Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 220

Posts Tagged ‘bourbon’

BOURBON awarded new integrated logistic contract by TOTAL in Namibia

Posted by fidest press agency su giovedì, 21 novembre 2019

Bourbon Marine & Logistics announces today that it has been awarded by Total E&P Namibia an integrated logistics contract to support a deep offshore exploration campaign in South Namibia in 2020. The project scope covers provision of Logistics base, freight forwarding, custom clearance, material storage & warehousing, handling and lifting, marine port visits support along with tank cleanings and logistics operations planning and conduct (material & personnel). This new contract follows the success of our initial assignment in integrated logistics in Bulgaria, confirming our expertise in the field. BOURBON will provide Integrated Logistics services through a local branch “Bourbon Logistics Namibia” with a strong and well-established local partner: “Logistics Support Services” (LSS). Working with a solid local partner is a key aspect of BOURBON local content strategy. Namibia seems to represent great growth opportunities for many oil companies who will closely watch the results of the exploration well in south Namibia. The project started early August 2019 and should last approximately one year with drilling activities expected in the first semester 2020. The operations will be managed out of Lüderitz, a port in the south of Namibia, representing a particularly interesting challenge for BOURBON teams.

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BOURBON Corporation asks for reorganization proceedings as a result of guarantees activated by Chinese company ICBC Leasing

Posted by fidest press agency su domenica, 28 luglio 2019

In a series of letters sent on July 18, 2019, the Chinese Group ICBC Leasing had expressed its intention to demand from BOURBON Corporation the payment of all outstanding rental payments up to 2026 as part of the guarantee provided to contracting companies, today in arrears. Considering that despite these calls in guarantee, it was not in state of cessation of payments, BOURBON Corporation filed a request for “sauvegarde” procedure. By decision of 24 July 2019, the Commercial Court of Marseilles rejected this request, considering that the guarantees activated by the Chinese company ICBC Leasing are proof that BOURBON Corporation is insolvent as of July 24, 2019.The reorganization proceedings will only concern the holding company BOURBON Corporation and not the operating companies, which will be able to continue their normal operations and continue to meet the needs of customers.
BOURBON Corporation’s aim is to preserve the Group’s operating activities in order to actively participate in the emerging recovery of a profoundly changing market. BOURBON is thus continuing the radical transformation of its business model, with the deployment of the #BOURBONINMOTION strategic action plan.These calls on guarantees from ICBC Leasing were made despite the ongoing amicable negotiations on the financial restructuring of the group’s bank and lease debt.Following the Shareholders’ Meeting of June 28, BOURBON had proposed two options for the payment of its financial commitments to its creditors, based on the principle of value creation sharing:
a) Share market risk and thus receive a reduced fixed part along with a variable part dependent on the net cash generated per vessel provided as guarantee for loans or leased property, in order to benefit from the pace and intensity of the recovery in the offshore services market over time;
b) Take on the company’s risk and in this case agree with BOURBON on a reduced amount of debt to be repaid, with interest and repayable over 8 years, and receive BOURBON Corporation shares in compensation for the non-reimbursed part. These non-reimbursed debts and abandoned lease obligations would give access, according to this proposal, to a maximum of 30% of BOURBON Corporation’s share capital.BOURBON thus offered ICBC Leasing a cash payment equal to the amount it requested as part of the Banks’ offer they were part of, which was announced in their own press release dated June 5, 2019.
In the context of this receivership, BOURBON will pay particular attention to the positive outcome of negotiations with its financial partners in order to be able to operate in a stabilized context that would result from a financial restructuring that is fair to all and in the interest of the company and its employees.
investor-relations@bourbon-online.com, vilizara.lazarova@consultants.publicis.fr,

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