French offshore vessel player Bourbon said on Monday that Guyanese company Tethys Marine & Logistics, is now a 51% shareholder of the Bourbon Guyana Joint Venture. It said Guyanese now represent 75% of its directorship.
A Guyanese company is defined in the Local Content Act as a company incorporated under the Companies Act, and cedes ownership of at least 51% of it to Guyanese nationals. The company must also have Guyanese nationals holding at least 75% of executive and senior management positions and at least 90% holding non-managerial and other positions.
By acceding to these requirements, the joint venture can now benefit from preferential treatment in the procurement of applicable services.
Rodolphe Bouchet, CEO of Bourbon Marine & Logistics signing the joint-venture agreement
“The partnership with Tethys Marine & Logistics represents a tremendous opportunity to strengthen our current position in Guyana,” Rodolphe Bouchet, Chief Executive Officer (CEO) of Bourbon Marine and Logistics. “Through this operation, Bourbon becomes a ‘Guyanese’ company in country with a local majority shareholder. This is a very important aspect for us, as we always want to include local content in the territories in which we are present.”
With a fleet of six vessels – large platform supply vessels, anchor handling tug supply vessels and tugs – and the full range of marine services, Bourbon Guyana has been in operation since 2019. It lends support to ExxonMobil and Saipem in developing the Stabroek Block with more than 70 locals in its staffing portfolio.
Jaikerran Persaud, Chief Executive Officer of Tethys commented, “We share the same culture with Bourbon and our visions for the future of the industry in Guyana are aligned. It is very important for Bourbon Guyana to consolidate its leadership position in this promising territory.”
Bourbon’s vessels are committed to support Exxon’s offshore operations until the end of the decade.
Bourbon has three mooring support vessels in operation tending to the Liza Destiny and Liza Unity floating production, storage, and offloading (FPSO) platforms.
The other three vessels are platform support vessels that transport specialised equipment for developmental projects in progress. Bourbon’s fleet in Guyana includes the Bourbon Liberty, the Bourbon Diamond, the Bourbon Sapphire, the Bourbon Calm and the Bourbon Rhesos.
The management of Tethys Marine has over 30 years of experience in the oil and gas industry in the region.
