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Bourbon s Assets Sold to Societe Phoceenne de Participations
The Marseilles Commercial Court has decided to sell Bourbon Corporation s assets to Societe Phoceenne de Participations (SPP), a company owned by the French banking institution, as part of the company s reorganization proceedings.
The ownership transfer of the offshore oil and gas industry supplier s assets is set to take place as of January 2, 2020.
The decision comes after the court refused to examine the takeover offer submitted on behalf of JS & Co by Jacques de Chateauvieux earlier this month, accepting solely the offer submitted from SPP.
SPP’s offer concerns 100% of the assets and activities of Bourbon Corporation and is set to convert approximately EUR 1.4 billion of debt currently borne by the group into capital and EUR 300 million of debt in the form of repayable bonds.
It also includes EUR 150 million in bank financing, of which EUR 30 million can be released as soon as the transfer of ownership is completed to meet immediate liquidity needs.
The business plan is based on the implementation of the strategic action plan #BOURBONINMOTION.
Launched in February 2018, this action plan is based on three priorities:
Reorganizing the activities of BOURBON into three distinct affiliates: Bourbon Marine & Logistics, Bourbon Subsea Services and Bourbon Mobility. These companies will be able to implement their own strategies and focus on profitable growth changing their model to develop more integrated services.
Capitalizing on the digital revolution by connecting the fleet, the main objective being the improvement of operational excellence at optimum cost. Under the "Smart shipping" program, the fleet of 132 modern supply vessels will be connected
Responding to the human challenge by supporting the change
Under the offer, Bourbon will practically be liquidated, leading to a total loss for the shareholders and bondholders.
As explained by Jacques de Chateauvieux, Chairman and CEO of Bourbon, under the offer Bourbon Maritime s new shareholders would become responsible for the recovery of the French company, its future development and the preservation of its decision-making centers in France.
Namely, Societe Phoceenne de Participation told the court that if it became the shareholder of 100% of Bourbon Maritime s capital, a company in reorganization proceedings, it would present a continuation plan for Bourbon Maritime for which 75% of the creditors have already given their consent.
In terms of governance, the SPP s proposition would be to provide the company with a Supervisory Board composed of 8 to 10 members representing the shareholder and industry experts, as well as a Management Board composed of Gael Bodenes, Chairman, and Thierry Hochoa.
SPP is owned by BNP Paribas, Caisse Regionale de Credit Agricole Mutuel Alpes Provence, Caisse Regionale de Credit Agricole Mutuel de Paris et d Ile de France, CM-CIC Investissement SCR, Credit Lyonnais, Natixis and Societe Generale.
Bourbon has 483 vessels in its fleet and over 8,200 employees across 47 countries of operation.Posted On:26-Dec-2019
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Contact Made with Kidnappers of 20 Indian Sailors
Contact has been established with pirates who kidnapped 20 Indian seafarers from a tanker off Benin, with all crew members being reportedly safe.
Efforts are underway to seek the early release of the abducted seafarers whose location remains unknown.
This was confirmed in a letter written by the High Commission of India, in Abuja, Nigeria, to Narendra K. Sawaikar, Commissioner for NRI Affairs, Goa.
"DG Shipping (Government of India) has confirmed that contact has been established between the concerned parties and the Indian nationals are reportedly safe. The Mission will continue to follow up on the issue," Colonel Sachin Dubey, Defence Advisor, Nigeria, Ghana, Benin and Cameroon at the Indian High Commission in Abuja, was cited by Indo-Asian News Service (IANS) as saying.
"The (Nigerian) Defence Minister assured that all necessary assistance will be provided for the safe and early release of the hostages in case they are found in Nigeria."
In an incident that occurred on December 15, six pirates boarded the Marshall Islands-flagged tanker MT Duke, kidnapping six sailors from Goa and sixteen other Indian seafarers while leaving one Nigerian cadet onboard.
Sawaikar was contacted by families of the four Goan sailors that sought his assistance.
He then wrote on December 24 to India s Ministry of External Affairs (MEA), urging them to intervene and ensure the sailors release.
"The families of the Goan sailors are worried and anxious to know about the well being of the abducted sailors and have approached my office for help and assistance in getting them released," the letter said.
As a result, the reply was received by Dubey confirming that the Indian nationals held hostage by pirates are safe.
He added that the Togolese and Nigerian navies have been patrolling in the area in an effort to track down the pirates.Posted On:26-Dec-2019
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Swire Pacific Offshore: 7 Abducted Crew Members Released
Seven crew members of the anchor handling vessel Pacific Warden, who were abducted off Equatorial Guinea on November 20, 2019, have been released, Singapore-based offshore marine service provider Swire Pacific Offshore (SPO) said.
The release was arranged after a 31-day long ordeal. The crew members received medical checks, before returning to their home countries and their loved ones, the company added.Posted On:26-Dec-2019
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MOL, NYK Partner Up with Kyuden on World s 1st LNG-Fueled Large Coal Carriers
Japanese shipping majors Nippon Yusen Kabushiki Kaisha (NYK) and Mitsui O.S.K. Lines (MOL) have signed long-term transport agreements with compatriot energy company Kyushu Electric Power (Kyuden) for LNG-fueled large coal carriers.
The two vessels are expected to become the world s first LNG-fueled large coal carriers to import coal to Kyuden s coal-fired power plants.Posted On:26-Dec-2019
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Tanker Thwarts Pirate Attack off Brass, Nigeria
Turkish Suezmax tanker Istanbul has foiled a pirate attack on Tuesday, December 24, while sailing some 180 nautical miles southwest of Brass, Nigeria.
The ship was approached by a high-speed craft with 9 armed men aboard trying to board the vessel, Dryad Global informed.
The tanker conducted evasive maneuvers and following two failed attempts the pirates were seen to withdraw to a mothership vessel.Posted On:26-Dec-2019
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Velasco Terminal Expansion is Largest Public Port Project
The Velasco Container Terminal expansion, which includes Berth 8, features more than 925 feet of berth extension and will accommodate post-Panamax gantry cranes. This will be the single largest project built by a public port on the Texas Gulf Coast.
McCarthy Building Companies Inc. has been awarded the expansion project beginning at year end.Posted On:26-Dec-2019
Credits: www.bunkerportsnews.com |
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Kalmar s world-class yard and mobile equipment selected by ARISE Mauritania for Nouakchott container terminal
Kalmar, part of Cargotec, has concluded an agreement to supply a suite of yard crane and mobile equipment to ARISE Mauritania comprising four Kalmar Zero Emission rubber-tyred gantry cranes (RTGs), one reachstacker, one empty container handler and two forklift trucks of the Kalmar Essential Range. The order was booked in Cargotec s 2019 Q4 order intake, with the delivery of all machines scheduled to be completed during Q3 of 2020.Posted On:26-Dec-2019
Credits: www.bunkerportsnews.com |
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FEPORT welcomes the Green Deal for Europe and its potential to mainstream sustainability into all EU policies
As promised in her political Guidelines, Commission President von der Leyen presented her Green Deal for Europe on December 11th, 2019. The Communication sets very ambitious objectives for the EU and sends a strong message to the rest of the world regarding Europe s intention to reduce emissions by at least 50% by 2030 and to transform its economy to become wholly carbon-neutral by 2050.
Posted On:26-Dec-2019
Credits: www.bunkerportsnews.com |
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Delayed India LNG Import Terminal Poised to Receive First Cargo
The Mundra liquefied natural gas import terminal in India is poised to start up more than a year after it was inaugurated.
Gujarat State Petroleum Corp., one of the owners, bought a cargo to be delivered Jan. 15-24 to the facility in western India, according to traders with knowledge of the deal.Posted On:26-Dec-2019
Credits: www.bunkerportsnews.com |
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