French offshore services provider Bourbon says it has reached a deal with its lenders to temporarily withhold payments and servicing of its debt as the group seeks a "balanced solution" with its creditors. Bourbon announced Tuesday it signed a general waiver with its leasers and debt holders representing the majority of its debt which will allow it to withhold the payments … [Read more...]
Bourbon Offshore Reorganizes as it Looks Towards Oil and Gas Market Recovery
French offshore services provider Bourbon has announced a new strategic plan that will involve reorganizing the company into three distinct business units and the sale of more than three dozen offshore vessels at a loss as the company positions itself for a recovery of the oil and gas market. "As the market cycle has bottomed out, BOURBON must focus more than ever on … [Read more...]
Bourbon Sees Offshore Market Hitting Bottom Right Now
France-based Bourbon Offshore is hoping that the market for offshore oil and gas marine services has bottomed out as its fleet utilization rates continued to decline in the third quarter of 2016 as expected. The company on Thursday reported financial information for Q3 and the first 9 months of 2016, revealing adjusted revenues fell 9% in Q3 compared with the previous … [Read more...]
Deep Investment Cuts Slow Rebound for Offshore Oil Services -Bourbon
PARIS, Sept 8 (Reuters) - French oil services company Bourbon said on Thursday that any rebound in oil and gas prices will take a while to reach companies in the offshore marine sector because of deep cuts in investments during the prolonged oil downturn. Bourbon, whose fleet of about 513 vessels provides offshore services for oil and gas companies, said its net loss in the … [Read more...]
Bourbon’s Gas Plans Fall Through
Bourbon Offshore's plan to diversify into the ethane gas market has been put on the back burner after the company failed to obtain financing for the deal. Bourbon announced its plans in March for a major expansion into ethane gas transportation with the acquisition of the ethane activities of JACCAR Holdings, a private equity firm and also majority shareholder of Bourbon … [Read more...]