Bourbon gets EUR 420m to finance newbuilding program
To support its growth and finance its investment program for new vessels, BOURBON announces the establishment of new financing for a total of 420 million euros, the Group press release said.
The financing takes the form of a new Club Deal for a total of 240 million euros with a syndicate of 8 French banks on one hand and on the other hand BOURBON’s strengthening of the geographical diversification of its finance, obtaining loans from 6 foreign banks for a total equivalent to around 180 million euros. This financial diversification continues to be consistent with the Group’s strategy.
The legal documentation for these loans should be finalized by the end of July 2012.
Commenting on the announcement, Laurent Renard, Executive Vice President and Chief Financial Officer, said: “BOURBON is in line with its 2015 Leadership Strategy plan. Backed by the confidence of its banking partners, BOURBON is implementing its investment program and pursuing its growth in offshore marine services, in an environment driven by the development and maintenance of offshore oil and gas fields for which clients require latest-generation vessels that are safe, operationally efficient and economical. In particular, this new financing will contribute to ensuring that new vessels can continue to join the fleet at the rate of 1 new vessel every 12 days.”
BOURBON offers the offshore oil and gas industry, companies that by their very nature insist on the most rigorous standards, a full spectrum of marine services based on a range of innovative, latest-generation and highly productive vessels.
BOURBON, pure offshore player, has two activities: Marine Services and Subsea Services.
Bourbon Marine Services provides:
Offshore installation supply,
Offshore installation anchor handling, towage and positioning,
Offshore oil & gas production and storage terminal support,
Personnel transport,
Assistance, salvage and pollution remediation.
Bourbon Subsea Services provides:
Offshore operations engineering, supervision and management,
Offshore field and wind farm development support,
Subsea Inspection, Maintenance and Repair (IMR).
