MARSEILLE, France – Offshore support vessel operator Bourbon has unveiled its latest action plan, #BOURBONINMOTION, designed to respond to the changing needs of the offshore oil and gas market.
“As the market cycle has bottomed out, Bourbon must focus more than ever on operational excellence, fleet utilization rates, cost reduction program and free cash flow preservation,” said the company’s CEO Gaël Bodénès.
“However, we need to go even further, because market overcapacity is driving prices down sustainably and we believe that tomorrow will look very different from yesterday. The crisis has highlighted the need to change our model and this is what the #BOURBONINMOTION plan is all about.”
The plan is based on two priorities:
- Better serving customers by reorganizing the activities of Bourbon Corp. into three distinct affiliates: Bourbon Marine & Logistics, Bourbon Subsea Services, and Bourbon Mobility. Each will be able to implement its own strategies and will be supported by a dedicated management team, with a focus on developing more integrated services.
- Capitalizing ondigital technology. The “Smart shipping” program will connect the fleet of 132 modern supply vessels operated by Bourbon Marine & Logistics, under a three-year, €75-million ($93-million) program designed to deliver a sustainable reduction in vessel operating costs.
As for Bourbon Marine & Logistics’ traditional fleet of 65 vessels, the 41 oldest, which cannot be connected (the “non-smart fleet”) will be sold at current market prices.