French offshore vessel owner Bourbon has signed a general waiver with lenders allowing the company to suspend payments servicing the majority of its debt.
Bourbon started negotiations with lenders in March as it looked to balance its servicing of debt against the slow recovery in the offshore sector.
The company says the waiver “allows it to stay focused on its operational priorities and on the implementation of its #BOURBONINMOTION strategic plan”.
Bourbon posted a loss of €576.3m ($712.7m) for the year in 2017 and had 178.2 vessels stacked throughout the year on a full time equivalent basis. In February, the company announced what it described as digital transformation plans which will see 41 vessels disposed.
“The company remains confident in its ability to find before year end a balanced solution with all its lenders – often long-standing partners – that suits all parties and allows the company to adapt its financing to its future development,” the company said in a statement.