Marine Link
Saturday, November 17, 2018

Jacques De Chateauvieux News

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 Quarterly Financial Information

“In a market environment that continues to be difficult, Bourbon can today report third-quarter 2010 revenue growth of 6.4%. This confirms the upturn in our Offshore activity, announced previously and already in evidence in the second quarter. It also confirms our strategic choices and reflects our unique positioning on the market. Our clients are enthusiastic about the new BOURBON vessels which are proving to be more innovative, safer and capable of keeping their operating costs down,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “Bourbon predicted a gradual recovery in the oil companies’ activity in the second half of 2010 and more substantial growth in 2011. The activity of the third quarter confirms this trend.

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

File photo: Bourbon

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…

Bourbon Annual Results 2010

Despite challenging conditions, the resilience shown by a 2010 EBITDA of 240.9 million euros, validates the pertinence of BOURBON’s strategy Net income, group share of 39.2 million euros “The 2010 results obtained, despite an unusually sluggish market, illustrate the merits of a strategy aimed at meeting client needs in terms of safety, reliability and lower costs through continuous investments in innovative and high-performance vessels”  says Jacques de Chateauvieux, Chairman of the BOURBON Board of Directors. “The conditions for the success of the plan are now met,” stresses Christian Lefèvre, Chief Executive Officer of BOURBON. “Cash from the 500 million euros disposal plan is already available.

New CEO for Evergas

Mr. Steffen Jacobsen is appointed as CEO courtesy 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…

Jaccar Inks Gas Carrier Financing Deal with ICBC leasing

Signature of a Memorandum of Understanding between JACCAR Holdings

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

Courtesy Evergas

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 Feels the Pain of Low Oil

File photo: Bourbon

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.

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 & 4Q Revenue Report

"Bourbon's performance for the year 2008 reflects strong growth in the offshore activities, keeping pace with deliveries of new vessels, with the renewal of old contracts and the use of outside charters when requested by our customers," said Jacques de Chateauvieux, Bourbon Chairman and Chief Executive Officer. Bourbon's 2008 annual revenues totaled $1,205m, up 21% (+28.5% at constant exchange rates). The activity of both Divisions is still affected by the dollar trend, which became favorable again starting in the 4th quarter. In the 4th quarter of 2008, revenues rose by 30.3% (+23.5% at constant exchange rates). Bourbon now conducts 95% of its business abroad. The Offshore portion is up and accounted for 81% of the group's revenues in the 4th quarter of 2008.

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.

Bourbon First Half 2009 Revenues Up

Jacques de Chateauvieux, Chairman and Chief Executive of BOURBON, said, "the oil industry is looking to control capital expenditure and operating costs and this has led to an oil services market that is temporarily dominated by short term contracts and a reduction in usage and pricing. First half revenues amounted to EUR482.1 million, up 11.2% over first half 2008. The dollar strengthened 15% against the euro with the dollar/euro exchange rate at 1.33 during the first half year compared with 1.53 for the first half of 2008. At constant exchange rates, revenues were practically stable year on year with strong growth in the Offshore Division compensating for a fall in the Bulk Division.

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 2009 Annual Revenues

Commenting on Bourbon’s 2009 annual revenue results, Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon said: “With 71 new units coming into the fleet in 2009, annual revenues from Bourbon owned Offshore vessels alone saw growth of 27%, while the need for chartering was substantially reduced in a context of cost-cutting by the oil and gas companies. This trend, which was particularly marked at the end of last year, is likely to continue to influence activity in the early part of this year. Revenues for 2009 amounted to 960.5 million euros, up 3.1% compared with the previous year (down 1.6% at constant exchange rates).

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%.

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%.

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