Russian shipping company Sovcomflot has placed a USD 1 billion order for construction of four seismographic ships with Russia’s United Shipbuilding Corporation (OSC), RIA Novosti writes citing Deputy General Director of OJSC United Shipbuilding Corporation Roman Trotsenko.

Speaking at the St. Petersburg International Economic Forum on Friday, Trotsenko stated that the order represents the biggest contract signed at the forum, adding that the construction process will take place in pairs.

While commenting on the value of the deal he stated that the price is dictated by the fact that the “ships are technologically advanced.”

Joint Stock Company Sovcomflot is Russia’s largest shipping company and its fleet is amongst the five leading tanker companies in the world, consisting of 157 vessels with 11. 8 million dwt and 15 newbuildings of 1.58 million dwt capacity. The average age of the fleet is circa 7 years.