BOURBON announces a new milestone of its action plan "Stronger for longer" with the signing of an agreement with ICBC Financial Leasing
(Thomson Reuters ONE) -
Paris, 12 April 2017
BOURBON announces a new milestone of its action plan "Stronger for longer" with
the signing of an agreement with ICBC Financial Leasing
In parallel with the negotiations that have led to the rescheduling of a large
part of its debt, BOURBON also reached an agreement to restructure the rents
payments under the leasing transaction entered into in 2013 and 2014 with ICBC
Financial Leasing.
This agreement provides a decrease by $240 million of the overall cash payments
made by BOURBON for the years 2016 to 2018 in consideration of which there is an
extension of two years of the initial bareboat charter period at a rate of 8%
together with more favorable commercial terms in favor of ICBC Financial
Leasing.
This agreement will not have any significant impact on the consolidated
financial statements of the group as it will not affect the qualification of
bareboat charter of the vessels. Pursuant to IFRS, lease payments will be
recognized on a straight-line basis as of the date of the lease term
renegotiation and for the remaining lease term.
"This agreement is a new milestone of our action plan "Stronger for longer"
which is aimed at making BOURBON more resilient in particularly difficult market
conditions. Our resiliency also comes from customers' preference for our vessels
and operational performances, our diversified segments of activity and
geographical footprint, as well as our local partnerships that improve access to
markets. This agreement with ICBC Financial Leasing is a further sign of the
support of our financial partners", comments Jacques de Chateauvieux, Chairman
and Chief Executive Officer of BOURBON Corporation.
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 9,500 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 2016, BOURBON'S revenue came to ?1,102.6 million and the company operated a
fleet of 514 vessels.
Classified by ICB (Industry Classification Benchmark) in the "Oil Services"
sector, BOURBON is listed on the Euronext Paris, Compartment B.
Contacts
BOURBON
Investor Relations, analysts, shareholders
+33 140 138 607
investor-relations(at)bourbon-online.com
Corporate Communications
Christelle Loisel
+33 491 136 732
christelle.loisel(at)bourbon-online.com
Media relations agency
Publicis Consultants
Vilizara Lazarova
+33 144 824 634
vilizara.lazarova(at)consultants.publicis.fr
PDF version:
http://hugin.info/159569/R/2095695/792756.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.04.2017 - 07:33 Uhr
Sprache: Deutsch
News-ID 535879
Anzahl Zeichen: 4349
contact information:
Town:
Paris
Kategorie:
Business News
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