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.
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.
The higher average oil price gives oil majors a breather, and this could benefit suppliers such as Bourbon, which are still struggling with a market plagued by far too many vessels, says CEO in annual report.
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'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 Offshore has signed a deal with Chinese financing and leasing company ICBC Financial Leasing which will save the offshore carrier millions. The deal arrives just a little over a month after Bourbon landed an agreement with creditors.
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.
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.
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.
One of the world's largest offshore service carriers, France's Bourbon Offshore, warns oil traders against dealing with bunker supplier Monjasa after a ruling by a court in Nigeria. Decision came out of nowhere, says Monjasa CEO.
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.
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.
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.
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.
Det franske offshorerederi Bourbon leverede en højere justeret omsætning i første kvartal 2015. Markedsforholdene er stadig svære, lyder det fra selskabets CEO. Rederiet har lavet nye aftaler med en række kunder.