Bourbon sells 15 vessels under ICBC, StanChart leaseback deals

The French offshore operator announced its 51-vessel, $2.5bn deal with ICBC in April last year. Together with nine vessels sold in September, the recent sale brings the total number of ships transferred to 21, worth around $522m, with the remainder set to follow in the first half of this year.

The company's latest sale and leaseback deal with Standard Chartered was signed in November and covers six newbuilds worth around $150m with a fixed bareboat charter rate of 10.2% for 10 years. Three of the vessels have already been bought by Standard Chartered for just under $65m, with the remaining trio joining them in the second half of 2014.

The most recent steps in the company's "transforming for beyond" programme brings the total value of vessel sales to $770m, with $180m in capital gains. Bourbon expects this will leave it cash flow positive for 2013, as well as significantly reducing its debt.