Bourbon to Sell Bulk Freight Operations & Focus on Offshore

Wednesday, October 20, 2010

Bourbon has signed a letter of intent to sell its freight operator activity to a company which is 100% controlled by Jean-Louis Bottaro and his family. Bottaro founded and managed Setaf from 1968 to 2008.

In this sale the cement carrier Endeavor remains the property of Bourbon, who continues to operate it within the framework of a service contract with the buyer.

"The development of our Freight Operator activity requires investments that Bourbon would not be able to make for several years, due to the decisions announced in the Bourbon 2015 Leadership Strategy. This is why the sale to a professional in the Bulk field is the best solution for the development of this activity", said Jacques de Chateauvieux, CEO of Bourbon. "With this sale, Bourbon becomes a pure player in marine services to the offshore oil and gas industry, focused on the implementation of its strategic plan."

The sale should be completed before the end of the year and should generate a capital gain of about $14m. Given this plan to sell and with the application of IFRS, financial data related to the Bulk Division will be reclassified in "income from activities held for sale," as from January 1st 2010.
 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Marad Visits TX Maritime Technology & Training Center

United States Maritime Administration tours Maritime Technology and Training Center site.   Administrators from the United States Maritime Administration (MARAD),

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

CME Lifts Force Majeure for all Illinois River Grain Terminals

CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery,

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2837 sec (4 req/sec)