BOURBON announces a new milestone of its action plan "Stronger for longer" with the signing of an agreement with ICBC Financi...
12 Avril 2017 - 7:32AM
Paris, 12 April 2017
BOURBON announces a
new milestone of its action plan "Stronger for longer" with the
signing of an agreement with ICBC Financial Leasing
In parallel with the negotiations
that have led to the rescheduling of a large part of its debt,
BOURBON also reached an agreement to restructure the rents payments
under the leasing transaction entered into in 2013 and 2014 with
ICBC Financial Leasing.
This agreement provides a decrease
by $240 million of the overall cash payments made by BOURBON for
the years 2016 to 2018 in consideration of which there is an
extension of two years of the initial bareboat charter period at a
rate of 8% together with more favorable commercial terms in favor
of ICBC Financial Leasing.
This agreement will not have any
significant impact on the consolidated financial statements of the
group as it will not affect the qualification of bareboat charter
of the vessels. Pursuant to IFRS, lease payments will be recognized
on a straight-line basis as of the date of the lease term
renegotiation and for the remaining lease term.
"This
agreement is a new milestone of our action
plan "Stronger for longer" which is aimed at making BOURBON more
resilient in particularly difficult market conditions. Our
resiliency also comes from customers' preference for our vessels
and operational performances, our diversified segments of activity
and geographical footprint, as well as our local partnerships that
improve access to markets. This agreement with ICBC Financial
Leasing is a further sign of the support of our financial
partners", comments Jacques de Chateauvieux,
Chairman and Chief Executive Officer of BOURBON
Corporation.
About
BOURBON
Among the market
leaders in marine services for offshore oil & gas, BOURBON
offers the most demanding oil & gas companies a wide range of
marine services, both surface and sub-surface, for offshore oil
& gas fields and wind farms. These extensive services rely on a
broad range of the latest-generation vessels and the expertise of
more than 9,500 skilled employees. Through its 37 operating
subsidiaries the group provides local services as close as possible
to customers and their operations throughout the world, of the
highest standards of service and safety.
BOURBON provides
two operating Activities (Marine Services and Subsea Services) and
also protects the French coastline for the French Navy.
In 2016,
BOURBON'S revenue came to €1,102.6 million and the company
operated a fleet of 514 vessels.
Classified by ICB
(Industry Classification Benchmark) in the "Oil Services" sector,
BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON
Investor Relations,
analysts, shareholders
+33 140 138 607
investor-relations@bourbon-online.com
Corporate
Communications
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations
agency
Publicis Consultants
Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr
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information contained therein.
Source: BOURBON via Globenewswire