France-based Bourbon announces the establishment of new financing for a total of 420 million euros (approximately USD 532 million). The company will use the funds to support its growth and finance its investment program for new vessels.
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″, the company has said in a statement.
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.”
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 took delivery of 39 new vessels, in line with its investment program.
Offshore Energy Today Staff, June 21, 2012