Bourbon has unveiled a new plan for the period 2011-2015 which includes the sale of its fleet of 16 bulk carriers and other non-core assets for a total of 500 million Euros.
The specialist maritime services to the offshore oil announced in a press release that it has signed an agreement to sell its Bulk with the American Genco Shipping & Trading Ltd for 545 million dollars (440 million euros).
As part of its strategic plan, Bourbon also wishes to invest two billion dollars (1.62 billion euros) in the construction of 80 supply vessels and 64 vessels transporting personnel to operate in 2015 a fleet 600 vessels dedicated logistics services in the continental offshore and deep offshore.
The offshore fleet amounted to 357 ships by end of 2009 and 99 are now in command in the context of its previous strategic plan.
"The bulk current activity will continue to a lesser extent and without the contribution of a fleet that is owned," said the CEO of Bourbon, Jacques de Chateauvieux, during a conference call."This is not disturbed our ability to meet the expectations of our customers."
Jacques de Chateauvieux has also indicated that the sugar activities of Bourbon in Vietnam, among other things, would be sold in addition to bulk carriers.
Apart from sales, financing the new investment program will be provided by changing the payment terms of vessels during construction, 75% of the price now being paid on delivery, as well as a 12-year loan of 400 million dollars granted by the China Exim Bank.
CASH FLOWS FROM POSITIVE in 2013
"The combined effect of generating cash flow from operations, disposal of assets in 2010 and the new payment policy should allow vessels a ratio of debt to equity of less than 0.5 and a ratio net debt / EBITDA of less than 2 by 2015.Bourbon and generate positive cash flow from 2013 onwards, "added the company.
Bourbon also said that its dividend policy would be to distribute approximately 40% of its consolidated net income.
After an average growth of 28% of the activity of its offshore division between 2002 and 2009, the new plan Bourbon displays a target of 17% average annual growth between 2011 and 2015.
The company is also concentrating on increasing the availability rate of the fleet with a goal of 95% against 92% today, and a decline in the index of its operational costs by 4% rate constant 2015.
Bourbon is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for offshore and an EBITDA ratio on capital employed of 20%.
It plans to recruit 5,000 people who join its 7,000 employees.
