|By PR Newswire||
|September 4, 2013 01:00 AM EDT||
PARIS, September 4, 2013 /PRNewswire/ --
Update on the "Transforming for beyond" action plan
The first 9 vessels are sold and bareboat chartered
Following the transfer of ownership of the first 9 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") as part of a 51 vessel sale and bareboat commitment and the payment of US$144 million, BOURBON announces that the ten-year bareboat charter period of those 9 vessels by BOURBON will commence today.
As announced last week, the transfer of the remaining 15 vessels currently under operation is expected to be completed within two months and the transfer of the 27 vessels under construction within 10 months.
On April 9, 2013, BOURBON announced that the terms of the first phase of the "Transforming for beyond" action plan were signed with ICBCL for a ten-year fixed rate (10.66%) bareboat charter of up to 51 supply vessels either in operation (24 on that date) or under construction (27 with delivery expected before June 2014) for a total of up to US$1.5 billion.
- 3rd Quarter 2013 revenues press release November 6, 2013
- 4th Quarter 2013 & full year 2013 revenues press release February 5, 2014
- 2013 Annual Results press release and presentation March 5, 2014
As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. These services are based on an extensive range of latest-generation vessels and the expertise of more than 10,000 competent professionals. The Group provides 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 Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.
In 2012, BOURBON posted revenues of €1.187 billion and as of June 30, 2013, it operated a fleet of 472 vessels.
Under its "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built-in series.
Announced in March 2013, the latest action plan "Transforming for beyond" in its financial aspect consists of selling up to 30% of the supply vessels' fleet, up to US$2.5 billion, and retaining the vessels on bareboat charter for a period of 10 years. The first phase of the program has been signed for 51 vessels and up to US$1.5 billion with ICBC Financial Leasing.
Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.
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, in the SBF 120 and CAC Mid 60 index.
About ICBC Financial Leasing Co., Ltd.
ICBC Leasing focus is commodities and energy shipping. They are currently managing a fleet of some 200 vessels consisting of dry bulk, tanker, containership, PCTC, Luxury Cruise Vessel, Offshore Support Vessel, Drilling Rigs, Chemical Tankers and inland general cargo vessels.Meanwhile ICBC Leasing also actively supports the development of the maritime economy and is expanding to offshore industry.
Based on its well defined client orientation, abundant operational experience and professional management in shipping, ICBC Leasing provides a systematic integrated service for all segments of domestic and foreign shipping enterprises.
In addition, through collaboration with classification societies, ship research institutes and ship-owners' associations, ICBC Leasing is making contribution to the health and sustainability of the shipping industry by actively participating in the design, manufacturing and operation of vessels aiming to improve environmental friendliness, economic efficiency and operational effectiveness of vessels.
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