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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.

Bourbon off to a weak 2016 start

The offshore market continues to slump and French carrier Bourbon can feel it in the revenue for the first quarter, which declined and came to EUR 314.5 million. The market will probably hit a low point in 2016 before improving slightly, projects the company.

Large-scale Bourbon takeover gives Evergas new owners

France's Bourbon has acquired several companies from Jaccar Holdings, including tanker carrier Evergas. Bourbon's plan is to divest vessels, with the idea being that Evergas will bareboat charter vessels from a business unit that raises financing, the carrier's CEO Steffen Jacobsen tells ShippingWatch.

Pirates release kidnapped Bourbon crew

The French offshore carrier announced in a press release Friday that two crew members have been released by pirates in Nigeria and that both were unharmed.

Offshore crisis sent Bourbon tumbling in 2015

The French offshore carrier exited 2015 with a deficit in spite of a slight increase in revenue. Many newbuildings will enter an already ruthless market with extremely low rates, warns the company, one of the world's largest offshore carriers.

Bourbon crew kidnapped off Nigerian coast

Two crew members from offshore carrier Bourbon Offshore have been kidnapped after an attack on one of the company's vessels off the coast of Nigeria, the carrier reports.

Bourbon Offshore projects large-scale idling in 2016

France's Bourbon Offshore managed to maintain a stable revenue in 2015, but the company anticipates a drastic scale of vessel idling in 2016. Some 50 extra vessels will take up space on berths around the world if the forecast pans out.

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