Sovcomflot and NOVATEK expand cooperation

Moscow, October 4 – Neftgaz.RU. Sovcomflot, through a joint venture with NYK, has signed long-term time-charter contracts with NOVATEK Gas & Power Asia for 4 new 174.000 m³ LNG carriers.

The new gas carriers will load cargoes produced in the Arctic projects of NOVATEK at 2 FSU’s, which will be located near Murmansk in the west and Kamchatka at the eastern end of the Northern Sea Route, to provide LNG shipments to final buyers in Europe and Asia, as well as for regular trade operations in the global market.

Sovcomflot and NYK, through a joint venture (50/50 share), have been selected to contract the vessels following a tender process launched earlier this year.

The vessels will feature modern design that meets the latest environmental requirements.
The propulsion system, a low-speed X-DF dual-fuel diesel engine with superior fuel-consumption efficiency, able to operate on boil-off gas stored in the cargo tank.

Each LNG carrier will be equipped with membrane-type tank of an advanced GTT Mark III Flex cargo containment system, which has insulating materials to suppress the boil-off rate up to 0,085 % per day and minimise cargo losses during transportation.
A re-liquefaction unit on board of each ship will return gas to the cargo tank.

Sovcomflot’s President & CEO Igor Tonkovidov noted:

• We are grateful to our partners in NOVATEK for their trust in us and appreciation of services delivered by Sovcomflot – a global maritime provider, providing offshore oil and gas transportation for Russian and international charterers.
• Sovcomflot’s development strategy envisages further expansion of its industrial business segment, which is a guarantee of steady income from fleet operations
• The contracts signed are an important step in the development of our cooperation with NYK – a long-term partner of Sovcomflot
• Together we are already implementing 2 LNG transportation projects – Sakhalin 2 and Tangguh

Sovcomflot’s fleet comprises 136 vessels with a total deadweight of 11.7 million tonnes, including vessels owned through joint ventures.
About 80 vessels have an ice class.

SCF is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia).