French offshore companies supplier Bourbon Offshore has introduced a serious growth into ethane gasoline transportation as the corporate weathers a “very difficult” market dealing with the offshore sector.

 The growth comes within the kind the buying the ethane actions of JACCAR Holdings, a non-public fairness agency and main shareholder of BOURBON, Greenship Gas, Greenship Bulk, Sinopacific Shipbuilding and Sapmer Holding.

Under the deal, Bourbon Offshore will purchase 100% of Greenship Gas, a Singaporean-owned “shipping trust” and international chief in ethane gasoline transportation with a market share higher than 50%. The acquisition additionally contains 100% of EVERGAS, operator and contractor of gasoline transportation companies, Greenship Gas Manager Pte. Ltd, the supervisor of the Greenship Gas, and 80 % of JHW Engineering & Contracting restricted, an organization that designs and engineers vessels. All firms are majority owned by JACCAR Holdings. 

Bourbon says the acquisition worth for the firms is US$320 million with a internet debt as of December 31, 2015 of US$389 million.

The remaining completion of the acquisition, which was licensed by the Board of Directors on March 28, is topic to shareholder approval to be voted on on May 26, 2016.

“In the very difficult market facing the offshore services sector, Bourbon is particularly resilient due to its operational performance and cost control but also due to the end of its investment program which is enabling free cash flow generation,” the corporate mentioned in an announcement asserting the growth.

“However, the direction taken by its customers towards the energy transition that is underway is driving Bourbon to seek the diversification of its activities to support these new directions and open real growth prospects,” the assertion added.