BOURBON : Press Release : The Sale of 2 Vessels Generates Capital Gains of Approximately US$63 Million
BOURBON Continues its Policy of Modernizing and Standardizing its Fleet by the Sale of Two Vessels for US$130 Million, Generating Capital Gains of Approximately US$63 Million
PARIS, November 15, 2013 /PRNewswire/ --
BOURBON announces the sale of the Bourbon Surf and Bourbon Borgstein, two large 10-year old Norwegian built AHTS (Anchor Handling Tug Supply) vessels for a total amount of US$130 million, generating a total capital gain of approximately US$63 million.
BOURBON will continue to operate the two ships for a minimum period of 2 years to a maximum period of 5 years, with an annual bareboat charter cost of 13% of the transaction value.
This sale continues BOURBON's strategy that aims to focus its fleet on modern and fuel efficient ships, built in series, in order to offer its most demanding clients the service quality of a standardized fleet of efficient and reliable vessels.
As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. These services are based on an extensive range of latest-generation vessels and the expertise of more than 10,000 competent professionals. The Group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.
BOURBON has two Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.
In 2012, BOURBON posted revenues of €1.187 billion and as of September 30, 2013, it operated a fleet of 479 vessels.
Under its "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built-in series.
The latest action plan "Transforming for beyond" in its financial aspect aims at the sale and bareboat chartering for 10 years of US$2.5 billion of new or existing vessels. The first phase of the program has been signed for 51 vessels and up to US$1.5 billion with ICBC Financial Leasing.
Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.
Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD, in the SBF 120 and CAC Mid 60 index.
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