Book Cost of Caspian Sea Oil Fleet Increases

Oil&Gas Materials 12 July 2007 16:00 (UTC +04:00)

Azerbaijan, Baku / Trend corr S. Aliyev / On 1 January 2007 the Caspian Sea Oil Fleet of the State Oil Company of Azerbaijan Republic (SOCAR) had 263 vessels of different destination, according to the final report of SOCAR for 2006. On 1 January 2006 the Fleet had 276 vessels.

Some 256 vessels are ships and barges (on 1 January 2006 - 269) and 7 are floating workshops (on 1 January 2006- 7).

Total book cost of the vessels is AZN 493.6mln (on 1 January 2006- AZN 480.1mln). Total weight is 85,500t (on 1 January 2006 - 86,100t).

The vessels available on balance of CSOF
As of 01.01.2007 As of 01.01.2006
quantity % quantity %
Total number of vessels 256 100 269 100
Operational 188 73,4 185 68,8
included in rent 14 5,5 18 6,7
Under repair 39 15,2 51 19
Waiting for repair 25 9,8 20 7,4
Waiting to be signed off 4 4,8 13 4,8

Furthermore, five scientific research vessels are available on the balance of Geophysics and Geology Department. Two of them are rented by Azeri-Fugro JV. In 2006, in compliance with the agreement with the State Committee on State Property Management 12 small motor launches were signed off the balance of the fleet due to being unfit for operation. By the decision of the Cabinet of Ministers Kh. Dadashov tow-boat was transmitted to the State Border Service after total repair. During 2006 no vessel was added to the balance of the Fleet.

In 2006, the vessels transported 565,400 tons of freight. Within the framework of the contracts with foreign companies an income in the sum of AZN 33.4mln was received, which is 50% of the total incomes of the Fleet (AZN 36mln in 2005).

Last year within the framework of the Caspian Sea Oil Fleet- Bue Caspian alliance, nine vessels owned by the Fleet and five by Bue Caspian were used. Within the framework of Caspian Sea Oil Fleet - Tidewater alliance two vessels of the Fleet and three of Tidewater were used.

At the end of 2006, Caspian Sea Oil Fleet -Bue Caspian alliance delivered two vessels to Baku (Baki salvation vessel and Citadel supply vessel.

Last year the Fleet was considering the possibility of construction and purchase of a vessel for transportation of 60 passengers, trailing vessel with the capacity of 130 h.p.-150 h.p., diving tender ships with the capacity of 150 h.p. - 300 h.p., a water-carrier with the capacity of 2,000-2,500t.

It is planned to sign an agreement with Russian ship-building plant in Nizhni Novgorod in the near future for the construction of a passenger vessel.