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BOURBON : Proposed Bid for Shares in BOURBON by JACCAR Holdings

PARIS and LUXEMBOURG, March 17, 2014 /PRNewswire/ --

BOURBON has been informed of a proposed bid for its shares at a price of 24 euros per share, announced March 16, 2014 by its main shareholder, JACCAR Holdings. This offer is conditional upon obtaining 50.1% of the capital and bank financing. This offer would allow JACCAR Holdings to strengthen its position in BOURBON's share capital and provide liquidity to shareholders. JACCAR Holdings has indicated that they do not intend to implement a squeeze-out following the completion of this offer. The proposed offer will be filed with the financial market authorities and the terms of the Offer will be subject to the discretion of the AMF (see full message of JACCAR Holdings in PDF attached).

The Board of Directors of BOURBON has been informed of this offer and will conduct a preliminary review of the key terms of the public offer at a meeting to be held March 21, 2014.


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  11,000  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. 

In  2013,  BOURBON  posted  revenues  of  1.312  billion  and  as  of  December  31,  2013,  it  operated  a  fleet  of  485  vessels.  Under  its  "BOURBON  2015  Leadership  Strategy"  plan,  the  Group  is  investing  in  a  large  fleet  of  innovative  and  high-performance  offshore  vessels  built-in  series. 

The  latest  action  plan  "Transforming  for  beyond"  in  its  financial  aspect  aims  at  the  sale  and  bareboat  chartering  for  10  years  of  US$2.5  billion  of  new  or  existing  vessels.  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. 

Annex - message JACCAR Holdings received March 16, 2014


JACCAR  Holdings  prepares proposed  bid  for  shares  in  BOURBON

The board of directors of JACCAR Holdings, a company which currently directly owns 26.2% of the share capital of BOURBON representing 27.3% of the voting rights, is preparing a proposed bid for the shares in BOURBON, at a price of €24 per share, cum dividend (the "Offer"). The BOURBON shares are traded on the regulated market of NYSE Euronext in Paris (ISIN code FR0004548873).

This offer price represents a premium of respectively 19% compared with the volume-weighted average of the last 100 trading days, and 24% compared with the closing price on the day preceding the announcement.

The Offer is expected to be filed with the French financial markets authority (the "AMF") in April 2014 after the board of directors of BOURBON has issued its reasoned opinion. The indicative timetable of the Offer which will be examined by the AMF, will be published at a later date when the draft information memorandum prepared by JACCAR Holdings is filed.

The Offer would allow the offeror to strengthen its position in BOURBON's share capital and would offer liquidity to BOURBON's shareholders.

JACCAR Holdings will now contact a certain number of shareholders in order to find out their intentions with respect to the proposed transaction and will continue discussions with its banking partners on the financing of the transaction. The filing of the Offer is conditional upon satisfactory completion of negotiations with those banks.

JACCAR Holdings is not bound by any agreement that could have an impact on the Offer.

JACCAR Holdings intends to keep the BOURBON shares listed on NYSE Euronext in Paris, and consequently does not intend to implement a squeeze-out following completion of the Offer.

The Offer will lapse if the offeror does not hold, upon completion of the Offer, 50.1% of the outstanding share capital of BOURBON. The Offer could also be subject to obtaining regulatory approvals, including in particular from the relevant antitrust authorities.

This  press  release  does  not  constitute  and  should  not  be  construed  as  a  public  offer  to  buy BOURBON's securities.  It  is  possible  that  no  public  offer,  or  offer  to  acquire  securities  is  made.  In  accordance  with  French  law,  the  documentation  relating  to  the  Offer  which,  if  it  is  filed,  will  include  the  terms  and  conditions  of  the  Offer  will  be  subject  to  review  by  the  AMF.  The  Offer  will  only  be  opened  once  the  AMF  has  granted  its  clearance.

About  JACCAR  Holdings

JACCAR Holdings, based in Luxembourg, is the private investment company of Jacques de CHATEAUVIEUX, which is mainly focusing on businesses in the maritime sector. JACCAR Holdings is notably the main shareholder of Bourbon, Greenship Bulk, Greenship Gas and Sapmer Holdings, as well as a reference shareholder of the Chinese shipyard Sinopacific Shipbuilding.

Philippe ROCHET : +65-6692-0069 (Singapore)
Jacques de CHATEAUVIEUX : +33-1-40-13-73-90 (France)


PR Agency : Publicis Consultants
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Véronique Duhoux +33(0)1-44-82-46-33 - [email protected]
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Investors - Analysts - Shareholders Relations
James Fraser, CFA +33(0)4-91-13-35-45- [email protected]

Communication Department
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