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Bourbon sells first nine to Chinese lessor

Bourbon has sold and chartered-back nine vessels with ICBC Financial Leasing for $144m, the first step in a 51-ship sale-and-leaseback deal signed in April.

The nine supply vessels, whose charters start from today, mark the beginning of the $1.5bn deal which will see Bourbon paying a fixed charter rate for the decade of 10.66% of a vessel's sale value.

The transfer of the remaining 15 vessels currently in operation should be completed by December, with the 27 vessels currently under construction following within 10 months.

When the last vessel is delivered and transferred in mid-2014, Bourbon will operate 230 supply vessels, including 54 under bareboat charter.

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