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Sovcomflot concludes $297 mln LNG vessels financing facility with 3 international banks

Sovcomflot concludes $297 mln LNG vessels financing facility with 3 international banks

Moscow, May 13 - Neftegaz.RU. Sovcomflot (SCF Group) has signed a new $297 million limited recourse credit facility, for up to 10 years, with 3 leading international banks: ING Bank; KfW IPEX-Bank, and Crédit Agricole Corporate and Investment Bank.

The funds will be used towards pre- and post-delivery financing of two new-generation 174,000-cu m Atlanticmax LNG carriers, which will operate under long-term charters to Shell. The vessels feature a slow-speed dual-fuel X-DF diesel engine and gas boil-off partial liquefaction system.

The 1st of these vessels is scheduled for delivery in the 2nd half of 2020, the other in the 1st half of 2021. The addition of these vessels will increase the Group’s liquefied gas carrier fleet to 16 vessels, and is fully in line with the Group’s strategy of expanding its long-term business with core clients.

This deal follows a similar $149 million credit facility signed in November 2018, between SCF Group and these three banks, to finance the construction of an LNG carrier, which will operate on long-term charter to Total.

Nikolay Kolesnikov, Executive Vice-President & CFO of Sovcomflot, said: “SCF Group is pleased with this new LNG project financing with its long-standing financial partners: ING Bank; KfW IPEX-Bank, and Credit Agricole CIB. We very much value the involvement of these 3 prominent lenders in this deal, which was accomplished in direct continuation of a similar LNG financing concluded with these banks in November 2018, reflecting the banks’ long-term and strong commitment to SCF Group. With the conclusion of this deal, the Group has addressed in full its capital expenditure funding requirements for the next 2 years.”

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