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Bourbon puts gas plans on hold

During its meeting of May 16, 2016, the Board of Directors of BOURBON acknowledged that the required financing for the acquisition of the gas activities of JACCAR Holdings would not be obtained within the timeframe stated in the Framework agreement governing the investment.

Consequently, the Board of Directors have decided to remove resolution 4 and 5 (partially) from the agenda of the Annual Shareholders meeting of May 26, 2016, related to the ratification of the proposed transaction.

The diversification of BOURBON in this new activity remains a strategic objective for the company. BOURBON, illustrating a strong resilience in the low point of the cycle of the offshore market, is reinforcing its position in its main market and will be the first to take advantage of the recovery of activity when it will happen. It will then be able to ensure a new step in its development.

 

Source: Bourbon

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