Bourbon Offshore appears to be near the completion of its vast debt rescheduling agreement.

The deadline for finalisation has now been set for 28 July, the French offshore giant said in a statement.

Jacques de Chateauvieux, chairman of Bourbon, said: “Bourbon has new secured the conditions for the success of its ‘Stronger for longer’ action plan, with the firm backing of financial institutions and ICBC Financial Leasing.