Sovcomflot Group (“SCF Group”, “Company”) announces a share buyback programme commencing on 20 December 2021.
SCF Arctic, SCF Group’s 100% subsidiary, intends to buy PAO Sovcomflot shares from the market for the purposes of funding the Company’s management long-term incentive programme.
The KPI-based long-term incentive programme for Group management utilising the Company’s shares has been approved by PAO Sovcomflot Board of Directors earlier in the year.
The overall buyback amount will not exceed RUB 550 mln.
SCF Press Office
PAO Sovcomflot (MOEX:FLOT) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas production. As of the date of this release, the Group’s fleet comprises 133 vessels with a total deadweight of 11.6 million tonnes, including vessels owned through joint ventures. About 80 vessels have an ice class.
Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoe; Novy Port; Yamal LNG; Tangguh (Indonesia). The company is headquartered in Saint Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.