PAO Sovcomflot (SCF) has announced its intention to conduct an initial public offering (IPO) and to list on the Moscow Exchange.
In a statement issued yesterday (15 September), SCF said that it expects that the net proceeds from the IPO will be ‘at least US$500 million equivalent’.
SCF is currently wholly-owned by the Russian Federation and it is expected that, after completion of the IPO, the Russian Federation will remain the majority shareholder.
Igor Tonkovidov, President and CEO of SCF Group, commented: ‘We are excited to begin a new chapter in the history of SCF. The offering reinforces our position as a global leader in the maritime transportation of hydrocarbons and expands our access to international capital markets.
‘SCF’s strategy remains focused on maintaining our "preferred carrier" status with the major oil and gas companies by renewing and expanding our fleet, with a particular focus on the industrial projects that have historically provided long term predictable cash flows and profitable returns on invested capital.
‘The offering provides investors with the opportunity to gain exposure to the global energy sector, and invest in a high quality and growing transportation provider with significant operational expertise in harsh environments, with a history of strong financial performance, and commitment to supporting sustainable development by adopting advanced, “green” technologies and enhancing operational efficiency.’
VTB Capital, Citigroup Global Markets Limited, Sberbank CIB, J.P. Morgan and BofA Securities are acting as joint global coordinators and bookrunners of the offering.
As previously reported by Bunkerspot, on Monday (14 September) Sovcomflot took delivery of its new dual-fuel LNG carrier SCF Barents.