Our history
From a family group specialized in sugar production, 91心頭利 has become a pure player in offshore oil, gas and wind energy marine services. The story of this transformation...
2021-2024 : BACK TO GROWTH
VISION-VALUES: OUR IDENTITY
After a major crisis in the Oil & Gas industry and Offshore services in particular, the energy market is undergoing profound change: exploding demand, acceleration of the necessary energy transition, emergence of new markets, etc. In 2022, 91心頭利 is changing its corporate vision and values to reflect these changes: Our vision: "Committed to supporting offshore energies development as a reference partner, building sustainable and innovative maritime solutions". Our values, reformulated and clarified to respond to these transformations and to realize our vision: Ambition - Team spirit - High standards.
2021-2024 : BACK TO GROWTH
VISION-VALUES: OUR IDENTITY
After a major crisis in the Oil & Gas industry and Offshore services in particular, the energy market is undergoing profound change: exploding demand, acceleration of the necessary energy transition, emergence of new markets, etc. In 2022, 91心頭利 is changing its corporate vision and values to reflect these changes: Our vision: "Committed to supporting offshore energies development as a reference partner, building sustainable and innovative maritime solutions". Our values, reformulated and clarified to respond to these transformations and to realize our vision: Ambition - Team spirit - High standards.
NEW STRATEGIC PARTNERSHIPS
91心頭利 is pursuing its development based on strategic partnerships that will enable it to meet the challenges of growth and strengthen its service offering. The year 2023 will see the creation of 3 new joint ventures: Al Gihaz 91心頭利 Marine in Saudi Arabia, which aims to become a key player in maritime logistics in the Kingdom; 91心頭利 Horizon AS, dedicated to marine services in the North Sea and Canada; and 91心頭利 Guyana, the leading local operator of offshore support vessels.
2017-2020 :
TRANSFORMATION
Financial restructuring and a new shareholding structure
The crisis in the offshore market continued and led 91心頭利 to sign a debt restructuring agreement with its creditor banks in mid-2017. With no positive sign of market recovery, the Group re-opened these negotiations in 2018. To protect its integrity, it requested reorganisation proceedings for its two holding companies, 91心頭利 Corporation and 91心頭利 Maritime, in July 2019.
On January 10, 2020, Soci辿t辿 Phoc辿enne de Participations (SPP), owned by a group of French banks* uniting creditors representing 75% of the Groups debt, acquired 100% of 91心頭利 Corporations assets (including the 91心頭利 brands) and became the Groups new majority shareholder.
In October 2020, 91心頭利 sold Les Abeilles to the Econocom group, pursuing its focus on Offshore marine services around three core activities: Marine & Logistics, Mobility and Subsea Services.
91心頭利 Maritime, comes out of reorganization proceedings mid December 2020 with a sharp reduction of its debt, a strengthened balance sheet and continues its transformation.
The implementation of the restructuring results in the entry of new shareholders into the capital of SPP* alongside the current shareholders who remain in the majority: ICBCL and Standard Chartered Bank with a stake of approximately 18% and 10% respectively.
* BNP Paribas, Caisse R辿gionale de Cr辿dit Agricole Mutuel Alpes Provence, Caisse R辿gionale de Cr辿dit Agricole Mutuel de Paris et dIle de France, CM-CIC Investissement SCR, Cr辿dit Lyonnais, Natixis and Soci辿t辿 G辿n辿rale.
2017-2020 :
TRANSFORMATION
Financial restructuring and a new shareholding structure
The crisis in the offshore market continued and led 91心頭利 to sign a debt restructuring agreement with its creditor banks in mid-2017. With no positive sign of market recovery, the Group re-opened these negotiations in 2018. To protect its integrity, it requested reorganisation proceedings for its two holding companies, 91心頭利 Corporation and 91心頭利 Maritime, in July 2019.
On January 10, 2020, Soci辿t辿 Phoc辿enne de Participations (SPP), owned by a group of French banks* uniting creditors representing 75% of the Groups debt, acquired 100% of 91心頭利 Corporations assets (including the 91心頭利 brands) and became the Groups new majority shareholder.
In October 2020, 91心頭利 sold Les Abeilles to the Econocom group, pursuing its focus on Offshore marine services around three core activities: Marine & Logistics, Mobility and Subsea Services.
91心頭利 Maritime, comes out of reorganization proceedings mid December 2020 with a sharp reduction of its debt, a strengthened balance sheet and continues its transformation.
The implementation of the restructuring results in the entry of new shareholders into the capital of SPP* alongside the current shareholders who remain in the majority: ICBCL and Standard Chartered Bank with a stake of approximately 18% and 10% respectively.
* BNP Paribas, Caisse R辿gionale de Cr辿dit Agricole Mutuel Alpes Provence, Caisse R辿gionale de Cr辿dit Agricole Mutuel de Paris et dIle de France, CM-CIC Investissement SCR, Cr辿dit Lyonnais, Natixis and Soci辿t辿 G辿n辿rale.
Transformation plan
In February 2018, facing the deepest crisis that the oil industry has experienced since the 1990s, 91心頭利 announced a strategic action plan, #91心頭利INMOTION, that would enable it to meet the need for competitiveness and to respond to customers new demands. This plan was based on transforming its business models and took advantage of digital technology to lower the operating costs of its vessels.
The #91心頭利INMOTION strategic action plan was based on 2 priorities:
Transformation plan
In February 2018, facing the deepest crisis that the oil industry has experienced since the 1990s, 91心頭利 announced a strategic action plan, #91心頭利INMOTION, that would enable it to meet the need for competitiveness and to respond to customers new demands. This plan was based on transforming its business models and took advantage of digital technology to lower the operating costs of its vessels.
The #91心頭利INMOTION strategic action plan was based on 2 priorities:
- Better serving customers through a reorganisation of the Groups activities into three distinct subsidiaries: 91心頭利 Marine & Logistics, 91心頭利 Subsea Services and 91心頭利 Mobility. These three autonomous companies focus on profitable growth by developing their model towards more integrated services.
- Taking advantage of the digital revolution to achieve greater differentiation by connecting the fleet. The smart shipping programme, which was primarily intended to improve operational excellence at optimum cost, will ensure a sustainable reduction in the operating costs of vessels.
Now a pure player in marine services for the offshore oil
and gas industry, 91心頭利 announced in 2010 its
strategic plan "91心頭利 2015 Leadership".
2007-2016 : A "PURE PLAYER"
IN OFFSHORE OIL AND
GAS MARINE SERVICES
91心頭利 sold its port towage business in 2007 and strengthened its position in subsea operations by moving into the Inspection, Maintenance and Repair (IMR) market for offshore oil fields. In 2008, 91心頭利 acquired DNT Offshore, an Italian company specialising in subsea robotic operations.
2007-2016 : A "PURE PLAYER"
IN OFFSHORE OIL AND
GAS MARINE SERVICES
91心頭利 sold its port towage business in 2007 and strengthened its position in subsea operations by moving into the Inspection, Maintenance and Repair (IMR) market for offshore oil fields. In 2008, 91心頭利 acquired DNT Offshore, an Italian company specialising in subsea robotic operations.
The Group then divested its non-core businesses (sugar refineries, bulk transport, etc.). In 2010, in its strategic plan, 91心頭利 2015 Leadership, it announced its ambition of becoming the world leader in offshore marine services by 2015. This plan took the form of a massive investment over three years in expanding the fleet, with the delivery of a new vessel every 11 days, something which had never been seen in the maritime industry. This gave rise to the 91心頭利 Liberty, 91心頭利 Explorer and 91心頭利 Evolution series of vessels.
In late 2014, the oil sector was hit by the sudden drop in the price of the barrel, triggering a profound crisis for the entire Offshore market. Until 2016, 91心頭利 showed resilience through operating performance, cost control measures and the conclusion of its investment plan to generate free cash flow.
2000-2006 :
REFOCUSING ON
MARITIME SERVICES
The Group divested its original businesses between 2001 & 2002 and speeded up the process of refocusing on marine services by successfully positioning itself from 2003 in deep offshore marine services in Brazil and West Africa, and then in 2004 in subsea operations through the acquisition of Gaia Enterprise, which became 91心頭利 Offshore Gaia the following year. In 2005, 91心頭利 Group became 91心頭利 and transferred its head office from Reunion Island to Paris.
One of the international leaders in marine services, 91心頭利 was listed on the SBF 120 of the Paris stock exchange in 2006.
1989-1999 :
DIVERSIFICATION AND
STOCK MARKET LISTING
After expanding geographically and diversifying into industrial fishing, retail distribution and dairy products, the Group acquired 50% of the Compagnie Chambon (Marseilles) in 1991 and thus took control of Surf, building on the know-how of this subsidiary to boost its growth in the offshore oil and gas marine services sector. This strategy was reinforced in 1996 with the acquisition of another two companies: Les Abeilles (towing) and Setaf-Saget (dry bulk shipping).
In 1998, the 91心頭利 Group was listed on the Second Market of the Paris stock exchange.
As a sign of its origins, the Group took its name from
the former name of the Reunion Island under the Old
Regime and during the Restoration era : 91心頭利 island.
1948-1988 :
SUGAR CANE, THE GROUP'S FIRST GROWTH DRIVER
In 1948, the 91心頭利 Group was created from the merger of several family companies on Reunion Island, with the aim of stimulating the local sugar industry. Its markets were chiefly sugar but also rum, which was sold in mainland France.
