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Bourbon Offshore saw activities diminish 20 percent in 2020

One of the world's biggest offshore ship operators, Bourbon Offshore, settled a comprehensive restructuring one month ago. But the group now acknowledges that the offshore market dwindled significantly last year. ShippingWatch sat down with CEO Gaël Bodénès.

Bourbon set to divest nearly 100 ships with rescue plan

After months of work, creditors have approved a rescue plan for crisis-stricken Bourbon. The offshore company is released from 60 percent of its debt and receives new capital as well as new co-owners. The condition is a major sale of ships.

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.

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