Top Russian shipowner SCF Sovcomflot remains upbeat about prospects arising from the country’s growing offshore energy sector despite a net profit for 2011 that was only a third of the previous year.

Sovcomflot chief executive, Sergey Frank, concedes 2011 had been one of the toughest years the industry had faced in decades but noted that top line revenue nevertheless increased.

Sergey Frank
Frank is not expecting 2012 to be any better for tanker operators but in the company’s annual report says the Sovcomflot’s business model allowed “cautious optimism.”

“Given