OREANDA-NEWS. February 22, 2008. At a regular meeting of the Sovcomflot Board of Directors, held on 21 February 2008, the consolidated budget for 2008 including data on Novoship, was presented to the Board members. A number of current operational issues were discussed, including the preparation of the annual Shareholders’ General Meeting.

The Executive Board informed the Board of Directors about the drafting of consolidated financial reports in accordance with IFRS for 2007 to be completed by this April. By preliminary forecasts the Group’s gross revenues for 2007 have exceeded USD 1.2bn, revenues in time charter equivalent has amounted to around USD 1bn. The Group’s consolidated assets book value as at 31 December 2007 is more than USD 5bn.

Sovcomflot President and CEO Sergey Frank noted that “in accordance with the current shipbuilding programme the fleet’s deadweight will grow by more than 7 per cent in 2008, in particular, when high technology LNG tankers and Arctic shuttle tankers are put into operation. By the year end of 2008 Sovcomflot fleet will comprise 130 vessels of the total deadweight of 9.3m tonnes. The average age of Sovcomflot tanker fleet is 5.9 years which is almost twice as low as compared to the average age of the world tanker fleet”.