Restructured French shipowner Bourbon Offshore is selling more non-core assets as it looks to stabilise its business.
The bank-owned offshore support vessel company has entered into exclusive talks to offload its coastal rescue, towing and salvage business Les Abeilles to domestic "digital transformations" group Econocom.
The idea is to establish a joint operational partnership to run the company as part of the disposal, Bourbon said.
Econocom has been working with Bourbon on fleet financing over the last five years, with a particular focus on Les Abeilles.
"The technical dimension of Les Abeilles' business, the solidity of its know-how and financial situation, coupled with Econocom's willingness to strengthen its position in the growing maritime digitalisation market, have led Econocom to propose to strengthen its relationship with Les Abeilles and become the reference shareholder," Bourbon said.
A deal would offer Les Abeilles the support of a "solid group, eager to invest in its future development, in France but also internationally, and support the ongoing renewal of its fleet," the French shipowner added.
Bourbon is eyeing a commercial and technical assistance services contract for the Les Abeilles fleet after a transaction is completed.
Bourbon to focus on offshore
The move is part of Bourbon's continued focus on offshore shipping.
The Les Abeilles fleet includes the powerful 21,740-bhp Abeille Bourbon emergency towing vessel (ETV) (built 2005), which is sent out to the most serious casualties off the French coast.
VesselsValue puts a value of $5.12m on this ship and Les Abeilles' 11,009-bhp anchor-handling tug supply vessel Jason (built 2005).
The fleet totals six ships, including chartered-in salvage vessels.
"Les Abeilles is a company with a strong identity whose expertise in protecting the coastline is recognised by a wide audience," Bourbon chairman Gael Bodenes said.
"By managing major rescues of vessels in distress, Les Abeilles has written some of the most beautiful pages in the history of Bourbon."
Pascal Potrel, Les Abeilles' managing director, added: "I would be very pleased that Les Abeilles may rely on Econocom, a shareholder capable of supporting us in the acquisition of new vessels, while continuing to benefit from Bourbon's technical and commercial support.
"This project would strengthen our long-term development potential and put us in a good position to win future tenders."
Lenders in charge
Bourbon, which is listed with a fleet of 270 ships, was taken over by its French banks in December.
The commercial court of Marseilles handed Bourbon’s assets to Societe Phoceenne de Participations (SPP), a company representing BNP Paribas, Credit Lyonnais, Natixis, Societe Generale, Credit Mutuel Equity SCR and two regional offshoots of Credit Agricole, another big French lender.
Bourbon sought the court-mandated process in July last year after China's ICBC Leasing signalled it would demand repayment of its debts in the ongoing oil and gas shipping slump.
ICBC last month put six Bourbon-operated platform supply vessels up for auction in China.
