LNG

Nov 19 (LNGJ ) - Russian oil tanker fleet operator and LNG carrier owner Sovcomflot said gross revenue for the first nine months of 2014 was $1.06 billion, a rise of 9.8 percent. Time charter equivalent revenue was $795.6M for the nine months and $304.9M for the third quarter, an increase of 26.5 percent. Highlights included the delivery of three new vessels, including two LNG carriers on long-term charter to Gazprom. Sovcomflt also ordered four LNG newbuilds for Russian Arctic LNG projects. Chief Executive Sergey Frank said of the earnings: "These results reflect an improved freight rate environment over the period. We completed several important new long-term agreements, including for the construction and operation of four vessels for Sakhalin Energy, and for a unique Arctic LNG carrier to serve the Yamal LNG project. The delivery of these vessels is scheduled from 2016 to 2017."