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 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 oil & gas companies with the most demanding requirements a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms, based on an extensive range of latest-generation vessels. The Group provides a local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.
BOURBON has two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.
Under the “BOURBON 2015 Leadership Strategy” plan, the Group is investing US$2 billion in a large fleet of innovative and high-performance and built-in series offshore vessels.
In 2011, BOURBON posted revenues of €1.008 billion and operated a fleet of 443 vessel (as of March 31, 2012)
Classified by ICB (Industry Classification Benchmark) in the “Oil Services” sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD and in the SBF 120, CAC Mid 60 and DowJones Stoxx 600 indices.
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Subsea World News Staff , June 21, 2012; Image: BOURBON