Insolvent Bourbon Requests Reorganization Proceedings

French offshore services company Bourbon has requested for reorganization proceedings of approximately 900 million euros in liabilities after a Chinese leasing company activated payment guarantes from the company. The request for reorganization follows demands from Chinese company ICBC Leasing that Bourbon pay all outstanding rental payment guarantees up to 2026, as per its … [Read more...]

Bourbon Offshore: Market Conditions Still Challenging

French offshore services company Bourbon Offshore reported adjusted revenue of 340.1 million euros in the first half of the year, down 15.2% compared to the second half of 2017, citing the continued challenging market environment. Revenues were mainly impacted by declining rates and subsea activity, which reached a low point during the first half, Bourbon said. The … [Read more...]

Bourbon Suspends Payments on Debt as it Seeks ‘Balanced Solution’ with Lenders

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 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...]