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SOVCOMFLOT SECURES FUNDS FOR GREEN SHUTTLE TANKERS

SOVCOMFLOT SECURES FUNDS FOR GREEN SHUTTLE TANKERS

Monday, November 15, 2021 

PAO Sovcomflot (SCF Group) has signed a new US$ 110m credit facility, for ten years, with three leading international banks: Ing Bank, Smbc Bank EU and Unicredit Bank, to finance two new ice-class shuttle tankers, to be delivered in Q1 2022, to serve the Sakhalin-1 project.

Exxon Neftegas, an affiliate of Exxon Mobil, is the charterer for the vessels. The new vessels will incorporate advanced design features that meet the latest environmental requirements, providing improved fuel efficiency and decreased CO2 emissions by at least 10% (when compared with previous generations of shuttle tankers). Delivery of the vessels will further enlarge SCF Group’s industrial business portfolio, adding more than US$ 300m in value to Sovcomflot’s contract backlog.

Nikolay Kolesnikov, EVP and CFO, Sovcomflot, said: "We are grateful to our long-standing financial partners for their continued support of SCF’s business. We are also pleased that this financing reflected the Poseidon Principles, an initiative by the banking community allowing control of GHG emissions of their shipping portfolios and aimed at decarbonisation of the shipping industry. This new loan agreement demonstrates the high level of interest and support of international lenders to SCF Group, as well as the company’s uninterrupted access to diversified sources of capital amid the market cyclicality. The completion of this project credit facility allows us to address in full funding requirements for new vessel deliveries in 2022."

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