Bourbon sold $770 million worth of vessels in 2013

PARIS Tue Jan 7, 2014 2:40am EST

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PARIS Jan 7 (Reuters) - Bourbon, a French company that provides marine services for offshore oil and gas clients, said it sold $770 million worth of vessels last year, generating a capital gain of $180 million as part of a divestment programme to cut debt.

The group also signed a new sale-and-lease-back agreement with Standard Chartered Bank on 6 new vessels worth $150 million. Since March 2013, Bourbon has been implementing a financial strategy to sell up to 30 percent of the vessels in its fleet and then leasing them back under 10-year contracts so as to fund the development of its business. (Reporting by Leila Abboud and Gilles Guillame; Editing by Mark John)

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