Sovcomflot’s nine months revenue up 9.8 pct

Sovcomflot of Russia said its gross revenue for the first nine months of this year was at USD 1,059 million, up 9,8 percent compared to the same period in 2013.

The company’s net profit stood at USD 109.1 million for the mentioned period, compared to USD 5.3 million loss last year.

Sergey Frank, President and CEO of OAO Sovcomflot, said, “Sovcomflot has performed strongly in the first nine months of 2014, with revenue and profits significantly ahead of the comparable period last year. These financial results reflect an improved freight rate environment over the period, especially within the crude oil segment of the tanker market. Equally, they demonstrate the benefits of our work to develop long-term relationships with ‘blue chip’ charterers across the globe, in order to provide safe and reliable transportation for their cargoes.”

He added that during the period, the company continued to focus on implementation of the group’s strategy. This includes increasing the scale, range of services and contribution of its premium operations such as gas transportation and offshore support activities, with significant progress also being made in the seismic segment.

The company took the delivery of two ultra-modern LNG carriers of the Velikiy Novgorod series, and a second VLCC. These ships are operated under long-term agreements with OAO Gazprom and Petrochina International respectively.

Elsewhere, the company completed several long-term agreements, including for the construction and operation of four IBSV’s for Sakhalin Energy, and for a unique Arctic LNG carrier to serve the Yamal LNG project. The delivery of these vessels is scheduled from 2016 to 2017.

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LNG World News Staff; Image: GM&T