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...]
Offshore Services Provider Bourbon Diversifies Into Ethane Gas
French offshore services provider Bourbon Offshore has announced a major expansion into ethane gas transportation as the company weathers a "very difficult" market facing the offshore sector. The expansion comes in the form the acquiring the ethane activities of JACCAR Holdings, a private equity firm and major shareholder of BOURBON, Greenship Gas, Greenship Bulk, … [Read more...]
Pirates Release Kidnapped Bourbon Crew Off Nigeria
French oil services company Bourbon Offshore has confirmed that two crew members kidnapped from their vessel off the coast of Nigeria last month have been released. The company did not say if or how much ransom was paid for their release. The two men were abducted from the Bourbon Liberty 251 on February 23 after the vessel came under attack off the coast of Nigeria. Ten … [Read more...]
Bourbon’s Chairman Weighing Bid to Take Company Private, Sources Say
By Dinesh Nair, Francois de Beaupuy and Ruth David (Bloomberg) -- Bourbon SA Chairman Jacques de Chateauvieux is considering a bid to take the French oil services company private as it grapples with a decline in crude prices that’s hurting customers, people familiar with the matter said. De Chateauvieux, who already owns more than 50 percent of Bourbon through his … [Read more...]
Bourbon Logs $85 Million Net Loss in 2015
For full-year 2015, Bourbon Offshore reported a loss of €76.6 million (US$85 million), attributed to a reduced utilization rate and an unrealized foreign exchange loss. Adjusted EBITDAR rose 7.5% to €547.7 million, while adjusted EBITDAR/revenues margin improved 2.2 points to 38.1% compared to 2014. Adjusted EBIT declined 54.5% compared with 2014. The company was able to … [Read more...]