BOURBON announces a new milestone of its action plan "Stronger for longer" with the signing of an agreement with ICBC Financi...
12 Avril 2017 - 7:34AM
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 CommunicationsChristelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com
Media relations agency Publicis
ConsultantsVilizara Lazarova +33 144 824 634
vilizara.lazarova@consultants.publicis.fr
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