French offshore supply shipowner Bourbon Offshore said Thursday that it has landed 420 million euros in new financing to help with the company’s massive newbuild program.
The deal has given Bourbon Offshore a chance to show off it’s financial and global diversification, something that is in line with the groups global strategy. The loan was made up by 8 French banks offering a total $240 million euros and 6 foreign banks providing the rest.
“BOURBON is in line with its 2015 Leadership Strategy plan,” said Laurent Renard, Executive Vice President and Chief Financial Officer of Bourbon. “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.”
To that end, Bourbon’s newbuild rate is nothing short of impressive. “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,” Renard adds.
Bourbon Offshore’s plan for growth, known as it’s “2015 Leadership Strategy,” lays out a plan for the construction of 80 supply vessels and 64 crewboats through a US$2 billion investment plan that is estimated to provide an average annual growth of 17% through 2015. Once completed Bourbon says it will be operating a fleet of 600 vessels for deepwater and shallow water logistics services.
A statement offered by Bourbon adds that the legal documentation for these loans should be finalized by the end of July 2012.