Offshore marine services provider, Bourbon on Tuesday said it has agreed to buy shipping businesses currently owned by the majority shareholder JACCAR Holdings for a price of US$320 million.
The French company cites difficult market conditions in the offshore services sector as the reason to diversify into the gas shipping.
Bourbon said in a statement it intends to acquire 100 percent of Singapore-based Greenship Gas “shipping trust” that manages a fleet of 17 vessels and Evergas, the company that owns and operates LNG multigas carriers.
It also plans to acquire 100 percent of Greenship Gas Manager, which manages the Greenship gas “shipping trust”. Additionally, Bourbon has set sights on an 80 percent stake in JHW Engineering & Contracting, a Hong-Kong-registered EPC company for the shipping and offshore oil and gas industry.
Paris-based Bourbon intends to resell 80 percent of the ownership of the acquired vessels and retain them on a bareboat charter deal for a minimum of ten years.
The company expects to close the acquisition at its annual general meeting on May 26, 2016.
At the same time, Jacques de Chateauvieux will be named chairman and CEO of Bourbon.
LNG World News Staff