Sovcomflot Secures Loan for Arctic Shuttle Tanker

Sovcomflot-VLCC

Sovcomflot and Sberbank have agreed a new USD 106 million loan to finance the construction of a high ice class Arctic shuttle tanker (Arc7) being built for the Novy Port project, under a long-term agreement with Gazprom Neft.

“This financing agreement will enhance the group’s long-term liquidity position, and will enable us to meet the capital requirements of our current shipbuilding programme,” Nikolay Kolesnikov, Executive Vice President and CFO of PAO Sovcomflot, said.

The new financing deal has a term of up to 14 years.

 

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