A company owned by a group of French banks has made a takeover offer for beleaguered offshore services company Bourbon Corporation as part of the company’s court-backed reorganization. The Marseilles Commercial Court opened reorganization proceedings for the holding company Bourbon Corporation and its sub-holding company Bourbon Maritime back in August after the Chinese … [Read more...]
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 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...]