Bourbon secures loan to fund new build programme

24 June 2012 (Last Updated June 24th, 2012 18:30)

French offshore marine services provider Bourbon has secured a loan of €420m to support its new building programme.

French offshore marine services provider Bourbon has secured a loan of €420m to support its new building programme.

Out of the total loan, €240m was provided by a syndicate of eight French banks, while the remaining €180m was received from six foreign banks.

According to the company, the deal will help them show its financial and global diversification, which is in-line with the group’s global strategy.

Bourbon said that the legal documentation for these loans should be finalised by the end of July 2012.

"This new financing will contribute to ensuring that new vessels can continue to join the fleet at the rate of one new vessel every 12 days."

Company executive vice president and chief financial officer Laurent Renard said: "Backed by the confidence of its banking partners, BOURBON is implementing its investment programme and pursuing its growth in offshore marine services, in an environment driven by the development and maintenance of offshore oil and gas fields, for which clients require latest-generation vessels that are safe, operationally efficient and economical.

"In particular, this new financing will contribute to ensuring that new vessels can continue to join the fleet at the rate of one new vessel every 12 days."

Under the ‘Bourbon 2015 Leadership Strategy’ announced in June 2010, the company is planning to invest $2bn to renew the old and obsolete continental offshore vessels fleet.

The investment will be used for building 80 supply vessels and 64 crew boats and is also expected to provide an average annual growth of 17% through 2015.

The fleet renewal programme will expand Bourbon’s operating fleet to 600 vessels for deepwater and shallow water logistics services.