Ex-Maersk Supply Service chief executive is among four well-known offshore oil and gas industry ‘heavyweights’ to have joined the supervisory board of Bourbon group to steer the restructuring of the French offshore support vessel operator
The new members of the supervisory board were named by the Société Phocéenne de Participations (SPP), the controlling shareholder of Bourbon following its reorganisation in January 2020. The supervisory board is chaired by Jean Peyrelevade, the former chairman and chief executive of several major French financial institutions, including Suez, UAP and Crédit Lyonnais.
Among those joining the supervisory board are former Maersk group vice president Carsten Plougmann Andersen, who served as chief executive of Maersk Supply Service from 2004 to 2015.
Mr Andersen is still extremely active in the maritime business, sitting on numerous boards, including that of the Port of Granaa, a deepwater port in Denmark, and Siem Shipping. He is also an advisor ot UOS United Offshore Support GmbH.
Joining Mr Andersen is Jean Cahuzac, former long-time chief executive and executive director of Subsea 7, with 41 years of experience in the offshore oil and gas industry, Yves-Louis Darricarrere, a member of Total’s executive committee in 2003 who became head of exploration and production in 2006 and Florence Weingarten, chief counsel of Transdev, a subsidiary of Caisse des dépôts, previously in charge of antitrust and regulatory at GDF Suez (now Engie).
Other members of the supervisory board are Olivier Dubois, who most recently served as chief financial officer of contract catering and support services company Elior Group. He’s held several executive positions and served on boards of maritime organisations, including Technip and CMA CGM.
Crédit Mutuel Equity and BNP Paribas, two of the seven creditors that own SPP also have board members. Crédit Mutuel Equity executive director Christine Dubus and BNP Paribas former head of strategy and development Laurent Treca.
The talents and experience of all of the supervisory board members will surely be tested amid the energy demand destruction caused by the coronavirus pandemic and low oil price environment.
“A major health crisis, the coronavirus outbreak is a new ordeal for the oil field service sector at a time when the economy as a whole is being hit,” said supervisory board chairman Jean Peyrelevade. “The new talents joining the supervisory board of the SPP are all assets as the Bourbon group is resolutely committed to its recovery, preservation of its operational continuity and the deployment of its strategic plan.”
Added Bourbon Maritime chairman Gaël Bodénès, “The confidence of the board and the remarkable expertise of its members are key for Bourbon, which is facing major challenges.” Mr Bodénès also noted the unwavering efforts of the vessel operator’s seafarers and shoreside staff. “In the face of this global pandemic, I would also like to pay tribute to the extraordinary determination and professionalism of the teams serving our clients every day and providing them with the best support to meet the challenges of this health crisis and its economic impact.”
SPP is owned by BNP Paribas, Caisse Régionale de Crédit Agricole Mutuel Alpes Provence, Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France, Crédit Mutuel Equity SCR (formerly CM-CIC Investissement SCR), Crédit Lyonnais, Natixis and Société Générale. The creditors represent 75% of Bourbon’s debt and including ICBC Leasing.