Bourbon to Sell Interest in Rigdon Companies
Under the merger proposal between Rigdon Marine Corporation and Gulfmark Offshore announced on May 28, Bourbon will sell its interest in the Rigdon companies.
This sale will be effective on completion of the merger which is due to take place in the
3rd quarter of 2008.
For BOURBON it will generate:
capital gain on sale of approximately 60 million euros,
repayment by Rigdon of loans granted by BOURBON, for a total of 110 million euros, which, in addition to the cash proceeds from the sale, will reduce the group’s debt.
Since January 2006, Bourbon had contributed to the implementation of Rigdon’s financial structure.
As this company has been so far accounted for according to the equity method, the sale will have no impact on revenues nor on Bourbon’s EBITDA.