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Sovcomflot seals financing for Sakhalin shuttle tankers

Russian shipowner Sovcomflot has inked a new ten-year $110m credit facility with three international banks to finance two new ice-class shuttle tankers set for delivery in Q1 2022.

The vessels will serve the Sakhalin-1 oil and gas development in the Sea of Okhotsk, on the north-eastern shelf of Sakhalin Island, Russia. Exxon Neftegas, an affiliate of Exxon Mobil, is the project’s operator and the charterer for the vessels.

According to Russia’s top shipping line, the newbuilds will incorporate advanced design features that meet the latest environmental requirements, providing improved fuel efficiency and a decrease in CO2 emissions by at least 10%.

“We are pleased that this financing reflected the Poseidon Principles, an initiative by the banking community allowing control of greenhouse gas emissions of their shipping portfolios and aimed at decarbonisation of the shipping industry,” said Nikolay Kolesnikov, executive vice-president and CFO of Sovcomflot.

Sovcomflot has served the Sakhalin-1 project since 2006 with seven vessels, including five 1C ice class aframax shuttle tankers and two ICE-10 ice class icebreaking supply vessels. Delivery of the vessels will add more than $300m in value to Sovcomflot’s contract backlog.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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