BOURBON: Positive progress in negotiations with lenders
20 Avril 2018 - 6:31PM
Paris, April 20, 2018
BOURBON: Positive progress in negotiations
with lenders
As announced in its annual results press release
dated March 15, 2018, BOURBON has initiated discussions with its
main financial partners, both in France and abroad, in order to
balance the servicing of its debt with the expected gradual market
recovery and the corresponding upturn in the group's
performance.
As a consequence, a general waiver should be
finalized with BOURBON's leasers and debt holders in order to allow
the group to withhold all payments. Aiming at enabling all parties
to negotiate quickly within a secured legal framework, this general
waiver, that the group is confident to obtain, also demonstrates
the goodwill of all parties to achieve a satisfactory debt
reshaping.
In this context, the group has suspended
servicing both its leases and debt commitments, during the
negotiation period. This allows BOURBON to focus on its operational
priorities and market turnaround and should encourage all parties
to make negotiations as short as possible.
The group continues to implement its
#BOURBONINMOTION strategic plan, notably through its "Smart
Shipping" program and re-activation of vessels, thanks to a
preserved cash situation.
As part of the abovementioned negotiation,
BOURBON has requested the consent of the general meeting of the
Bondholders to defer by one year the next interest payment date due
under the Bonds for an approximate amount of €3.9 million due on
April 24, 2018 on April 24, 2019, which shall bear interest from
October 24, 2018 (included) to April 24, 2019 (excluded) at the
rate corresponding to the applicable rate to the Bonds.
The general meeting held on April 20 has
authorized BOURBON to postpone this interest payment by one year,
demonstrating once again the confidence of its financial partners
in its capability to benefit from market recovery and implement the
new and innovative strategy #BOURBONINMOTION.
The company is confident in its ability to find
before year end a balanced solution with all its lenders - often
long-standing partners - that suits all parties and allows the
company to adapt its financing to its future development.
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 8,400
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 2017, BOURBON'S revenue came to €860.6
million and the company operated a fleet of 508 vessels.
Placed by ICB (Industry Classification
Benchmark) in the "Oil Services" sector, BOURBON is listed on the
Euronext Paris, Compartment B.
Contacts
BOURBON |
Media
relations agency Publicis Consultants |
Investor
Relations, analysts, shareholders |
Vilizara
Lazarova |
+33 140
138 607 |
+33 144
824 634 |
investor-relations@bourbon-online.com |
vilizara.lazarova@consultants.publicis.fr |
|
|
Corporate Communications |
|
Christelle Loisel |
|
+33 491
136 732 |
|
christelle.loisel@bourbon-online.com |
|