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Bourbon receives takeover approach
Posted on Wednesday, 09 October 2019 09:47
French shipping business Bourbon has announced the receipt of a takeover offer for the company, following a reorganisation process.

The firm said a bid was submitted to the Marseilles Commercial Court by a business owned by a group of French banks for the assets and activities of the firm.

However, no details of the approach, such as the valuation or the identity of the suitor, have been disclosed at this time.

Bourbon has accordingly asked for its shares to be suspended from trading by Euronext until the Commercial Court has carried out an analysis of the various options available.

The company claims to be a market leader in the provision of marine services for offshore oil and gas, with an offering including surface and sub-surface services for oil and gas field and wind farm operators.

It employs in excess of 8,400 people and has 29 operating subsidiaries.

Bourbon recorded adjusted revenue of EUR 178.00 million in the first quarter of 2019, up from EUR 175.90 million and EUR 171.00 million in Q4 2018 and Q1 2018, respectively.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 146 deals targeting providers of support activities for oil and gas operations announced worldwide since the beginning of 2019.

The most valuable of these featured two US targets as Murphy Exploration & Production Company picked up the Gulf of Mexico assets of both LLOG Bluewater Holdings and LLOG Exploration Company for USD 1.48 billion.

This was followed by a French transaction, in which Maersk Oil Trading and Investment jettisoned a 3.8 per cent stake in Total for USD 1.00 billion back in March.

Zephyr shows that the 146 deals targeting the sector to have been announced this year have a combined value of USD 7.57 billion, compared to the USD 27.87 billion injected across 247 deals in the whole of 2018.

Last year’s value was boosted considerably by seven transactions which broke the USD 1,000 million-barrier, the most valuable of which was worth USD 4.02 billion.

© Zephus Ltd