Long-time initial public offering (IPO) hopeful Sovcomflot this week recorded an annual gain of $83.9m to comfortably overturn a loss in 2013.

“The first quarter of 2015 is looking quite promising,” company president Frank said. “Being based on fundamentals we are pretty optimistic that earnings performance in 2015 will exceed that of the previous year.”

In 2014, the giant owner benefitted from a growth strategy and offshore and gas expansion, as well as reaping the rewards of an improving tanker market.