Bourbon requests listing suspension as creditors seek $800m

France’s offshore services company Bourbon has asked for a suspension of its listing as the company seeks to address an approximate $800m in debt currently sought after by its creditors.

Bourbon said that “certain creditors of group affiliates” have sought credit payment request and/or contractual allowances amounting to approximately $800m.

The group said it is “examining available options and intends to pursue discussions with its creditors with the objective to take all appropriate measures to protect its interests and those of its personnel.”

It added: “In these circumstances and pending a new press release, the group has requested the suspension of the listing.”

Bourbon, one of the world’s largest OSV owner and operator, last indicated that it achieved a utilisation rate of 54.5% from its 477.4 full time equivalent number of vessels.

The group noted that the recovery of the offshore services market appears to have started in the first quarter of this year, as the group continues to rationalise its fleet.

Posted 23 July 2019

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