Antwerp Port, Fluxys Team Up for CO2 Capture
The climate target of getting Belgian CO2 emissions 35% lower by 2030 is a formidable challenge. In this context Antwerp Port Authority and gas infrastructure operator Fluxys believe strongly that carbon capture, storage and reuse by industry is an important weapon in the fight against climate change. They are therefore teaming up to take further practical steps that will help give shape to the energy transition. In the first phase, Antwerp Port Authority and Fluxys are studying the feasibility of solutions for capturing CO2 from industry in the port…
Bourbon $545M Deal for 16 Supramax Carriers
Bourbon announced that its subsidiary Setaf SA has signed a $545m sale agreement for 16 bulk carriers with U.S. group Genco Shipping and Trading Ltd. The closing is expected by end of July 2010. “As a shipowner, we are a pragmatic company, and we seized an opportunity. Following the Group strategy for its Bulk Division, Setaf is actively managing its shipping activity as a freight operator as well as a ship owner, to offer customized services and dedicated advanced ships to its customers” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “The contemplated sales will contribute significantly to the financing of the new “Bourbon 2015’ Leadership Strategy“.
Bourbon to Sell Bulk Freight Operations & Focus on Offshore
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.
Bourbon Board to Submit Resolutions at Shareholder Meeting
As of the stock market on June 03, 2013, the Bourbon share will be quoted ex-dividend. The dividend will be paid June 06, 2013. The record date entitling shareholders to the dividend is the close of the stock exchange on May 31, 2013. The delegation of authority granted to the Board of Directors to increase the share capital by incorporation of reserves in the form of a bonus share award to shareholders with a ratio of one new share for 10 existing shares. Fractional odd lot shares will not be transferable or negotiable; the corresponding shares will be sold. The Record Date for the shares to be eligible for this assignment is June 4 in the evening. This award will take place as of June 5, 2013, the date on which Bourbon’s share price will be adjusted until July 4, 2013.
BOURBON Reaches Deal to Reorganize Its Debt
French offshore vessel operator BOURBON said it has signed an agreement with its financial partners providing for the rescheduling of the maturities of a large part of its financial debt. Out of long- and medium-term debt totaling €692 million, €365 million of repayments due between 2016 and 2018 have been rescheduled and reduced to an amount of €63 million not repayable until 2018. The remainder of the debt, i.e. €629 million, will henceforth be repaid progressively between 2019 and 2025…
New CEO for Evergas
Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk. He brings a wealth of leadership experience in both commercial and technical management, having amongst other positions headed Maersk Tankers fleet management for 9 years. Before that he held both operational and commercial leadership positions in Maersk Tankers, Maersk Contractors and Maersk Drilling. The Chairman of Jaccar Holdings Mr. Jacques de Chateauvieux says "I wish to…
Bourbon Holds Annual and Special Shareholders' Meeting
de Chateauvieux at the Palais Brongniart in Paris. be paid as from Monday, May 29, 2006. allowance of 40%, i.e. residents in France. exchange for every share currently held. thus raised to 50,113,610. company's capital. 1, 2006, when the market price will be adjusted by 50%.
Jaccar Inks Gas Carrier Financing Deal with ICBC leasing
JACCAR Holdings informed that Mr. Li Keqiang – Prime Minister of the People’s Republic of China - during his recent state visit to France signed Memorandam of Understanding with Mr. Manuel Valls, Prime Minister of France , for a 900 M$ financing of gas carriers with ICBC leasing. Jacques de Chateauvieux, as Chairman and CEO of Cana Tera and JACCAR Holdings declared “we are extremely honored to benefit from the trust of ICBC Leasing for the second time following the BOURBON sale and bare boat charter for 10 years of 46 offshore vessels completed last year.
Bourbon Presents Horizon 2012 Plan
In February 2006, Bourbon announced the Horizon 2010 plan, a strategy based on an original vision of the market and substantial investments in a modern fleet. In February 2008, Bourbon is announcing its Horizon 2012 strategic plan, which continues and prolongs its outlook. Chairman and Chief Executive Officer Jacques de Chateauvieux explains: "This new strategic plan is an extension of our 2010 horizon to 2012. It again illustrates the ongoing improving approach adopted by BOURBON which, based on continued analysis of changing demand, positions itself as a leader in trends. By anticipating services and resources today, by expanding our offer, we will confirm our position in 2012 and beyond as a leader in modern offshore oil and gas marine services.
Evergas Acquires first Multigas LNG vessels
Evergas’ latest additions to its fleet, two ‘dragon class’ 27.500 cbm multigas LNG carriers, were successfully named today at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China. The state-of-the-art carriers were named JS INEOS INSIGHT and JS INEOS INGENUITY. Both vessels bear a distinct dragon symbolizing their Chinese and Western heritage. vessel JS INEOS INSIGHT is the King of Fire, reflecting a strong, vigorous and steadfast future ahead.
Bourbon Sets Course for Massive Expansion
Bourbon plans to invest more than $1.7 billion in new vessel construction through 2010, according to the company’s CEO Jacques de Chateauvieux, who held a conference call from his Paris office this morning. The company, which has been on a major newbuild spending spree in its transformation to a maritime powerhouse, at the end of 2006 will own a fleet of 264 vessels, including 192 in its Offshore division, 66 tugs in its Towage and Salvage division, and six bulk carriers in its bulk division. The company is particularly bullish on prospects for the offshore business, as nearly $1.46 billion of its investment through 2010 will focus on the offshore market.
Bourbon Reports Strong Growth
“Increase business in the first half of 2006 was another successful step in the Bourbon growth plan", said Chairman and Chief Executive Officer Jacques de Chateauvieux. Bourbon’s first half revenues totaled 345.7 million euros, up 14.6% compared with the same period in 2005 (+11% at constant exchange rates). The Offshore Division, which is the beneficiary of the largest portion of Bourbon’s investments within the Horizon 2010 plan (1,230 million euros), remains the growth driver for the company. Revenues for the Offshore Division rose 32.4%, or 27.1% at constant exchange rates, over the same period in 2005. This growth reflects the implementation of the 2003-2007 plan and was driven in the first half by the delivery of 15 new vessels (6 supply vessels and 9 crewboats).
Bourbon Feels the Pain of Low Oil
The impact of the oil market cycle reaching its bottom was felt in Bourbon in the first half of 2016, as the company announced first half 2016 adjusted revenues of €599.2 million, a 21 percent decline year on year and 11.7 percent reduction compared to 2H 2015. Bourbon believed that its large market share and young fleet were keys to keeping it stronger while others failed, but it appears that the market has caught up to the company too. -- In the segments Deep and Shallow water, Bourbon anticipates the bottom of the market in Q3 2016, due to the late cyclical nature of this business.
Bourbon Reports Increased Operating Income
Gross Operating Income totaled $146.2m or 115.1 million euros, up 12.7% in the first half of 2006. Division was impacted by lower cargo rates. Operating income rose 7.6% to $90.4m or 71.2 million euros and reflects the increase in amortization and depreciation due to the rise in the number of vessels in the fleet. The Group share of net income in first half 2006 was $66m or 52.2 million euros. possible by the sale of the Vindemia shares in the second half of 2005. Finally, Bourbon recorded capital expenditures of $307.5m or 252 million euros for this half. "The Offshore Division and Towage & Salvage Division recorded very strong operating results.
Kidnapped Bourbon Crew Released
Bourbon announces that its 10 crew members kidnapped in Cameroon on 31st October on board the Bourbon Sagitta were released on Nov. 11. They are now safe in Yaoundé. After medical check-ups, all of them appear to be in good health. Bourbon wishes to thank everyone who has contributed to the successful outcome of this affair for their support and efforts, and in particular the local Cameroonian authorities, as well as the French Ministry for Foreign and European Affairs. The two Cameroonian crew members will be joining up with their families and friends very soon. The other eight crew members, seven French and one Tunisian, will be returning to France rapidly, where they too will be reunited with their families and friends. Nov.
Jacques de Chateauvieux, CEO, Bourbon
The plan, on its face, was simple. At the turn of the century Bourbon embarked on the path to become a dominate player in the global offshore supply vessel sector, building technologically sophisticated vessels for a good price in emerging Chinese shipyards, among others globally. Dubbed Horizon 2012, the plan was backed with a multi-billion dollar investment, a world economy that was firing on all cylinders and an offshore oil and gas market that was steamrolling ahead, powered by oil prices in the region of $150. That was yesterday.
Bourbon 2008 Annual Results
Bourbon has announced its 2009 annual results. “The strength of our strategy is to invest in order to reduce clients’ costs,” stated Jacques de Chateauvieux, Chairman and Chief Executive Officer of Bourbon, “and putting into service new-generation innovative and high performance vessels, constructed in series at extremely competitive costs, sustains the growth in the Offshore Division operating income and provides a positive outlook for 2009. Revenue growth was essentially attributable to the strong increase in the Offshore Division revenues, which rose by 38.7%, and a resilient performance by the Bulk Division, which reported stable revenue growth of +2.9% at a constant exchange rate (12% year-on-year fall in the average annual BSI index).
Bourbon 1Q Results
Bourbon’s revenues for the first quarter of 2009 were up 12.8% compared with the same period in 2008, totaling $320.8m. The Offshore Division posted strong growth, benefiting from the full effect of vessels commissioned in 2008 and a favorable base effect. The Bulk Division felt the dual effect of an activity slowdown and a collapse in freight rates. Finally, the taking into account of the rate of the dollar makes the comparison favorable for Bourbon. "In a market environment now affected by the economic slowdown and falling oil prices, the Offshore Division still has strong potential for growth owing to its investment strategy in innovative and high performance vessels at lower costs for clients,” said Jacques de Chateauvieux, Chairman and Chief Executive Officer of Bourbon.
Bourbon Dolphin Sinks
Following the accident of the Bourbon Dolphin Shetland Islands, claiming 8 lives, the ship sunk and is lying at 3,600 feet. SMIT Salvage started the salvage operations on April 15th after a complete survey of the situation. The Salvage Team was composed of 2 tugs with crew and material, 4 specialized divers and one Salvage Master in charge of the operations. The ship was first disconnected from the rig, and as the weather conditions became bad (25 knot south-westerly wind and 4 meter high waves), it became destabilized and then sunk before towage was possible. For the time being, most of the SMIT Salvage teams have left the zone, except for one tug that remains for the moment on the zone to monitor the current situation.
Bourbon Holds Combined Annual and Special Shareholders' Meeting
The Bourbon Combined Annual and Special Shareholders' Meeting was held yesterday under the Chairmanship of Jacques de Chateauvieux at the Palais Brongniart in Paris. This dividend, which has increased by 20% compared to 2005 taking into account the stock split, will be paid on June 1, 2007. It will entitle individuals who are tax residents in France to a tax-free allowance of 40%, i.e. 0.24 euro per share. capital stock of the company by 3,188,437.72 euros to 35,072,819.98 euros. shares. existing shares. The company also announced the re-election of Mrs. Victoire de Margerie and Mr. As their respective terms are expiring, they have been re-elected for a period of three years, until the Shareholders' Meeting convened to approve the accounts of the financial year ending on December 31, 2009.
Dumping "Dumb" Ships
BOURBON Corporation, like nearly every other player in the offshore oil and gas sector, is scrambling for its very existance as the dynamics in finding and producing energy from subsea plays have changed dramatically with the 4 year long global energy slump. While offshore activities remain depressed, companies like Bourbon are accelerating its transformation to meet the needs of the new reality in the market. "As the market cycle has bottomed out, BOURBON must focus more than ever on operational excellence, fleet utilization rates, cost reduction program and free cash flow preservation. However, we need to go even further, because market overcapacity is driving prices down sustainably and we believe that tomorrow will look very different from yesterday.
BOURBON Committee to Examine JACCAR Bid
At its meeting of March 21, 2014, the board of directors of BOURBON noted JACCAR Holding’s proposed bid for shares of BOURBON. It decided to appoint a committee of four independent group directors (Agnès Pannier-Runacher, Guy Dupont, Philippe Sautter and Mahmud Tukur) to examine this project; this committee will solicit proper consultation in undertaking this review. The board will make a decision on the basis of their recommendations when the final terms of the offer are known. -Philippe Salle, replacing Philippe Sautter, who resigned, for the remainder of his mandate.
Bourbon Director Resigns
Christian de Chateauvieux's resignation for personal reasons accepted by the Bourbon Board of Directors. Mr. Christian de Chateauvieux has been a Director since 1990, playing a role in Bourbon’s growth and with a focus on offshore oil marine services. All members of the Board of Directors thanked him for his commitment during his term in office. Bourbon offers oil and gas companies a comprehensive range of surface and subsea marine services for offshore oil and gas fields and wind farms, based on its extensive range of latest-generation vessels. The company has two businesses (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.