Book Value of Ships of Caspian Sea Oil Flotilla Increases

Azerbaijan, Baku, 14 July/ Trend / As of 1 January 2008, a total of 266 of ships of various assignment were available on the balance of the Caspian Sea Oil Fleet of the State Oil Company of Azerbaijan (SOCAR), closing statement of SOCAR for 2007 said. As of 1 January 2007, a total of 263 ships were available on the balance of the Fleet.

A total of 259 of them are ships and barges (256 as of 1 January 2007) and 7 floating workshops (7 as of 1 January 2007).

The total book cost of the ships amount to AZN553.3mln (AZN493.6mln as of 1 January 2007). The total lifting capacity is 85,500 tons (85,000 tons as of 1 January 2006).

Moreover, there are 5 research vessels available on the balance of the Geophysics and Geology Department. The drilling rig Absheron is also included in the balance of the department.

SOCAR made profits of AZN28.7mln within the contracts signed with the foreign companies which make up 42.2% of the total income of fleet. In 2006, this indicator made up AZN33.4mln,

The operating companies (AIOC and BPSahdeniz)and their contractors (Mcdermott

Inc. and Saipem) mainly working forAzerbaijan sector of Caspian Sea were rendered services in 2007

Long-term leasedvessels continued their services within theperiod. "I. Huseynov" pipe layer, "Azerbaijan" crane ship, "T. Ismayilov" diving ship and"STB-1" barge play particular role amongthese vessels.

According to Alliance Agreement betweenthe SOCAR and "Caspian Marine Services"

LLC, 15 vessels of Caspian Oil Fleet were attracted to short and long-term operations within the framework of different projects.

There signed ship repair works to the amount of 21.4 mln Manat, including 11.6 mln

Manat (10.5 mln Manat for Shipyard and 1.1mln Manat for repair workshops) by internal resources in 2007.96 ships from the repaired ones were awarded relevant Register documents.

So that 8 vessels of the Fleet were jointly operated by Caspian Oil Fleet/BUE Alliance.