BOURBON Ends Talks to Sell OSVs to Malaysia's Tanjung Offshore

France's offshore marine services provider BOURBON disclosed Tuesday that Malaysian group Tanjung Offshore Berhad and its unit Bourbon Far East Pte Ltd have terminated by joint agreement exclusive discussions initiated in spring 2014 for the sale of 51 percent ownership of 9 BOURBON Offshore Supply Vessels (OSV) operating in Malaysia. Indeed, the economic and financial conditions for an agreement satisfying both parties have not been met. BOURBON remains, of course, attentive to future developments on the Malaysian market.

Separately, BOURBON announced the completion of the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and Standard Chartered Bank (SCB) as part of the sale and bareboat charter agreements signed in 2013.

During 2014, the ownership of 25 vessels was transferred to ICBCL in accordance with the agreement signed in April 2013. Combined with the 21 vessels transferred in 2013, this brings the total number of vessels transferred to ICBCL to 46 for a total value of approximately $1.435 billion.

BOURBON has also completed the transfer of vessels to SCB under the agreement signed in November 2013. The ownership of the remaining 3 vessels have been transferred as scheduled and combined with the 3 vessels transferred during 2013, totals 6 vessels for an approximate amount of $151 million.

At the beginning of December, BOURBON signed an agreement with Minsheng Financial Leasing Co. (MFL) for the sale and bareboat charter of 8 vessels for a total amount of approximately $202 million. The ownership of the first 3 vessels has been transferred for approximately $57 million. The remaining 5 vessels will be transferred to MFL during 2015. This agreement provides for a bareboat charter rate of 9.68 percent of the sale price per year for 10 years.


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