|By PR Newswire||
|January 7, 2014 02:31 AM EST||
PARIS, January 7, 2014 /PRNewswire/ --
- In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013
- BOURBON sells 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concludes a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million
BOURBON announces the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million, as part of the sale and bareboat charter agreement for up to 51 vessels signed with ICBCL on April 9, 2013.
With the 9 vessels already transferred in September 2013 as part of the agreement, this brings the total number of vessels transferred to ICBCL to 21 for a total value of approximately US$ 522 million. The transfer of the remaining maximum 30 vessels should take place during the first half of 2014.
At the end of November 2013, BOURBON signed an agreement with Standard Chartered Bank ("SCB") for the sale and bareboat charter of 6 new build vessels for a total amount of approximately US$ 150 million. The ownership of 3 vessels has been transferred for an amount of nearly US$ 65 million at year end. The remaining 3 vessels will be delivered to SCB during the second half of 2014. This agreement provides for a fixed bareboat charter rate of 10.2% per year for 10 years.
In addition to vessel disposals in line with the "Transforming for Beyond" action plan, BOURBON sold older vessels in 2013 for a total value of US$ 183 million, some of which included a bareboat charter agreement.
Through the implementation of its active fleet management program, BOURBON has achieved US$ 770 million of vessel sales in 2013, generating a capital gain of approximately US$ 180 million.
As expected, BOURBON free cash flow will be positive for the second half and full year 2013, and the level of its debt will be reduced.
Active fleet management
Summary of vessel sales in 2013
(US$ million) Transforming for Beyond / Asset smart strategy ICBCL - 21 vessels (11 AHTS Shallow, 6 PSV Shallow, 2 PSV Deep, 2 MPSV) 522 Standard Chartered Bank - 3 vessels (3 AHTS Shallow) 65 -------- Total 587 Other vessel sales With bareboat charter (5 to 10 years old) - 2 vessels (2 AHTS) 130 Straight sale (10 to 20 years old) - 5 vessels (2 AHTS Deep, 1 PSV Deep, 1 MPSV, 1 Tug) 53 -------- Total 183 Total vessel sales in 2013 770
As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. This offer is based on an extensive range of latest-generation vessels and the expertise of more than 10,000 competent professionals.
The Group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide. BOURBON has two Activities, Marine Services (Offshore installation supply, towage, anchor handling and positioning, personnel transport…) and Subsea Services (Subsea inspection, maintenance and repair, offshore operations engineering, supervision and management …) and also protects the French coastline for the French Navy.
BOURBON's fleet strategy is unique among international offshore service companies: operating a large fleet of vessels built in series, innovative and highly productive.
In 2012, BOURBON posted revenues of €1.187 billion and as of September 30, 2013, it operated a fleet of 479 vessels.
Announced in March 2013, the latest action plan "Transforming for beyond" in its financial aspect consists of selling up to 30% of the supply vessels' fleet, up to US$2.5 billion, and retaining the vessels on bareboat charter for a period of 10 years. Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.
Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD, in the SBF 120 and CAC Mid 60 index.
PR Agency : Publicis Consultants
Investors - Analysts - Shareholders Relations
James Fraser, CFA
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
Oct. 26, 2016 09:45 AM EDT Reads: 1,782
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at @DevOpsSummit at 19th Cloud Expo, Charles Kendrick, CTO at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and deve...
Oct. 26, 2016 09:30 AM EDT Reads: 1,467
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 26, 2016 09:17 AM EDT Reads: 141
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
Oct. 26, 2016 09:15 AM EDT Reads: 16,582
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Oct. 26, 2016 09:15 AM EDT Reads: 2,048
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 26, 2016 07:30 AM EDT Reads: 2,803
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 26, 2016 07:30 AM EDT Reads: 11,523
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Oct. 26, 2016 06:45 AM EDT Reads: 3,395
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Oct. 26, 2016 06:15 AM EDT Reads: 2,085
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Oct. 26, 2016 06:00 AM EDT Reads: 1,888
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 26, 2016 06:00 AM EDT Reads: 2,059
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 26, 2016 06:00 AM EDT Reads: 1,559
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Oct. 26, 2016 06:00 AM EDT Reads: 1,427
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Oct. 26, 2016 05:45 AM EDT Reads: 2,561
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 26, 2016 05:30 AM EDT Reads: 1,053