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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Public Joint Stock Company Rosneft Oil Company    ROSN

PUBLIC JOINT STOCK COMPANY ROSNEFT OIL COMPANY

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Public Joint Stock Rosneft Oil : Zvezda Shipyard Commences Construction of the 7th Aframax Tanker

10/16/2020 | 07:45am EST

The Zvezda Shipbuilding Complex has launched the construction of the seventh Aframax tanker. The first metal cutting for details of the future vessel took place in the hull production block. The cutting is performed on a high-tech gas-plasma machine. This is the seventh tanker to be laid down at the shipyard. In total, there is a series of 12 tankers of the Aframax type in the order book of the Zvezda complex. At the moment, six of them are under construction at the shipyard. The flagman ship of the series has been launched and is undergoing mooring tests.

An agreement on the construction and chartering of two oil vessels was concluded between Rosneft, Zvezda Shipyard, Arctic Leasing (a company of the VEB Leasing Group) and SKF Eco (a company of the Sovcomflot Group) at the 4th Eastern Economic Forum in September 2018. The delivery of the tanker to the customer is scheduled for 2022.

Thanks to the advanced equipment, Zvezda is capable of producing state-of-the-art large-capacity vessels. The most advanced shipyard in Russia uses high-precision methods of marking, welding and cutting metal, including the laser one, as well as 3D modelling.

With the dimensions of 250 m length, 44 m width, and 114 thousand tonnes deadweight, Aframax tankers will be the first vessels of this type built in Russia. They are equipped with the most advanced class A automation system. Green Aframax tankers are designed to transport crude oil in an unlimited navigation area thanks to the propulsion machinery that runs on liquefied natural gas in accordance with high environmental standards.

The Zvezda Shipbuilding Complex is constructed by the Rosneft-led Consortium upon the instruction of President of Russia Vladimir Putin. At the moment the Shipyard's order portfolio exceeds 50 vessels - 59 vessels including options. The Shipyard's pilot throughput is provided for by Rosneft that placed an order for 28 vessels. Zvezda's product line will include vessels of up to 350 tonnes displacement, components of marine platforms, ice-class vessels, commercial vessels for cargo transportation, specialty vessels, and other types of marine equipment of any complexity, characteristics and purposes, including those that had not previously been produced in Russia due to the lack of required launching and hydraulic structures.

Note for Editors:

he construction of Zvezda is carried out in two stages. The following facilities of the first extended stage have been put into operation: the hull production block, painting cabinets, the open heavy outfitting slipway equipped with a park of unique cranes and a state-of-the-art ship transportation system, and the floating transfer dock.

The workshops built enabled the construction of a number of ships before the completion of the second stage. Commissioning of the second stage will expand the shipyard's capabilities and allow Zvezda to build vessels and marine equipment without any limitations. The second stage comprises the following: a dry dock and additional full-cycle production shops for construction of large-capacity vessels and marine equipment. The shipyard overall completion is scheduled for 2024.

The Zvezda Shipbuilding Complex will rival foreign shipyards and provide Russia with a civilian fleet to develop offshore fields and smoothly operate the Northern Sea Route--the shortest route between Europe and Asia.

Rosneft
Information Division
October 2, 2020

Disclaimer

OJSC Oil Company Rosneft published this content on 02 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2020 11:44:01 UTC


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Financials (USD)
Sales 2020 75 948 M - -
Net income 2020 -87,1 M - -
Net Debt 2020 52 784 M - -
P/E ratio 2020 -158x
Yield 2020 0,08%
Capitalization 59 621 M 59 621 M -
EV / Sales 2020 1,48x
EV / Sales 2021 1,23x
Nbr of Employees 335 000
Free-Float 11,2%
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Average target price 6,03 $
Last Close Price 6,28 $
Spread / Highest target 19,5%
Spread / Average Target -3,87%
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Igor Ivanovich Sechin Chairman-Management Board & Deputy Chairman
Gerhard Schroeder Chairman
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