Sovcomflot completes USD 900 mln in Foreign Investment

Shailaja A. Lakshmi
Tuesday, December 18, 2018

Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.

The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot.

"The fund allows us to fully address the Group’s mid-term financing requirements, to optimise and smooth-out its debt repayment profile, and to build up an additional liquidity cushion," Nikolay added.

The consortium of five leading international banks which provided the long-term revolving credit facility includes Citibank; DVB Bank; ING Bank; Société Générale, and UniCredit acting as mandated lead arrangers and bookrunners with ING Bank acting as facility agent.

The credit facility is being used for the early refinancing of a balloon payment due on one of the Group’s tanker loan facilities maturing in 2019, whilst it also provides an additional line of available credit for general corporate purposes. The loan benefits from a favourable long-term tenor, competitive pricing, as well as a flexible revolving mechanism allowing for funds to be drawn and repaid as required.

“We are grateful to our long-standing financial partners for their continued support of SCF’s business. This new loan agreement clearly demonstrates the confidence of international lenders in the robustness of SCF Group’s business model amid continuing market volatility,” Nikolay added.

Sovcomflot (SCF Group) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The company’s fleet includes 147 vessels with a total deadweight of 12.8 million tonnes. 80 vessels have an ice class.

Categories: People & Company News Legal Tankers Finance

Related Stories

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

ABS Approves Hanwha Ocean’s FPSO Design

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

INEOS Picks Up CNOOC’s US Assets in $2B Deal

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

CNOOC Brings Bohai Sea Oil Field On Stream

TVO Selects Collins to Head Australian Ops

Current News

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com