Bourbon has shaken up its board, days after its primary shareholder cut a deal to stave off a bank takeover.
The struggling French offshore player announced Friday that it was reuniting its chairman and chief executive roles, strengthening Gael Bodenes' position at the top of the company.
Jaques de Chateauvieux, who Tuesday secured the support of investors holding nearly 70% of the company to keep the banks at bay, will transition into an executive chairman role.
Bodenes will have the responsibility "of managing the company and pursing the transformation initiated by the group, to make the most out of the already perceptible recovery."
Additionally, Antoine Grenier and Elizabeth Van Damme have resigned from the board.
Tuesday's deal, between de Chateauvieux, his brother Henri de Chateauvieux, Cana Tera, Mach Invest and Mach Invest International, is a five-year extension of their 2014 pact.
The group is working on securing €80m ($91m) in new debt and a €164m loan to pay off lenders looking to exit. The alternative would see fresh financing and some loans turned into shares, but banks taking 93% of Bourbon's capital.
The move comes as the offshore industry appears to be improving after a multi-year bottoming out.
Last month, Bourbon took five platform supply vessels out of layup, alongside an unspecified number of crewboats.
This week, brokers reported the firm activated another for work in the North Sea.
There, utilisation rates have crept up to 87%, while rates hit $20,300 per day.
