The Sovcomflot-owned company said it was "very disappointed" that Nikitin will keep profits of $108m from tanker charters that the UK court of appeal agreed were corruptly won.
In a judgement handed down on Friday, the court found Nikitin was dishonest and accepted bribes for introductions to vessel charters of $410,000 - which he must repay - in a case also involving ex-Novoship general manager Vladimir Mikhaylyuk and Venezuelan shipowner Wilmer Ruperti.
But it allowed Nikitin's appeal against elements of the 2012 judgement that found in favour of Novoship.
The court said there was "insufficient causal connection" between dishonest charters of Novoship tankers to Nikitin's Henriot Finance and the profit of $108m Henriot made from them.
It said it would be "disproportionate" for Nikitin to have to repay the cash.
Novoship will seek leave to appeal the decision, because the court was satisfied that the deals were dishonest.
At the start of the two-week hearing, it was revealed that Ruperti had switched sides to give evidence for Novoship, after reaching an agreement on the $59.21m he owed.
He was not called to the stand during the hearing, however.
In its original case, Novoship claimed Mikhaylyuk and Nikitin had solicited and received bribes paid by Ruperti in respect of introductions for vessel charters.
