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Banks take over distressed Bourbon Corporation

A consortium of French banks takes over the assets of struggling Bourbon Corporation, a court in Marseilles ruled on Monday. As such, the De Chateauvieux family loses control of the company.

Pressured Bourbon reduces stacked fleet

French Bourbon has managed to lower its number of stacked ships in the first half of the year. But the shipping company, which is in the midst of a larger rescue plan, has booked another significant deficit for the first six months and continues to struggle with low fleet utilization.

Bourbon is insolvent and requests rehabilitation proceedings

Credit claims from Chinese ICBC Leasing testify, according to Marseilles' commercial court, that French Bourbon Corporation is insolvent, and the court therefore rejects the company's petition for a safeguard procedure. Bourbon now petitions the court again.

Bourbon Offshore must choose between two rescue plans

One of the world's largest offshore shipping companies, France's Bourbon Offshore, has received two different offers to rescue the crisis-stricken and debt-plagued company. But the board is not at this point able to decide which is best, and one offer is set to expire already a week from now.

Bourbon Offshore expects low rates to continue

France's Bourbon Offshore faced declining revenues in a market characterized by continuing low rates and an oversupply of offshore vessels. The company is currently carrying out an extensive cost reduction initiative.

Prices on offshore vessels at rock bottom

Bourbon is looking to sell 41 of its older vessels at a time when PSV newbuilds can be bought in China for as little as USD 15 million. "Asset values on dated tonnage can't get much lower," says VesselsValue.

Bourbon books huge loss on sale of 41 vessels

French offshore carrier Bourbon is restructuring and splitting into three affiliate companies. The company will sell 41 ships at the "current market price" triggering an expected impairment loss of around EUR 170 million.

120 Scandinavian seafarers replaced by Bourbon

A large number of Scandinavian seafarers have lost their jobs in recent years as Bourbon Offshore has out-flagged six vessels from the Norwegian ship register. Approximately 120 have been replaced, says the CEO of the carrier's Norwegian company.

Bourbon Offshore hit by huge, new loss

Bourbon Offshore's operating deficit grew in step with the oil industry's lacking investments in the first half year. Despite a small improvement in offshore, the prices will remain strained, expects the carrier.

Bourbon to develop autonomous vessel

France's Bourbon has signed a deal with several parties to join the development of the world's first prototype of an autonomous vessel for the offshore sector, writes the company.

Bourbon Offshore stacks another 26 vessels

The French offshore carrier saw its revenue slide in the first quarter, and the carrier pulled another 26 vessels from the market despite an otherwise fairly stable oil price.

Bourbon Offshore failed to meet own expectations for 2016

With major setbacks on the top as well as bottom lines, offshore carrier Bourbon met none of the expectations it had set for 2016. Even though there are signs of a better market in 2017, the year will be focused on cost reductions and a debt plan.

Bourbon settles major debt reorganization

Offshore carrier Bourbon has rescheduled and reorganized debt for close to a billion euro as part of its "Stronger for longer" action plan to weather the current downturn in the oil and gas sector. The debt will now mature gradually ahead of 2025.

Bourbon has now stacked more than 100 offshore vessels

The low investment level in the oil sector continues to strain offshore carrier Bourbon. Declining revenue and fewer jobs in 2016 have made the carrier idle another 27 vessels. The company now has a total 104 vessels stacked.

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