French OSV giant Bourbon Offshore reached debt restructuring agreement with creditors, which stretched out the maturity of 910.8 million EUR loan to 2022. The deal is part from the action plan of the company, which aims to strengthen its cash flows and improve the stability of the company against the heavy winds of collapsing offshore oil and gas marine services market. Bourbon Offshore agreed with lenders to reschedule the long- and medium-term debt totaling 692 million EUR, of which 365 million EUR are maturing between 2016 and 2018, with repayment in 2022. Moreover, the company agreed the stretching out the maturity of short term facilities amounting to 196.8 million to be refinanced and maintained at this level from 2017 to 2020 inclusive.
Additional debts due in 2017, which are in amount of 143 million EUR, will be rescheduled in order to benefit from progressive repayment until 2022, which will be agreed after the completion of discussions.
“The confidence of our financial partners – on top of that of our customers and associates in the countries where we operate – is a tremendous encouragement for all those whose day-to-day efforts give life to Bourbon and prepare the innovative solutions of tomorrow in a profession facing profound changes”, said the Chairman and CEO of Bourbon Offshore, Jacques de Chateauvieux.
Bourbon Offshore is a French company offering shipping services. The company is supplier of offshore oil services, including maintenance of platforms, submarine robots, stimulation of wells, towing and anchoring rigs, refueling facilities, assistance on oil remover oil terminals, transport of personnel to the sites, emergency equipment supplies.