers, together with SCF’s significant Arctic expertise and ice shipping, should assist us to continue implementing our plans. Importantly, we believe these factors leave SCF well placed to benefit from when the tanker market returns to a period of greater stability and growth .”
Nikolai Kolesnikov, Senior Executive Vice-President, Chief Financial Officer , added:
“ Despite the current depressed nature of the tanker markets and the ongoing turbulence in global financial markets, SCF Group continues to meet its financial obligations. During the period, the Group concluded a long-term financing arrangement with two leading global financial institutions. This extended our access to credit and was a further demonstration of the confidence of international lenders .”
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LNG World News Staff, November 29, 2012; Image: