Fitch Ratings revised outlook on Sovcomflot to positive
Fitch Ratings says it has revised the outlook on PAO Sovcomflot's long-term issuer default rating (IDR) to positive from stable. Fitch has also affirmed Sovcomflot's long-term IDR at 'BB'.
According to the statement, the revision of outlook reflects the improving quality of the company's long-term contracts.
SCF Group (PAO Sovcomflot) is Russia’s largest shipping company and a world leader in the maritime transportation of hydrocarbons as well as the servicing and support of offshore oil & gas production. The company’s fleet numbers 144 vessels with a combined deadweight of 12.48 million tonnes. SCF Group specialises in the shipping of crude oil, liquefied gas and a wide range of oil products. The Group’s vessels perform complex towing operations and geophysical survey work at offshore oil & gas fields. Sovcomflot supports large-scale offshore energy projects in Russia and overseas, including: Sakhalin-I, Sakhalin-II, Varandey, Tangguh, Peregrino, Prirazlomnoye, Noviy Port, Yamal LNG and others. SCF Group employs over 9,300 personnel both on land and at sea. The company is registered in Saint-Petersburg and has representative offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, Madrid, Singapore and Dubai.
