BOURBON hands over first nine vessels to ICBC on ten-year bareboat charter period

Following the transfer of ownership of the first 9 vessels to the Chinese company ICBC Financial Leasing (“ICBCL”) as part of a 51 vessel sale and bareboat commitment and the payment of US$144 million, BOURBON announces that the ten-year bareboat charter period of those 9 vessels by BOURBON commenced on Wednesday, Sept. 4, the Group said in a news release.

As announced last week, the transfer of the remaining 15 vessels currently under operation is expected to be completed within two months and the transfer of the 27 vessels under construction within 10 months.

On April 9, 2013, BOURBON announced that the terms of the first phase of the “Transforming for beyond” action plan were signed with ICBCL for a ten-year fixed rate (10.66%) bareboat charter of up to 51 supply vessels either in operation (24 on that date) or under construction (27 with delivery expected before June 2014) for a total of up to US$1.5 billion.