Bourbon to Sell Port Towage Business

Thursday, July 19, 2007
As part of its Horizon 2010 strategy plan Bourbon has announced the intention of Grupo Boluda Corporacion Maritima to purchase the harbour towage activity of Les Abeilles. The acquisition plan is an opportunity for Les Abeilles to grow and expand its harbour towage operations. The size and international presence of harbour towage operators have become decisive factors for success in a market in which many cases of consolidation have been observed in recent months.

The acquisition plan would therefore be totally relevant in view of the companies' complementary geographical fields of operation, added to the reputation of the buyer, who has clearly demonstrated his intention to invest and become a major player in harbour towage. The sale of stock in the companies concerned would not have any impact on employees who would retain their status, seniority and benefits. It should be emphasized that the plan concerns harbour towage only, and does not include protection of the French coastline by vessels chartered by the French navy and carried out by Les Abeilles International which will still be part of Bourbon. The project is currently under instruction and consultation by the staff representative bodies of the companies concerned.

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