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Expanding Horizons Annual Report 2020 About the Report EXPANDING HORIZONS ANNUAL REPORT 2020 ABOUT THE REPORT The Annual Report of Sovcomflot The accuracy of information contained in this (PAO Sovcomflot, the Company) for 2020 report is certified by the Auditing Commission includes the operating results of PAO Sovcomflot of the Company. and its subsidiaries, collectively referred to as Sovcomflot Group (SCF Group). It discloses the The report contains forward-looking statements operational and financial results, and certain related to operating, financial, economic and aspects of the activity and figures in the field of social indicators characterising the Company’s sustainable development. future development. The implementation of plans and intentions depends on the political, The report is prepared in accordance with the economic, social and legal situation in the requirements of the Regulation on Information Russian Federation an around the world. Disclosure by Issuers of Issue-Grade Securities Therefore, the actual results of the Company’s approved by Order of the Central Bank of the operations in the future may differ from those Russian Federation No. 454-P dated projected. 30 December 2014, by taking into account a model structure of the annual report of a joint- On 14 April 2021 the 2020 annual report of stock company whose shares are in federal PAO Sovcomflot was preliminarily approved ownership, as approved by Russian Government by the Company’s Board of Directors (Minutes resolution No. 1214 dated 31 December No. 206 of 14 April 2021) and approved by the 2010, and also by taking into account the Annual General Meeting of Shareholders. recommendations of the Corporate Governance Code of the Bank of Russia. Annual reports of PAO Sovcomflot for the previous years are available on the Company’s The report is based on an analysis of the website in the Investors section. operational data and figures from the financial statements of PAO Sovcomflot for 2020 prepared in accordance with International Financial Reporting Standards. The industry overview is based on information provided by Clarksons Research Services Limited. Perimeter of the information disclosed in the report coincides with the consolidation perimeter for the purposes of preparing financial statements under IFRS. The report may contain discrepancies in the calculation of shares, percentages, amounts due to rounding of estimates. View this report online www.scf-group.com/ Unlocking the Northern Sea Contents SOVCOMFLOT Route’s potential 2020 – KEY EVENTS AND ACHIEVEMENTS Unlocking the Northern Sea Route’s potential ..............................................6 Increasing the number of high-tech vessels in the fleet ................................8 GROUP Expanding the long-term industrial business portfolio ................................10 Keeping course towards sustainable development ....................................12 Russia’s largest shipping company and one of the global leaders in the marine STRATEGIC REPORT transportation of hydrocarbons (crude oil and petroleum products, liquefied gas See page 6 for more information Message from the Chairman of the Board of Directors ...............................17 (LNG and LPG)) and in servicing the transportation requirements of oil and gas Message from the President and Chief Executive Officer ...........................19 projects on the continental shelf, including offshore seismic exploration. Company’s profile .....................................................................................20 Key competitive strengths .........................................................................22 Expanding the long-term Geographical scope of operations .............................................................24 industrial business portfolio Industry overview ......................................................................................26 LEADERSHIP Development strategy of Sovcomflot Group ..............................................35 Long-Term Development Programme of Sovcomflot Group .......................38 POSITION GROWTH FACTORS OPERATING RESULTS One of the World’s largest fleets1 Production activities ..................................................................................42 AS OF 31 DECEMBER 2020 Investment activities ..................................................................................45 THE GROUP’S FLEET Innovative activities and R&D ....................................................................49 Financial results ........................................................................................54 See page 10 for more information 145 vessels SHARE CAPITAL AND PROFIT DISTRIBUTION with a total deadweight of 12.63 million tonnes2 Structure of the share capital ....................................................................62 Distribution of profit ...................................................................................63 Keeping course towards Dividend policy .........................................................................................64 №1 2 new vessels sustainable development Interaction with investors ...........................................................................65 were added to the fleet in 2020 by number of ice-class shuttle tankers CORPORATE GOVERNANCE years Case: Initial public offering .........................................................................68 by number of ice-class 11.6 oil tankers the average vessel age within the fleet Corporate governance system ..................................................................70 General Meeting of Shareholders ..............................................................75 by number of Aframax crude The orderbook includes Board of Directors of PAO Sovcomflot .......................................................76 oil tankers Chief Executive Officer and Executive Board of PAO Sovcomflot ...............84 26 vessels Auditing Commission ................................................................................87 by number of icebreaking See page 12 for more information supply vessels with a total deadweight of 2.46 million tonnes Compensation system for members of management bodies......................88 Stakeholder communications ....................................................................90 by number of ice-class Risk management system and internal control ...........................................93 LNG carriers* Internal and external audit .........................................................................96 THE WORLD’S LEADING Main charterers: major international and OPERATOR AND THE LARGEST SUSTAINABLE DEVELOPMENT Russian oil & gas companies and traders, OWNER OF ICE-CLASS VESSELS Sustainable development policy ..............................................................100 including Gazprom, Sakhalin Energy, DESIGNED TO OPERATE IN UL- LUKOIL, Exxon Neftegas, Royal Dutch Occupational health and safety ...............................................................104 Shell, Trafigura, NOVATEK, ExxonMobil, TRA-HARSH ENVIRONMENTS AND Human resources and social programmes ...............................................106 CHALLENGING ICE CONDITIONS: Vitol, Total, Chevron, Phillips 66, BP, ST Charity and sponsorship .........................................................................110 Shipping, PetroChina, SIBUR. Environmental protection .........................................................................114 82 ice-class vessels rated from ICE 1C to Arc7 and Ice- Visit our web-site 1. According to data from Clarksons as of 31 December 2020. breaker ICE-15 ANNEXES 2. Including vessels within joint ventures (four LNG carriers and nine LR I product tankers). * including vessels in the Group’s orderbook www.scf-group.com/ KEY NOVEMBER Sovcomflot Group received the award for ‘Shipping Company of EVENTS the Year’ at the Seatrade Mari- time Awards International 2020. AND ACHIEVEMENTS OCTOBER Joint venture companies SEPTEMBER belonging to Sovcomflot Group, 2020 NYK Line and Samudera PAO Sovcomflot held an Shipping Line operating two LNG initial public offering (IPO) carriers within the Tangguh LNG Sovcomflot took delivery of a new on the Moscow Exchange. project (Indonesia) entered into gas carrier SCF Barents. The Trading in the Company’s a US$155 million credit facility vessel commenced a long-term ordinary shares commenced agreement to refinance two LNG time charter with Shell. on 7 October 2020 under carriers, Tangguh Towuti and the FLOT ticker and ISIN Tangguh Batur. SMART LNG, LLC, a joint RU000A0JXNU8 reference. venture between Sovcomflot and The shares are included NOVATEK, signed a package in the first-level quotation A steel cutting ceremony of agreements with VEB.RF list. 17.2% of the shares were took place for the pilot vessel Group and the Zvezda shipyard placed as part the IPO, with in a series of Arctic LNG carriers JUNE the government retaining an APRIL for the construction of ten Arc7 ordered by SCF Group from gas carriers. Taking into account 82.8% stake. Zvezda Shipbuilding Complex the previously ordered vessels, (Primorsky Krai, Russia) to serve FEBRUARY the Arctic LNG 2 project. Sovcomflot Group received the SMART LNG will have 15 Arctic Sovcomflot Group and Arctic Project Financing Deal of the gas carriers in operation for the LNG 2 concluded 30-year time Year Award from Marine Money, Arctic LNG 2 project. charter contracts for three new an international maritime finance ice-breaking LNG carriers. publication. The naming ceremony took place
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