Bourbon, the French offshore company, has put its diversification into gas shipping on hold due to difficulties in raising the finance. The company specifically said the required financing for the acquisition of the gas activities of Jaccar Holdings would not be obtained within the timeframe stated in the agreement governing the investment. The company said it now wants to reinforce its position in its main market, offshore, enabling it to take advantage of the recovery of activity in offshore when it happens. The company will then be able to take the next step into gas shipping.
In January, Bourbon launched a project to acquire the gas-related holdings of Jaccar Holdings, comprising vessels and a platform in China dedicated to technological developments and manufacturing. The details of the deal involved purchasing 100% of Greenship Gas, a Singapore-based shipping trust that owns, directly or indirectly, a fleet of 17 vessels (13 of which are in service), purpose- built for carrying ethane, ethylene and mid-size LNG. The deal also involved buying 100% of Evergas, a commercial operator offering gas transport services, and 100% of Greenship Gas Manager, the entity that manages the Greenship Gas shipping trust. Bourbon’s stated objective was to diversify into gas shipping and related logistics services and the overall amount of the proposed transaction was $320 million.
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