Marine Money, an international maritime finance publication, has recognised SCF’s IPO on the Moscow Exchange (MOEX), in October 2020, as The IPO Deal of the Year.
The award-wining transaction brought total gross proceeds of RUB 42.9 billion (equivalent to USD 550 million as of the date of issue). The Russian Federation, that owned 100 per cent of the company prior to the offering, lowered its stake to 82.8 per cent.
Local and international investors valued the opportunity to benefit from highly visible long-term and growing infrastructure cashflows from industrial projects. Sovcomflot has a current contract backlog is excess of USD 24 billion (including newbuildings) with an ambition to continue its growth.
The access to a new source of market financing, in the form of equity capital, will enable SCF to sustain its growth pace with a focus on large-scale industrial projects, ‘green’ technologies and advanced engineering solutions.
“This was a highly significant transaction, as it represents the largest ever marine transportation IPO in EMEA by market capitalization at IPO and the first priced IPO on MOEX since November 2017, signaling the re-opening of the Russian IPO market,” commented Marine Money.
“We are very grateful for the recognition of our IPO transaction by such a leading international publication as Marine Money. Sovcomflot receives Marine Money Deal of the Year award in different categories for the eleventh consecutive year. This award is especially dear to our hearts given that the IPO was many years in the making and was accomplished in an innovative all-virtual format and despite the challenging market backdrop of the COVID-19 pandemic,” said Nikolay Kolesnikov, Sovcomflot Executive Vice President and Chief Financial Officer.
SCF Press Office
PAO Sovcomflot (MOEX:FLOT) is one of the world's leading energy shipping companies, specialising in the transportation of liquefied gas, crude oil, and petroleum products, as well as the servicing of offshore oil and gas production. As of the date of this release, the Group’s fleet comprises 146 vessels with a total deadweight of over 12.7 million tonnes, including vessels owned through joint ventures. More than 80 vessels have an ice class.
SCF is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The Group is headquartered in St. Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.
The media release (the “Materials”) of PAO Sovcomflot (the “Company”) has been prepared solely for information purposes and are not intended for potential investors and do not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever nor do they constitute a recommendation regarding such securities. The Materials are not intended to provide, and should not be relied upon for, accounting, legal or tax advice. No reliance may be placed for any purposes whatsoever on the information contained in the Materials or on its completeness. Details included in the Materials are subject to updating, revision, further verification and amendment. The Company is not under any obligation to update or keep current the information contained in the Materials.
Certain statements in the Materials may constitute forward-looking statements. Any statements that address expectations or projections about the future, including statements about operating performance, market position, industry trends, general economic conditions, expected expenditures and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “expects”, “anticipates”, “plans”, “intends”, “projects”, “indicates” and similar expressions. Any statements contained herein that are not statements of historical fact are forward-looking statements. Such statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Accordingly, actual results or the performance of the Company or its subsidiaries may differ significantly, positively or negatively, from forward-looking statements made herein.