A group of shareholding banks is looking to sell French offshore shipping giant Bourbon following a takeover and restructuring in 2019.
The operator of 262 ships worth more than $1.3bn has had a confidential document drawn up to entice buyers, industry sources told TradeWinds.
The Project Alcyone paper, seen by TradeWinds, outlines a €1bn ($1.05bn) “repositioning” plan up to 2027, including more than €500m of fleet renewal and a focus on floating offshore wind operations.
Bourbon is owned by a company formed by the banks called Societe Phoceenne de Participations (SPP).
Five core French lenders — BNP Paribas, Credit Agricole, Credit Mutuel, BPCE and Societe Generale — swapped debt for equity as former principal Jacques de Chateauvieux lost control of the company in dire offshore markets.
China’s ICBC Financial Leasing and UK-based Standard Chartered Bank later came on board as shareholders.
TradeWinds understands they have been trying to sell their stakes for some time, but no interest from buyers has yet led to a transaction.
The document reveals €92m of Ebitda for 2022, from revenue of €538m in improving markets.
The fleet includes 47 platform supply vessels and 58 anchor-handling tug supply units operating globally.
Bourbon has been slimming the fleet down, selling about 20 ships in 2022, 16 in 2021 and 15 in 2020.
The owner is listed with one PSV still on order in China for delivery this year.
Floating offshore wind on an industrial scale?
Now the company is targeting the construction of its first dedicated floating offshore wind farm vessel in 2024.
This will allow for “an industrial phase” from 2027 onwards.
Bourbon, run by chief executive Gael Bodenes, is earmarking €154m for this ship.
The group is also plotting orders for 95 crew and oilfield support ships at a cost of €407m.
More cash, €77m, will go on the reactivation of four multipurpose PSVs (MPSVs).
The biggest shareholder as of January was ICBC on 20%, followed by Societe Generale on 16%.
In December 2020, Bourbon exited court restructuring with €1.5bn less debt, but with plans to sell or scrap more than 100 ships.
Bourbon and BNP Paribas have been contacted for comment.
New joint venture
Last month, Bourbon and Canada’s Horizon Maritime set up a new company to bolster their harsh-environment services.
They also want to drive sector consolidation by offering ship management to third parties.
Joint venture Bourbon Horizon will be incorporated in Norway and focus on North Sea and Canadian markets.
The new venture will be run from Fosnavag in Norway and St John’s in Canada.
The “base fleet” will consist of seven modern offshore support vessels: five PSVs, a large AHTS and an MPSV that is currently configured for subsea and trenching services.
