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.
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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
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.