Scf Agreement

Marine Money, an international publication on maritime financing, awarded Sovcomflot (SCF Group) and vtB Bank an annual industry award: a 13-year loan agreement between Sovcomflot and VTB Bank, worth USD 260 million, was elected “Project Financing Agreement 2017 – West.” SMART LNG is a joint venture created by SCF Group and NOVATEK to own and operate a fleet of LNG that operate the Arctic LNG 2 project and other current and future NOVATEK projects. The company`s creation agreement was signed in September 2019, with the company originally referred to as SMART. In September 2020, SCF Group took delivery of SCF Barents, a new 174,000 cbm LNG carrier. SCF Barents is chartered to Shell as part of a long-term charter agreement. Another LNG carrier, SCF Timmerman, is expected to be delivered and commissioned in the first quarter of 2021 as part of a long-term charter with Shell. SMART LNG, a joint venture between the SCF Group and NOVATEK, has signed contracts with VEB. RF Group and Zvezda Shipbuilding Complex build and lease ten Arc7 LNG icebreakers. At the same time, SMART LNG signed long-term charter contracts for these ten vessels with Arctic LNG 2, the operator of the Arctic LNG 2 project. SCF is targeting a dividend of 50% of IFRS` net income and, subject to the agreement of the Board of Directors and shareholders, confirms its dividend forecast for the year ended December 31, 2020, for $225 million. Igor Tonkovidov, President and CEO of the SCF Group, commented on the results of 9M 2020 as s: 17 November 2020, Moscow, Russia: PAO Sovcomflot (SCF Group, the company); MOEX: FLOT, a global leader in marine energy services, released its condensed consolidated accounts for the third quarter (Q3) and nine months (9M) as of September 30, 2020. Earnings before interest, taxes, depreciation and amortization, calculated on the adjusted basis.

Net debt includes total bank loans, other loans and lease commitments after deduction of cash deposits and bank deposits and limited liquidity. “SCF showed an exceptionally strong performance, with a 9-month doubling of net profit compared to the previous year. In addition, with an additional turnover of $14 billion recorded in the LNG segment in recent months, the group has managed to secure a new industrial activity, in line with the group`s strategy. This clearly demonstrates the resilience of Sovcomflot`s business model to the operational challenges of the pandemic and adverse and volatile market conditions. We are on track to meet the 2020 budget targets and are well equipped to grow the business in the future, with revenue from the recent IPO of Sovcomflot shares, while maintaining our strong focus on decarbonisation and innovation.

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