Bourbon gets EUR 420 million financing to fund newbuilding spree

bourbonJUNE 21, 2012 — Paris-headquartered offshore marine services giant Bourbon has secured EUR 420 million in new financing to support its growth and finance its investment program for new vessels.

The financing a new EUR 240 million with a syndicate of eight French banks and a total of EUR 180 million in loans from six foreign banks. Bourbon says "this financial diversification continues to be consistent with the Group's strategy."

The legal documentation for these loans should be finalized by the end of July 2012.

Laurent Renard, Executive Vice President and Chief Financial Officer, commented: "Bourbon is in line with its 2015 Leadership Strategy plan. Backed by the confidence of its banking partners, Bourbon is implementing its investment program 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."

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