Bourbon completes restructuring as Davidson Kempner, Fortress take control

(WO) — Bourbon has completed its financial and capital restructuring, clearing the way for funds managed by Davidson Kempner Capital Management and Fortress Investment Group to become the company’s majority shareholders, according to a statement released Dec. 22.

The transaction, approved in July by the Marseille Economic Affairs Court, follows a year-long transformation plan that included converting a significant portion of Bourbon’s debt into equity and injecting new capital. The company said the changes have resulted in a stronger balance sheet, with leverage reduced to below 1.5x EBITDA.

Bourbon said the recapitalization provides greater financial flexibility to invest in its offshore fleet, including the reactivation of offshore support vessels, life-extension programs and renewal of its crewboat fleet, as demand grows in offshore energy markets.

As part of the ownership change, the company simplified its governance structure, replacing its previous three-division model with a unified structure and streamlined management framework. A new board was appointed to support long-term value creation, with Bruno Chabas named chairman.

Gaël Bodénès was appointed chief executive officer following a shareholders’ meeting held Dec. 19 and will lead the next phase of the company’s transformation through mid-2026.

“BOURBON now benefits from a solid financial structure, a versatile fleet and a clear positioning in the offshore markets. This renewed governance will enable the Group to strengthen its fundamentals, to execute reliable services to its clients and accelerate long-term value creation,” Chabas said.

Bodénès said the restructuring has restored stability and momentum across the organization.

“I am very proud of the progress accomplished by BOURBON’s teams during this challenging transformation period. We have restored stability and visibility for a Group that is now firmly looking ahead. The arrival of new shareholders combined with a Board and a strengthened Executive Committee, give decisive momentum to our transformation. We are entering a new phase of action, with clear objectives and fully mobilized teams to deliver group strategy,” he said.

Bourbon operates in more than 35 countries, supporting offshore oil, gas and wind projects with a fleet of more than 225 vessels. The company reported 2024 revenue of about €733 million (roughly $800 million).