Bourbon BoD to Analyze Restructuring Proposals
Following the submission of financial restructuring proposals subject to conditions precedent, the Board of Directors of BOURBON Corporation reviewed today the two proposals which are considered relevant to the interests of the group, its employees, its partners and its shareholders.In particular, the Board relied on the review done by an ad hoc committee of four Directors (two of whom are independent) entrusted since July 2018 with assessing the impact and salient points of each restructuring projects and reporting on them to the Board of Directors…
BOURBON Reaches Deal to Reorganize Its Debt
French offshore vessel operator BOURBON said it has signed an agreement with its financial partners providing for the rescheduling of the maturities of a large part of its financial debt. Out of long- and medium-term debt totaling €692 million, €365 million of repayments due between 2016 and 2018 have been rescheduled and reduced to an amount of €63 million not repayable until 2018. The remainder of the debt, i.e. €629 million, will henceforth be repaid progressively between 2019 and 2025; the weighted average of the spreads applicable to these facilities will initially represent approximately 2.1 percent from October 1…
Bourbon Feels the Pain of Low Oil
The impact of the oil market cycle reaching its bottom was felt in Bourbon in the first half of 2016, as the company announced first half 2016 adjusted revenues of €599.2 million, a 21 percent decline year on year and 11.7 percent reduction compared to 2H 2015. Bourbon believed that its large market share and young fleet were keys to keeping it stronger while others failed, but it appears that the market has caught up to the company too. -- In the segments Deep and Shallow water, Bourbon anticipates the bottom of the market in Q3 2016, due to the late cyclical nature of this business.
Evergas Acquires first Multigas LNG vessels
Evergas’ latest additions to its fleet, two ‘dragon class’ 27.500 cbm multigas LNG carriers, were successfully named today at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China. The state-of-the-art carriers were named JS INEOS INSIGHT and JS INEOS INGENUITY. Both vessels bear a distinct dragon symbolizing their Chinese and Western heritage. vessel JS INEOS INSIGHT is the King of Fire, reflecting a strong, vigorous and steadfast future ahead. For our 2nd vessel JS INEOS INGENUITY the dragon chosen to sail and protect is the King of Water, reflecting strong fortunes for the future ahead.
Jaccar Inks Gas Carrier Financing Deal with ICBC leasing
JACCAR Holdings informed that Mr. Li Keqiang – Prime Minister of the People’s Republic of China - during his recent state visit to France signed Memorandam of Understanding with Mr. Manuel Valls, Prime Minister of France , for a 900 M$ financing of gas carriers with ICBC leasing. Jacques de Chateauvieux, as Chairman and CEO of Cana Tera and JACCAR Holdings declared “we are extremely honored to benefit from the trust of ICBC Leasing for the second time following the BOURBON sale and bare boat charter for 10 years of 46 offshore vessels completed last year.
New CEO for Evergas
Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk. He brings a wealth of leadership experience in both commercial and technical management, having amongst other positions headed Maersk Tankers fleet management for 9 years. Before that he held both operational and commercial leadership positions in Maersk Tankers, Maersk Contractors and Maersk Drilling. The Chairman of Jaccar Holdings Mr. Jacques de Chateauvieux says "I wish to thank Martin Ackermann for his leadership of Evergas through periods of financial and operational challenges as well as a period of rapid growth.
Bourbon Places Hybrid Bond Issue for €100 mi
Bourbon has announced the completion of its first bond issue for €100 million of perpetual deeply-subordinated notes (Titres Super Subordonnés à Durée Indéterminée - TSSDI). This issue has produced keen interest among European professional investors and French portfolio management companies. These perpetual notes, accounted for as equity under IFRS standards, are callable by BOURBON at par starting in October 2017. They bear a fixed semi-annual coupon of 4.70% for the first 3 years, payment of which is mandatory if dividends are paid. "After having…
