Oceanteam and Bourbon defer CSV loan repayments for two years

The deferment aims to increase cashflow to facilitate maintenance on both vessels. The deferment is allowed under the loan facility agreements attached to the vessels at no additional cost. The loan instalment will be deferred until the end of the agreement in 2022.

The companies said they will use the funds made available by the deferment to perform the operational maintenance programme on both vessels later this year, if and when the vessels become available. Oceanteam said this brings the average loan to value to 27%.

In accordance with the International Financial Reporting Standards accounting rules, reporting of the vessel loan in the annual accounts will change. The loan will be divided in a short-term repayment profile and long-term repayment profile (> 1 year) as opposed to all short term as was reported in the 2018 annual report.

Both vessels are currently on hire in Angola and India respectively.

Oceanteam and Bourbon have faced financial difficulties in recent years. Oceanteam restructured its finances in 2017 while Bourbon’s assets were sold to a consortium of French banks on 10 January 2020.

The Commercial Court of Marseille, which is dealing with Bourbon’s cause, postponed consideration of the company’s possible liquidation until 3 February 2020.

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