Sovcomflot’s Board of Directors expresses its satisfaction with company’s performance in 2015

Accountancy, Oil Industry, Reports, Tankers — By on April 13, 2016 at 2:25 PM

SCF Sovcomflot's SVET underwayAt a meeting held in Moscow on 13 April 2016, the Board of Directors of PAO Sovcomflot reviewed the results of the company’s operations during 2015. 

The Board gave provisional approval to the company’s 2015 annual report and accounts. In accordance with the company’s established dividend policy, it was suggested that a total of RUB 6.186 billion be paid in dividends.

The Board noted that SCF Group’s operating and financial results were particularly strong in 2015, making the year amongst the best in the company’s history. Gross revenue increased by 7.6 per cent to USD 1.483 billion against USD 1.378 billion in 2014. Earnings before interest, tax and depreciation (EBITDA) were USD 742.6 million and increased by 38.0 per cent against USD 538.2 million in 2014. The Company’s net profit grew 4.2 times to USD 354.5 million in 2015 against USD 83.9 million the previous year. A balanced chartering policy helped Sovcomflot take full advantage of the major rebound in the world tanker markets in 2015.

Mr. Ilya Klebanov, Chairman of the Board of Directors, noted: “The Board of Directors states with satisfaction that Sovcomflot continues to consistently implement its development strategy. This is aimed at achieving growth by expanding the Group’s participation in the high-yield industrial segments of the market, which are closely related to the development of projects for offshore oil and gas production and maritime transportation of liquefied natural gas, for major oil & gas companies both in Russia and abroad. The target values of all key performance indicators (KPIs) set by the company’s Long-Term Innovative Development Programme for 2015 have been achieved, as confirmed by an independent audit conducted by KPMG. It is also important to note Sovcomflot’s continued work to develop mutually beneficial cooperation with Russian shipbuilding companies and support extensively both maritime education and maritime science in Russia.”

Mr David Moorhouse, a member of the Board of Directors, added: “An integral part of Sovcomflot’s strategy is goal-oriented implementation of innovative technologies. This enables it to expand the range and improve the quality of services provided to clients, improve the efficiency of maritime freight transportation and safety. Over the reporting period, the company increased the proportion of modern vessels in its fleet, with the addition of new tonnage designed to the best international standards of energy saving and environmental protection. It is safe to say that vessels that will join the SCF fleet in 2016 are amongst the most technologically advanced on the market, which will further strengthen SCF’s position as the technological leader in maritime transportation.”

SCF Group of companies (SCF) is one of the world’s leading shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas. The Group’s fleet comprises 140 vessels with a total deadweight of over 12.2 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

The Group offers a wide range of vessels in the market segments most demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot has the ability to meet the most demanding customer requirements, providing effective transportation for oil & gas companies.

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