Sovcomflot’s profit rockets

OFFSHORE ENERGY | Russia’s largest shipping company Sovcomflot logged a 149 percent rise in first-half net profit on the back of a strong term contracts portfolio.


Sovcomflot reported a net profit of $226.4 million in the January-June period, compared to $91 million a year ago.


Revenue increased by 19.8 per cent year-on-year to $951.3 million.


Sovcomflot’s chief executive Igor Tonkovidov said EBITDA over the prior 12 months has exceeded $1 billion, for the first time in the firm’s history.


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