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First half revenues surge 31% at constant exchange rates

(16.9% at current exchange rates) to €433.6 million, in line with the Horizon 2012 plan

Paris, August 7, 2008 version pdf

Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON, said: “The strong growth in revenues reflects delivery of new vessels, activity generated by chartered vessels, rate increases following contract renewals and a continuing high level of freight rates in the Bulk Division; despite the dollar’s steep decline, BOURBON’s growth is fully in line with the goals of the Horizon 2012 strategic plan.”

FIRST HALF REVENUES 2008 BY DIVISION

(in millions of euros) Second Quarter First Half
Q2 2008 Q2 2007 Change at current exchange rates H1 2008 H1 2007 Change at current exchange rates Change at constant exchange rates
Offshore 148.2 120.6 22.9% 285.0 231.4 23.1% 36.1%
Bulk 67.8 67.0 1.2% 133.4 117.4 13.6% 30.8%
Other 6.0 9.0 -33.2% 15.3 22.2 -31.2% -22.0%
BOURBON TOTAL 222.0 196.6 12.9% 433.6 371.0 16.9% 31.0%

First half revenues amounted to €433.6 million, up 16.9% over first half 2007.

In first half 2008, the dollar suffered a decrease of 15% compared with first half 2007, with an average dollar/euro exchange rate of 1.53 in first half 2008 compared to 1.33 in first half 2007.

At constant exchange rates, revenues increased 31%.

BOURBON’s growth, which is in line with the Horizon 2012 plan, was boosted by both a buoyant offshore oil and gas marine services market and strong freight rates that remained exceptionally high.

OFFSHORE DIVISION

As announced under the Horizon 2012 plan, the breakdown in the Offshore Division’s revenues now reflects the new organisational structure covering two Activities, Marine Services and Subsea Services.

(in millions of euros) H1 2008 H1 2007 Change %
Marine Services 228.7 196.0 32.7 16.7%
Subsea Services 56.3 35.4 20.9 59.0%
TOTAL 285.0 231.4 53.6 23.1%
BOURBON vessels 242.9 216.7 26.2 12.1%
Chartered vessels 42.1 14.7 27.4 +186.5%

The Offshore Division’s revenues, at €285 million, rose 36.1% at constant exchange rates and 23.1% at current exchange rates compared to first half 2007.

Growth was driven by:

On the downside, revenues for the period were hit by disposals of vessels and the unfavorable euro/dollar exchange rate.

Breakdown of the Offshore Division by geographical region

First Half
(in millions of euros) H1 2008 H1 2007 % Change
Offshore Division 285.0 231.4 23.1%
Africa 194.9 153.6 26.9%
Europe & Med/ Middle East 52.8 49.3 7.1%
American Continent 20.8 18.9 10.1%
Asia 16.5 9.6 71.9%

BOURBON’s activity in Africa continues to soar, particularly in Nigeria, Angola and Congo. The strong revenue growth in Angola and Congo was fuelled by the deepwater activity and the operational relaunch of old fields.

In Nigeria, conditions locally made operational management extremely difficult. Decisions taken to bolster security led to significant additional costs, which the customers understood.

In addition to strong revenues in Europe and on the American continent, BOURBON is also building up its presence in the booming region of India and South East Asia, where the company was boosted by contracts with new customers including Reliance, Talisman, JVPC Vietnam etc.

BULK DIVISION

The Bulk Division posted revenues of €133.4 million for the period ended June 30, 2008, up 13.6% at current exchange rates and 30.8% at constant exchange rates compared to first half 2007.

The activity benefited from an increase in the Baltic Supramax Index (BSI) from an average of $36,450 per day in first half 2007 to an average of $55,292 per day in first half 2008.

The volume shipped for first half 2008 amounted to 7.5 million tons, down from 8.2 million tons for first half 2007. BOURBON thus used 22 ships equivalent full time in first half 2008, of which 6 are fully owned, down from 25 ships equivalent full time in first half 2007.

OUTLOOK

BOURBON’s activity in the second half will continue in line with the Horizon 2012 plan.

The Offshore Division will be boosted by the commissioning of new vessels and by the renewal of contracts in a still buoyant offshore market.

The Bulk Division’s results will include a $40.6 million capital gain following the July sale of the Supramax Fructidor bulk carrier and the Division will take delivery of two new vessels in December 2008. BSI rates are expected to remain at a high level, albeit lower than levels in the first half.

Finally, BOURBON’s financial results will continue to be affected by movements in the euro-dollar exchange rate.

FINANCIAL CALENDAR

Presentation of first half 2008 results
August 27, 2008
Third quarter 2008 revenue release
November 6, 2008
Fourth quarter and full-year 2008 revenue release
February 9, 2009
Presentation of 2008 annual results
March 26, 2009

APPENDICES

BOURBON QUATERLY DATA

2008 2007
(in millions of euros) Q2 Q1 Q4 Q3 Q2 Q1
Offshore 148.2 136.8 128.6 124.5 120.6 110.8
Bulk 67.8 65.6 61.3 66.1 67.0 50.4
Other 6.0 9.3 8.3 9.8 9.0 13.2
BOURBON TOTAL 222.0 211.7 198.2 200.4 196.6 174.4

KEY INDICATORS

Q2 2008 Q2 2007
Average USD exchange rate for the quarter (in €) 1.5553 1.3478
USD exchange rate at closing on June 30 (in €) 1.5764 1.3505
Average Brent price for the quarter (in $/bl) 123 69
Average Baltic Supramax Index for the quarter (in $/day) 60,461 41,483

The average euro/dollar exchange rate in first half 2008 was 1.53$ compared with 1.33$ in first half 2007.

First half revenues surge 31% at constant exchange rates (16.9% at current exchange rates) to €433.6 million, in line with the Horizon 2012 plan

Paris, August 7, 2008 version pdf

Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON, said: “The strong growth in revenues reflects delivery of new vessels, activity generated by chartered vessels, rate increases following contract renewals and a continuing high level of freight rates in the Bulk Division; despite the dollar’s steep decline, BOURBON’s growth is fully in line with the goals of the Horizon 2012 strategic plan.”

FIRST HALF REVENUES 2008 BY DIVISION

(in millions of euros) Second Quarter First Half
Q2 2008 Q2 2007 Change at current exchange rates H1 2008 H1 2007 Change at current exchange rates Change at constant exchange rates
Offshore 148,2 120,6 22,9% 285,0 231,4 23,1% 36,1%
Bulk 67,8 67,0 1,2% 133,4 117,4 13,6% 30,8%
Other 6,0 9,0 -33,2% 15,3 22,2 -31,2% -22,0%
BOURBON TOTAL 222,0 196,6 12,9% 433,6 371,0 16,9% 31,0%

First half revenues amounted to €433.6 million, up 16.9% over first half 2007.

In first half 2008, the dollar suffered a decrease of 15% compared with first half 2007, with an average dollar/euro exchange rate of 1.53 in first half 2008 compared to 1.33 in first half 2007.

At constant exchange rates, revenues increased 31%.

BOURBON’s growth, which is in line with the Horizon 2012 plan, was boosted by both a buoyant offshore oil and gas marine services market and strong freight rates that remained exceptionally high.

OFFSHORE DIVISION

As announced under the Horizon 2012 plan, the breakdown in the Offshore Division’s revenues now reflects the new organisational structure covering two Activities, Marine Services and Subsea Services.

(in millions of euros) H1 2008 H1 2007 Change %
Marine Services 228,7 196,0 32,7 16,7%
Subsea Services 56,3 35,4 20.9 59,0%
TOTAL 285,0 231,4 53,6 23,1%
BOURBON vessels 242,9 216,7 26,2 12,1%
Chartered vessels 42,1 14,7 27,4 +186,5%

The Offshore Division’s revenues, at €285 million, rose 36.1% at constant exchange rates and 23.1% at current exchange rates compared to first half 2007.

Growth was driven by:

On the downside, revenues for the period were hit by disposals of vessels and the unfavorable euro/dollar exchange rate.

Breakdown of the Offshore Division by geographical region

First Half
(in millions of euros) H1 2008 H1 2007 % Change
Offshore Division 285,0 231,4 23,1%
Africa 194,9 153,6 26,9%
Europe & Med/ Middle East 52,8 49,3 7,1%
American Continent 20,8 18,9 10,1%
Asia 16,5 9,6 71,9%

BOURBON’s activity in Africa continues to soar, particularly in Nigeria, Angola and Congo. The strong revenue growth in Angola and Congo was fuelled by the deepwater activity and the operational relaunch of old fields.

In Nigeria, conditions locally made operational management extremely difficult. Decisions taken to bolster security led to significant additional costs, which the customers understood.

In addition to strong revenues in Europe and on the American continent, BOURBON is also building up its presence in the booming region of India and South East Asia, where the company was boosted by contracts with new customers including Reliance, Talisman, JVPC Vietnam etc.

BULK DIVISION

The Bulk Division posted revenues of €133.4 million for the period ended June 30, 2008, up 13.6% at current exchange rates and 30.8% at constant exchange rates compared to first half 2007.

The activity benefited from an increase in the Baltic Supramax Index (BSI) from an average of $36,450 per day in first half 2007 to an average of $55,292 per day in first half 2008.

The volume shipped for first half 2008 amounted to 7.5 million tons, down from 8.2 million tons for first half 2007. BOURBON thus used 22 ships equivalent full time in first half 2008, of which 6 are fully owned, down from 25 ships equivalent full time in first half 2007.

OUTLOOK

BOURBON’s activity in the second half will continue in line with the Horizon 2012 plan.

The Offshore Division will be boosted by the commissioning of new vessels and by the renewal of contracts in a still buoyant offshore market.

The Bulk Division’s results will include a $40.6 million capital gain following the July sale of the Supramax Fructidor bulk carrier and the Division will take delivery of two new vessels in December 2008. BSI rates are expected to remain at a high level, albeit lower than levels in the first half.

Finally, BOURBON’s financial results will continue to be affected by movements in the euro-dollar exchange rate.

FINANCIAL CALENDAR

APPENDICES

BOURBON QUATERLY DATA

2008 2007
(in millions of euros) T2 T1 T4 T3 T2 T1
Offshore 148,2 136,8 128,6 124,5 120,6 110,8
Bulk 67,8 65,6 61,3 66,1 67,0 50,4
Other 6,0 9,3 8,3 9,8 9,0 13,2
BOURBON TOTAL 222,0 211,7 198,2 200,4 196,6 174,4

KEY INDICATORS

T2 2008 T2 2007
Average USD exchange rate for the quarter (in €) 1,5553 1,3478
USD exchange rate at closing on June 30 (in €) 1,5764 1,3505
Average Brent price for the quarter (in $/bl) 123 69
Average Baltic Supramax Index for the quarter (in $/day) 60 461 41 483

The average euro/dollar exchange rate in first half 2008 was 1.53$ compared with 1.33$ in first half 2007.

The BOURBON Company for salvage and protection of the French coast changes its name

"Les Abeilles International" becomes "Les Abeilles"

Paris, July 24, 2008, pdf file

BOURBON is announcing that its company "Les Abeilles International", which includes protection of the French coastline, as well as assistance and salvage operations handled by five tugs chartered by the French Navy, is changing its name to "Les Abeilles".

BOURBON, although it sold its port towage activity to Boluda in 2007, kept the name "Les Abeilles". Since ”Les Abeilles” was founded in 1864 in the port of Le Havre, this mythical name has been at the forefront of the navigation companies that helped to build the excellent reputation of the French Merchant Navy.

Christian Quillivic, Managing Director of Les Abeilles, says: "Under this name, we will carry on the tradition of excellence and passion that is our trademark. Thus the men and women of BOURBON who, on land and at sea, work daily to protect the French coastline and the marine environment will continue to keep this name and its rich history alive."

This name change became effective on 30 June 2008

More: Salvage tugs

BOURBON has sold its interest in the Rigdon companies

Paris, July 2, 2008, pdf file

The sale of BOURBON’s interest in the Rigdon companies, announced on May 28 as part of the merger proposal between Ridgon Marine Corporation and Gulfmark Offshore, was completed on July 1.

As the Rigdon companies had so far been accounted for according to the equity method, the sale will have no impact on revenues, nor on BOURBON’s EBITDA.

As previously announced the sale will generate for BOURBON a capital gain on sale of approximately 60 million euros in the second half.

Combined Annual and Special Shareholders’ meeting of May 30, 2008

Paris, June 2, 2008, pdf file

BOURBON’s Combined Annual and Special Shareholders’ meeting, chaired by Mr. Jacques de Chateauvieux, was held on Friday May 30, 2008 at the Palais Brongniart, Paris.

All the resolutions were approved by the shareholders, specifically:

At this Meeting, the Chairman also informed shareholders that from March 12 to May 23, 2008, BOURBON bought 1,225,955 BOURBON shares at an average price of less than 39 euros. This stock buyback was carried out in the context of the Board of Directors’ decision in December 10, 2007 to award stock options.
It will avoid the need for new shares to be issued and the consequent dilutive effect.

More information: 2008 Combined Annual Shareholders

FINANCIAL CALENDAR

2nd quarter and 1st half 2008 financial results
August 7, 2008
Presentation of first half 2008 results:
August 27, 2008
3rd quarter 2008 financial results
November 6, 2008

BOURBON to sell its interest in the Rigdon companies

Paris, May 29, 2008, pdf version

Under the merger proposal between Rigdon Marine Corporation and Gulfmark Offshore announced on May 28, BOURBON is to sell its interest in the Rigdon companies.

This sale will be effective on completion of the merger which is due to take place in the 3rd quarter of 2008.

For BOURBON it will generate:

Since January 2006, BOURBON had contributed to the implementation of Rigdon’s financial structure.

As this company has been so far accounted for according to the equity method, the sale will have no impact on revenues nor on BOURBON’s EBITDA.

More : GulfMark Offshore and Rigdon Marine Announce Signing of Purchase Agreement (pdf file)

Mach Invest SAS exceeds the 5% statutory shareholding threshold in BOURBON’s capital

Paris, May 14, 2008, pdf file

BOURBON has been informed that Mach Invest SAS, a French investment company, crossed the 5% shareholding threshold in BOURBON on May 13th, by the acquisition of 1 750 000 shares.

Mach Invest SAS now holds 2 819 750 shares, or 5.084% of BOURBON’s shares.

Mr. Henri de Chateauvieux is Mach Invest’s majority shareholder and CEO and has been a Member of the Board of Directors of BOURBON since 1987.

BOURBON Quarterly Financial Results

1st quarter revenues up 21.4% (+34.5% at constant exchange rates) over the 1st quarter of 2007

Paris, May 9, 2008, pdf version

BOURBON revenues for the first quarter of 2008 were up 21.4% over the same period in 2007 to 211.7 million euros (+34.5% at constant exchange rates). The Offshore and Bulk Divisions each progressed significantly, primarily due to charters in the Offshore Division. However, performances were impacted by the unfavorable euro/dollar exchange rate.

"BOURBON’s activity continued to be supported by the delivery of the new vessels in the Offshore Division and by the increase in external charters requested by our customers," explains Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON, "in a market with very strong activity by oil companies which should continue over time. In addition, cargo rates in the Bulk Division will remain high in 2008."

QUARTERLY DATA

Breakdown of BOURBON’s first quarter revenues by Division

1st Quarter 2008
(in millions of euros) Q1 2008 Q1 2007 Change at current exchange rates Change at constant exchange
Offshore 136.8 110.8 23.4% 34.7%
Bulk 65.6 50.4 30.3% 48.9%
Other 9.3 13.2 -29.9% -21.6%
BOURBON TOTAL 211.7 174.4 21.4% 34.5%

OFFSHORE DIVISION

Revenues for the Offshore Division in the first quarter of 2008 rose 23.4% from the first quarter of 2007 to 136.8 million euros. This growth is the result of the commissioning of new vessels, the renewal of expiring contracts, and the increase in vessels chartered from third parties to meet the needs of our customers.

In the first quarter, the Offshore Division commissioned 9 new vessels (2 supply and 7 crewboats), a rate that will accelerate in the second quarter. Two old vessels were also sold in Brazil and Norway during the quarter.

Revenues from chartered vessels totaled 19.1 million euros over the first three months of 2008, compared with 4.5 million euros in the first quarter of 2007, and 13.4 million euros in the last quarter of 2007.

Q1 2008 Q4 2007 Change Q1 2007 Change
Revenues 136.8 128.6 6.4% 110.8 23.4%
19.1 13.4 42.5% 4.5 3.2%
117.6 115.2 4.6% 105.8 14.1%
Euro/Dollar value 1.50 1.45 - 1.31

The strong performance recorded by the division takes into account the impact of the unfavorable euro/dollar exchange rate.

Breakdown of the Offshore Division’s revenues by geographical region

1st Quarter 2008
(in millions of euros) Q1 2008 Q1 2007 Change at current exchange rates Change at constant exchange
Offshore Division 136.8 110.8 23.4% 34.7%
Africa 92.0 71.1 29.4%
Europe & Med./Middle East 26.3 26.2 0.2%
American continent 10.8 9.3 15.8%
Asia 7.7 4.1 86.5%

The Africa region, which represented 67.3% of the revenues, recorded strong growth in its operations in a climate marked by the increase in deepwater offshore investments as well as the investments intended to relaunch production from old fields in the continental offshore. Growth was particularly strong in Nigeria and Angola, but also in Congo and Gabon, where the Anguille field, which came on stream in 1966, will benefit from an investment of over USD 2 billion.

BOURBON’s activity expanded strongly in Mexico and Asia because of the delivery of new vessels.

BULK DIVISION

In the first quarter of 2008, the Bulk Division generated revenue growth of +30.3% (+48.9% at constant exchange rates) and totaled 65.6 million euros, up from 50.4 million euros over the same period in 2007. The average BSI index was USD 50,265/day over the quarter, compared with an average rate in 2007 of USD 47,263/day.

In this favorable context, BOURBON’s Bulk Division is continuing its strategy based on long-term relationships with its clients, who benefit from the coverage offered by owned vessels. In the first quarter of 2008, tonnages shipped remained stable at approximately 4 million tons

OPERATIONS AND MAJOR HIGHLIGHTS

In the context of BOURBON’s withdrawal from its non-strategic businesses, the process for BOURBON’s progressive sale of Sucreries de Bourbon Tay Ninh continued with the initial public offering on the Hô Chi Minh City (Vietnam) stock exchange of 31.6% of the capital, corresponding to the 44,824,172 shares of stock sold by BOURBON in 2007. The company was listed for trading on February, 25, 2008.

OUTLOOK

The market for offshore oil and gas marine services remains highly favorable, both in exploration- development of deepwater fields and in production and maintenance. High oil prices make it profitable to relaunch production on old continental offshore fields, generating heavy activity in this sector.
Deliveries and commissioning of vessels will continue in accordance with the Horizon 2012 plan and, in this context, BOURBON is committing the vessels to be delivered in the coming quarters to long-term contracts.

In the Bulk Division, BOURBON intends to benefit from favorable market conditions to secure the use of a portion of its future fleet to medium-term contracts.

Finally, activity will continue to be influenced by fluctuations in the euro/dollar exchange rate.

FINANCIAL CALENDAR

Combined Annual and Special Stockholders’ Meeting:
May 30, 2008
2nd quarter and 1st half 2008 financial results:
August 7, 2008
Presentation of first half 2008 results:
August 27, 2008

APPENDICES

BOURBON quaterly data

(in million of euros) 2008 2007 2006
Q1 2008 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Offshore 136.8 128.6 124.5 120.6 110.8 116.9 100.1 96.0 84.4
Bulk 65.6 61.3 66.1 67.0 50.4 46.0 41.1 41.0 41.1
Other 9.3 8.3 9.8 9.0 13.2 11.2 7.2 7.1 16.5
BOURBON TOTAL 211.7 198.2 200.4 196.6 174.4 174.1 148.5 144.1 142.0

Key indicators

Q1 2008 Q1 2007
Average USD exchange rate for the quarter 1.4983 1.3106
USD exchange rate at closing on March 31 1.5812 1.3318
Average Brent price for the quarter * 98.32 $/bl 58.22 $/bl
Average BSI for the quarter 50 265 $/j 31 488 $/j

* Source = Energy Information Administration, Daily Spot Prices of Brent Crude Oil

Submission of the Bourbon Dolphin report to the Norwegian Ministry of Justice

The Bourbon Dolphin capsized on April 12th 2007.
On April 25th 2007 the Norwegian Maritime Directory opened a maritime inquiry in Ålesund aiming to determine the circumstances of the capsize.
On May 4th, the Minister of Justice and Police named a Special Inquiry Commission.

The Inquiry Commission has held several public hearings and the Commission’s report was handed over today to the Minister of Justice, Mr. Knut Storgerget. The Chairman of the Commission, Mrs.Inger Lyng, presented the main conclusions.

Please consult the following documents of the Norwegian Commission for all details:

The report is available in English in a preliminary version:
Download the Norwegian Commission report
The official English version should be avalaible at the end of April.

For further information:

Consult the video of the 28th March press conference presenting the Commission’s report on the Norwegian Government website:
Watch the 28th March press conference video

Read the Norwegian Ministry of Justice and Police’s Press release published on March 28th:
March 28th Press Release

Read all elements about Bourbon Dolphin

We will keep you informed of any relevant information that becomes available.

The Abeilles International Salvage crew successfully carries out the assistance operation on the freighter Artemis

Paris, March 20th, 2008, Pdf version


© Atlantique French Navy

Abeilles International announces the success of the assistance operation conducted starting on March 10, 2008 after the freighter Artemis ran aground on the beach of Sables d’Olonne.

Backed by 25 years of experience in salvage and assistance, the Salvage Team of Les Abeilles International, a BOURBON subsidiary, successfully carried out this delicate operation in complete safety under extremely difficult conditions.

Thus, this afternoon at 3:45, under the Salvage Team’s intervention plan, involving the coordination at sea of the Abeille Languedoc and the Alcyon, these two vessels of the BOURBON fleet chartered by the French Navy to protect the French coastline, were able to get the freighter back into the water.

Christian Quillivic, Managing Director of Les Abeilles International, says, "This salvage operation is the sixth one since the start of the year. It was carried out with all the seriousness and professionalism that are vital to success, and under optimum safety conditions, while respecting people, the environment and the equipment. This particularly delicate mission was carried out successfully thanks to the shared commitment of the crews of the Abeille Languedoc and the Alcyon, of our Salvage crew and the specialists whose support we have enlisted. We can be justly proud of a job well done at Sables d’Olonne."

High degree of responsiveness

As soon as the wreck of the Artemis occurred on March 10, 2008, at 7:45 a.m., the Maritime Prefecture called in the salvage tug, the Abeille Languedoc, which immediately reported to the site from the port of la Rochelle.

An assistance agreement was signed between the Artemis shipowner and Les Abeilles International; the salvage and assistance system was put in place and on that very evening, every part of the salvage system was on site and ready to act: i.e. the Salvage crew, vessels, materials and equipment from Le Havre. The Salvage Crew made permanent changes in the salvage plan, which in turn led to changes in the system, with, in particular, backup provided on site by the Alcyon, another vessel in the BOURBON fleet charted by the French Navy.

A Complex operation carried out under harsh weather conditions

After the initial analyses and surveys done on the day of the wreck, the decision was made to conduct an emergency refloating procedure focusing on the assistance opportunities possible under a wide range of weather and tidal conditions.

On the bank, "pools" were dug around the hull using onshore mechanical equipment in order to cut down on the friction and free the freighter from the sand.

On March 11 and 12, after 3 attempts to tow the freighter, in short intervals between each high tide, the crew was able to establish different riggings and to move the hull noticeably toward the sea, despite extremely harsh weather conditions – 8 force winds on the Beaufort scale, surges of 4 to 6 meters and waves crashing onto the beach.

On March 13, the 50 m3 of diesel in the freighter’s hold were pumped out, thereby preventing any risk of pollution. In addition, protective measures were approved to preserve the integrity and the safety of the vessel.

Given the unfavorable weather forecast for the coming days, the Salvage Master of the Abeilles International Salvage unit decided to respond as early as today at 3:45 p.m. Facilitated by the deep and extensive sinking basin (nearly one hundred meters around the freighter), which was dug on the starboard side of the vessel so as to be able to rotate it, a maneuver was performed by the Abeille Languedoc in front (a pull capacity of 160 tons) and the Alcyon in back (a pull capacity of 65 tons), freeing the Artemis and refloating it under optimum conditions.

The Salvage crew inspected the freighter for integrity and water-tightness before allowing it to be towed by the Alcyon to the port of La Rochelle, under escort by the Abeille Languedoc, for redelivery to its shipowner.

Efficient crew and coordination

The initial Abeilles International Salvage Unit, which included 5 professionals under the leadership of Charles Claden, Senior Salvage Master of Les Abeilles International has been gradually beefed up so that it now includes nearly 15 experts, including a team specializing in refloating calculations belonging to Smit Salvage, a subcontractor with which Les Abeilles International customarily works.

In addition to maritime assistance, the Salvage Unit also coordinated the onshore teams and the different local response teams, such as the fire-fighters and line handlers of the Port of Sables d’Olonne, in full cooperation with the French Navy, as well as local and regional agencies.

"We analyzed the situation on-site and responded with specialized personnel and substantial resources enabling us to work on the best possible safety conditions, in order to protect people and avoid any pollution. The towing was made possible by the combined pull capacity of 2 tugs used for refloating, which were crucial in the success of this operation," says Charles Claden, Senior Salvage Master of Les Abeilles International.

Sharp increase in 2007 results

Revenues +26.5% to €769.7m
Operating income +34.8% to €214.2m
Net income group share +155.6% to €390.8m

Paris, March 12, 2008, version pdf

“Financial performance in 2007 was very satisfactory,” declares Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON. “2007 was a pivotal year for the group − and the success of the 2003-2007 plan confirms the value of our strategy and our capacity to achieve the ambitious targets we have set ourselves. It also saw the launch of the Horizon 2012 plan that we are embarking on with confidence thanks to the investments already made and the faith shown in us by our clients.”

In millions of euros End of Dec. 2007 End of Dec. 2006 Proforma* Change
Revenues 769.7 608.6 +26.5%
Gross operating income (EBITDA) 309.7 244.9 +26.4%
Operating income (EBIT) 214.2 158.9 +34.8%
Net gains from assets disposals & income from assets held for sale 232.8 29.9 ns
Net income 403.8 164.9 +144.8%
Net income. group share 390.8 152.9 +155.6%

* proforma: port towage activity reclassified as held for sale, with the integration in the Offshore Division of French coastal protection (assistance and salvage tugs)

For BOURBON the year 2007 was characterized by the company’s good performance in both its Divisions and by substantial capital gains on disposals. The year marked the end of the 2003-2007 plan, whose initial objectives have been exceeded.
Revenues were up by 26.5% at 769.7 million euros. Gross operating income (EBITDA) came to 309.7 million euros, up 26.4%, and included capital gains of 47.6 million euros on vessels sold compared with 19.7 million in 2006. The revenue margin was 40.2%. Operating income (EBIT) of 214.2 million euros was 34.8% higher.
Net income group share for the year amounted to 390.8 million euros and included capital gains on disposals of 229 million euros.

The year also saw a large investment program, with 668 million euros invested in 2007, following on from the 438.1 million euros invested in 2006.

OFFSHORE DIVISION

Revenues of the Offshore Division for 2007 totaled 484.5 million euros, up 21.9% compared with 2006.

At constant exchange rates, the increase would have been 29.5%.

In millions of euros End of Dec. 2007 End of Dec. 2006 Proforma Change
Revenues 484.5 397.3 +21.9%
Gross operating income (EBITDA)
As a % of revenues		 214.9
44.4%		 195.8
49.3%		 +9.8%
Operating income (EBIT)
As a % of revenues		 133.2
27.5%		 119.4
30.0%		 +11.6%

* proforma: port towage activity reclassified as held for sale, with the integration in the Offshore Division of French coastal protection (assistance and salvage tugs)

The very satisfactory increase in revenues is due in particular to a rise in the number of vessels in operation (13 supply vessels and 24 crewboats in 2007). Revenues from vessels chartered to meet the needs of clients totaled 41 million euros in 2007 versus 21 million euros in 2006.

On the other hand, the rise was limited by the cessation of the Bourbon Dolphin and Athena activity and the sale of older vessels.

Gross operating income (EBITDA) totaled 214.9 million euros (24.7 million euros of which were from capital gains) versus 195.8 million euros in 2006 (19 million euros of which were from capital gains).

The margin remained very high at 44.4% but was slightly down on 2006 due to:

Operating income rose to 133.2 million euros, posting growth of 11.6%. This represents 27.5% of revenues.

BULK DIVISION

Revenues of the Bulk Division for 2007 totaled 244.8 million euros, up +44.7% compared with 2006, driven by a buoyant market and very high BSI freight rates (+109% compared to the average rate for 2006).

In millions of euros End of Dec. 2007 End of Dec.2006 Change
Revenues 244.8 169.2 +44.7%
Gross operating income (EBITDA)
As a % of revenues		 89.3
36.5%		 38.9
23.0%		 +129.5%
Operating income (EBIT)
As a % of revenues		 79.6
32.5%		 35.0
20.7%		 +127.3%

Gross operating income (EBITDA) reached a record 89.3 million euros, after 22.9 million euros in capital gains on the disposal of Nantor at the end of the year. Increase in revenues from wholly-owned vessels and vessels on long-term lease largely explains the performance.

BOURBON maintained its policy of long-term relationships with clients and therefore benefited rather less from variations in market rates.

Operating income came to 79.6 million euros in 2007 compared to 35.0 million euros in 2006, a gain of 127.3% (operating margin on revenues of 32.5%).

OUTLOOK

2008 sees the inauguration of the Horizon 2012 plan which sets BOURBON’s average growth in revenues at 17% per annum based on a substantial investment program already largely underway.

The market prospects are favorable for both the Offshore and Bulk Divisions, due to investments announced by oil and gas companies and high levels of freight forecast.

The long-term contract policy with clients, on both markets, provides a strong foundation for the generation of BOURBON’s gross operating income (EBITDA).

However, BOURBON’s results will continue to be influenced by changes in the euro-dollar parity.

SHAREHOLDERS’ MEETING

At the Shareholders’ Meeting to be held in Paris on May 30, 2008, shareholders will be asked to approve a dividend of 1 euro per share including an exceptional dividend of €0.30.

Agenda for March 12, 2008

More about 2007 annual results

AXA announces the appointment of Jacques de Chateauvieux as Vice-Chairman of its Supervisory Board in view of his becoming Chairman after the Annual General Meeting on April 22, 2008

AXA announced today that Claude Bébéar has decided not to seek the renewal of his mandate as a Member of the Supervisory Board of AXA at the end of the present term on April 22, 2008.

Accordingly, AXA announces that the appointments of Jacques de Chateauvieux as Chairman of the Supervisory Board of AXA and Claude Bébéar as Honorary Chairman will be proposed to the Supervisory Board meeting to be held after the Annual General Meeting of AXA shareholders on April 22, 2008.
Jacques de Chateauvieux will carry on in his present position as Chairman and Chief Executive Officer of BOURBON, at the same time as fulfilling his non-executive role on the Supervisory Board of AXA.

For further information, the AXA press release is available on: www.axa.com/en/

February 28, 2008 Press Release

Sucrerie de Bourbon Tay Ninh (SBT) floats on the Ho Chi Minh City, Vietnam, Stock Exchange
Listing as from February 25, 2008

This listing forms part of BOURBON’s disposal of its non-core business activities

Following its announcement on April 23, 2007, BOURBON’s progressive disposal of the company Sucrerie de Bourbon Tay Ninh (SBT) continues with the announcement that 31.6% of the equity will be floated on the Ho Chi Minh City (Vietnam) Stock Exchange, representing 44,824,172 shares, which BOURBON sold during 2007.

The shares will be listed as from February 25, 2008 at a reference price of VND* 30,000. Pursuant to Vietnamese legislation, if the price varies by more than +/- 20% on this date, the listing may be suspended till the following day.

Sucrerie de Bourbon Tay Ninh (SBT) now consists of two main business activities:

In 2007, Sucrerie de Bourbon Tay Ninh (SBT) posted revenues of VND* 674 billion, gross operating cash flow of VND* 261 billion and net income of VND* 192 billion.

As of the IPO, SBT’s equity will be as follows:

Shareholder Number of shares Proportion
BOURBON 97,101,628 68.4%
Public float 44,824,172 31.6%
Total 141,925,800

The 31.6% public float corresponds to the sale in installments to strategic Vietnamese investors, investment funds, employees and sugar cane growers that BOURBON announced on April 23, 2007.
Out of BOURBON’s 68.4% stake, 8.7% will be freely traded following a period of 6 months after SBT’s IPO and a further 8.7% 6 months later.
BOURBON’s remaining 51% stake is subject to an agreement whereby BOURBON is obliged to retain 30% of the equity until March 23, 2010. Until this date, BOURBON may reduce its holding below 51% subject to approval at SBT’s shareholders’ general meeting but without going below the 30% limit.

The daily market price of SBT shares can be obtained from the Ho Chi Minh City stock exchange authorities by visiting their website: http://www.hsx.vn/hsx_en

* For information purposes, as of February 19, 2008: VND 23,000 = € 1

February 21, 2008 Press Release

Strong increase in 2007 annual revenues: +26.5% (+35.5% at constant exchange rates)

BOURBON exceeds the objectives of the 2003–2007 plan

4th quarter 2007 revenues up 13.9% (+24.4% at constant exchange rates) over the 4th quarter of 2006

"The very strong increase in revenues for 2007 represents the concrete success of the 2003–2007 plan, explains Jacques de Chateauvieux, Chairman and Chief Executive Officer, despite the impact of foreign exchange rates over the period and losses in activity related to the Bourbon Dolphin and the Athéna in 2007. In five years, average annual revenue growth for the scope of businesses retained has been 24%, exceeding the 15% initially projected.”

BOURBON’s 2007 annual revenues totaled 769.7 million euros, up 26.5% (+35.5% at constant exchange rates). The growth in the activity of the two Divisions, Offshore and Bulk, continued to be impacted by changes in the euro/dollar parity.

In the fourth quarter of 2007, revenue increase reached 13.9%, or +24.4% at constant exchange rates.

Within the new scope of the group, particularly since finalizing the sale of the port towage business on December 21, 2007, BOURBON generated 92% of its revenues internationally.

Breakdown of BOURBON’s 2007 annual and fourth quarter 2007 revenues by Division

Year to date at year-end Fourth quarter
(millions of euros) End Dec 07 End Dec 06* Change at current exchange rate Change at constant exchange rates Q4 2007 Q4 2006* Change at current exchange rate Change at constant exchange rates
Offshore 484.5 397.3 21.9% 29.5% 128.6 116.9 10.0% 18.6%
Bulk 244.8 169.2 44.7% 57.8% 61.3 46.0 33.2% 49.6%
Other 40.4 42.0 -4.0% 3.2% 8.3 11.2 -25.9% -19.0%
TOTAL BOURBON 769.7 608.6 26.5% 35.5% 198.2 174.1 13.9% 24.4%

* Pro forma: excluding port towage business, with the integration of the French coastal protection (salvage tugs) in the Offshore Division.

OFFSHORE DIVISION

Revenues recorded by the Offshore Division for 2007 totaled 484.5 million euros, an increase of 21.9% (+29.5% at constant exchange rates). The growth in this business during the 2003–2007 plan has been +27% a year over the announced objective of +22%, despite the unfavorable change in the value of the dollar.

In 2007, BOURBON took delivery of 13 supply vessels and 24 crewboats (versus 16 supply vessels and 15 crewboats in 2006). In addition, the revenues generated by chartered vessels amounted to 41 million euros in 2007, compared to 21 million euros in 2006. These charters meet the needs of the clients for which BOURBON is waiting for delivery of owned vessels.

Over the 4th quarter of 2007, revenues recorded by the Offshore Division rose 10.0% to 128.6 million euros, or +18.6% at constant exchange rates. Revenues for the quarter were impacted by the change in the exchange rate (1.45 in 4th quarter 2007 compared with 1.29 for the same period in 2006).

Year to date at end of December Fourth quarter
(millions of euros) End Dec. 07 End Dec. 06* Change at current exchange rates Change at constant exchange rates Q4 2007 Q4 2006* Change at current exchange rates Change at constant exchange rates
Offshore 484.5 397.3 21.9% 29.5% 128.6 116.9 10.0% 18.6%
Africa 320.9 262.4 22.3% - 83.8 74.9 11.9% -
Europe & Med./Middle East 101.1 92.0 9.9% - 27.0 29.8 -9.2% -
American Continent 39.2 33.9 15.6% - 10.2 8.8 15.4% -
Asia 23.2 9.0 159.7% - 7.6 3.4 123.6% -

* Pro forma: excluding port towage business, with the integration of the French coastal protection (salvage tugs) in the Offshore Division.

Breakdown of the Offshore Division’s revenues by geographical region

In 2007, the African Zone rose 22.3%, representing 66% of the revenues generated by the Offshore Division. Traditionally supported by Nigeria and Angola, the Offshore Division in West Africa expanded into Equatorial Guinea and Congo to establish a position in the most active regional deepwater offshore market in the world. Africa, BOURBON’s historical operating region, continued to be a high-growth market, despite difficulties related to the instability in the Port Harcourt area in Nigeria.

The Division recorded a decline in the percentage of revenues generated by the Europe & Mediterranean/Middle East region, which suffered from a sharp drop in the contribution from the North Sea.

Asia, a new zone of commercial development for BOURBON, continued to record strong growth, with new contracts signed in 2007 in India, Thailand, Indonesia and recently in Malaysia.

BULK DIVISION

Revenues for the Bulk Division totaled 244.8 million euros in 2007, an increase of 44.7% (+57.8% at constant exchange rates).

This growth was positively impacted by the rise in market freight rates (from 22,600 to 47,300 euros on average) and negatively by the value of the dollar.

Growth was 33.2% to 61.3 million euros in the fourth quarter (+49.6% at constant exchange rates).

16.2 million tons were shipped in 2007, up from 15.7 million tons in 2006.

Finally, the proportion of the activity performed with vessels owned or under long-term charter remained stable, with the delivery of the Thermidor in October offsetting the sale of the Nantor at the end of December.

In line with the strategy to assist its industrial clients over the long-term, Setaf Saget benefitted, later and to a lesser extent, from sharp variations in the market, both up and down.

OUTLOOK

As part of the expansion of the BOURBON strategic plan to Horizon 2012, the Offshore Division now includes two activities, Marine Services and Subsea Services. The scope of the Bulk Division remains unchanged.
The 2008 financial results will reflect this change as of the first semester.

Delivery frequency will accelerate in 2008, with the inclusion of new vessels built in Chinese shipyards like the Bourbon Pearl, an Ulstein P105 design IMR vessel delivered in December 2007 which will be fully operational in 2008, and the Bourbon Liberty 101, the first PSV in the GPA 654 series, which will strengthen the Offshore Support Vessels fleet during the first semester in 2008.

The Bulk Division anticipates strong business in 2008 with greater volatility in freight rates, which remain however at historically very high levels.

Generally, BOURBON’s business will continue to be impacted by fluctuations in the euro/dollar parity.

FINANCIAL CALENDAR

Presentation of the 2007 annual results
March 12, 2008
1st quarter 2008 financial results
May 9, 2008
Combined Annual and Special Stockholders’ Meeting
May 30, 2008
2nd quarter and 1st half 2008 financial results
August 7, 2008
Presentation of first half 2008 results
August 27, 2008

APPENDICES

Summary of the BOURBON scope of consolidation

Based on the proposed sale of the port towing activity announced on July 19, 2007 and pursuant to IFRS, the classification of the port towage operations as "assets held for sale" results in the presentation of revenues excluding port towage. The French coastal protection (Les Abeilles International) is now integrated into the Offshore Division.
Revenues therefore reflect these provisions, which are taken into consideration for the pro forma data.

BOURBON quarterly data

2007 2006
(millions of euros) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Offshore 110.8 120.6 124.5 128.6 84.4 96.0 100.1 116.9
Bulk 50.4 67.0 66.1 61.3 41.1 41.0 41.1 46.0
Other 13.2 9.0 9.8 8.3 16.5 7.1 7.2 11.2
BOURBON TOTAL 174.4 196.6 200.4 198.2 142.0 144.1 148.5 174.1

* Pro forma: excluding port towage business, with the integration of the French coastal protection (salvage tugs) in the Offshore Division.

February 7th press release

BOURBON enlarges its strategic vision and presents its BOURBON Horizon 2012 plan

In February 2006, BOURBON announced the Horizon 2010 plan, a strategy based on an original vision of the market and substantial investments in a modern fleet. In February 2008, BOURBON is announcing its Horizon 2012 strategic plan, which continues and prolongs its outlook.

Chairman and Chief Executive Officer Jacques de Chateauvieux explains: "This new strategic plan is an extension of our 2010 horizon to 2012. It again illustrates the ongoing improving approach adopted by BOURBON which, based on continued analysis of changing demand, positions itself as a leader in trends. By anticipating services and resources today, by expanding our offer, we will confirm our position in 2012 and beyond as a leader in modern offshore oil and gas marine services. Added to that, the continuity of our investments will also keep us on the leading edge of innovation so that we can continue to offer to the most demanding oil and gas clients more productivity and greater efficiency."

Ongoing analysis to anticipate changes and adapt

The last Horizon 2010 strategic plan was developed at the end of 2005, in a context of strong demand from oil operators, who expressed their intention to make massive investments in offshore to extend their reserves and develop their production.
BOURBON was then positioned in three marine sectors via the Offshore Division, the Towage and Salvage Division, and the Bulk Division.

Two years later, two new factors, external and internal, have led BOURBON to update its strategic vision. In the offshore oil and gas market, BOURBON notes that oil and gas investments are expected to be higher than initial estimates and that growth has been slowed by bottlenecks at equipment suppliers. As a result, the investments made in oil fields are expected to be spread out over time and generate a positive extension of the production cycle.

Within the group, the sale of the port towage business to the Spanish company Grupo Boluda Corporación Marítima, which was closed on December 21, 2007, gives BOURBON new maneuvering room in the two remaining Divisions: Offshore (which now includes the salvage business of Les Abeilles International), and Bulk transport.

Facing these major changes, BOURBON has decided to update its strategic plan and enlarge it to 2012.

Always ambitious objectives

The new Horizon 2012 plan, covering the 5 years from 2008 to 2012, is characterized by:

Efforts focused on the Offshore Division

Within the Offshore Division, the Horizon 2012 plan is characterized by:

As of February 6, 2008 No. of units No. of units
on order
Marine Services 219 169
Offshore Support Vessels (OSV) 70 100
Crewboats 144 69
Salvage tugs 5 -
Subsea Services
IMR vessels (Inspection, Maintenance and Repair) 11 19
ROVs (Remotely Operated Vehicles) 7 4
Total Offshore fleet (exc ROV’s) 230 188

In the Bulk Division, in a favorable environment, BOURBON’s goal within the next 5 years is to strengthen its position as a shipowner and expand its line of bulk carriers to better meet the needs of its industrial clients.

The Horizon 2012 plan for the Bulk Division is characterized by:

With its owned fleet, which will represent about 30% of the bulk carriers needed by Setaf Saget for its business, BOURBON also intends to maintain a satisfactory level of profitability in a context of fluctuating market rates.

4 key factors in continued success

Safety:
The zero accident-zero incident objective means the group structures its organization and management on a safety basis, both in operating procedures and in personal attitudes. In addition, the integration of the Subsea Services business means that BOURBON is strengthening its high standards as the result of new safety challenges related to delicate deepwater subsea operations.
Innovation:
In addition to the new generation vessels of the Marine Services fleet, like the BOURBON Liberty series, BOURBON’s innovations will be carried by the new series of 10 dedicated IMR vessels, of GPA 696 design, and by the integration and order for the latest generation of ROVs.
Human resources:
Nearly 5.000 new employees will join BOURBON by 2012, more than doubling its current workforce. The measures already taken to achieve previous recruitment and training objectives will be expanded to meet the challenges in the offshore sector: to recruit the best candidates and train all employees to guarantee the BOURBON Standard of Expertise in cooperation with the Norwegian DNV (Det Norske Veritas) classification company.
Cost control:
The policy of building in series is logically being applied to the Subsea Services Activity, where an order for 10 next-generation IMR vessels has been placed with competitive shipyards in order to optimize construction and maintenance costs.

By 2012, BOURBON intends to become the leader in modern offshore oil and gas marine services, by offering to the most demanding oil and gas clients worldwide a full line of new generation, innovative, high performance vessels and an expanded offer of subsea services.

BOURBON continues to protect the French coastline with its vessels chartered by the French Navy, and is developing its bulk transport business for industrial groups within long-term contract relations.

February 6, 2008 press release in pdf file

More about BOURBON Horizon 2012 plan

Bourbon Dolphin: Publication of the investigation report postponed till April 1st, 2008

Following the capsize of the Bourbon Dolphin on April 12th 2007, off the Shetland Islands, the findings of the Special Inquiry Commission, exceptionally named on May 4th 2007 by the Minister of Justice and Police to guarantee rigor and independence in the analysis of this accident, were originally set to be released on February 1st, 2008.

At the request of the judge in charge of the Special Inquiry Commission, the handover date of the investigation report was postponed to April 1st, 2008.

BOURBON will release any new information as soon as it is available and checked.

Bourbon Liberty, the technological excellence of deepwater offshore applied to continental offshore

Bourbon Liberty

To meet the dual challenge of growing oil and gas needs on one hand and of the offsetting declining production from existing fields on the other hand, deepwater and ultra-deepwater offshore should account for 40% of global oil and gas production growth in future years. In parallel, fields situated on the continental shelf are continuing to be developed, especially in Asia.

“The existing fleet of vessels in this market is old and requires maintenance more and more” explains Gaël Bodenes, Deputy CEO of Bourbon Offshore. “In 2010, of the existing fleet of continental offshore vessels, 300 supply vessels will be over 30 years old and more than 700 will be between 20 and 30 years old, but the rapid replacement of this fleet is hampered by the bottleneck that we are now seeing in shipyards.”

Based on this analysis, BOURBON has anticipated and "taken the lead" in investing massively in new-generation vessels that are capable of operating in deepwater offshore rapidly replacing the old continental offshore fleet. A capacity for anticipation that has already borne fruit: by targeting the replacement market for old vessels, which is increasing by at least 16% per annum, BOURBON is now the only company in the market that is able to offer continental offshore clients the technological excellence of deepwater offshore.

An innovative and multi-purpose fleet, the result of experience in deep water offshore

Designed by GPA and tailored to BOURBON specifications, these vessels reap the benefit of BOURBON’s long experience in deepwater offshore and are a real ‘revolution’ on the continental offshore market.

In this new line, DP2 which equips all the vessels will be a major advantage. The systematic use of this technology, allied with the systems of propulsion, should enable operations under new procedures for anchor handling and transfer of supplies, ensuring better safety conditions. All the vessels will have a diesel-electric propulsion system, reducing fuel consumption by 20 - 30%, while offering better maneuverability thanks to integrated azimuth 360 ° - directional thrusters (Z-drive technology). The redundancy of the three generators and three thrusters, which makes it possible to operate on two generators and thrusters, is an additional safety feature. Finally, locating the engines on the main deck increases the cargo space available on the lower deck of the PSV; and the oval design of the mud tanks coupled with innovative technologies, enables the loading of liquid mud (640 m3) to be optimized and the transfer operations speeded up.

Mass construction of these vessels from a competitively priced Chinese shipyard is another significant advantage on a market in which cost control is a decisive factor for success. Firstly, it will enable substantial savings (15- 30%) on capital expenditure per vessel. The standardization of the fleet will also help control cost and customer service quality in three ways:

The constitution of a homogenous fleet will thus help us provide a better service to clients while improving productivity and safety. It will also help implement local partnerships.

Sinopacific: a shipyard partner which proved reliable

«The success of this model lies in the mutual experience developed with the Sinopacific yards, which have already delivered 20 offshore vessels to BOURBON. Mass construction ensures ongoing improvement in the quality of the vessels.» explains Christian Lefèvre, BOURBON Chief Operating Officer. «These vessels, which offer exceptional maneuverability and ability to hold at a fixed point, have completely satisfied our customers’ expectations.» It is thus with great confidence that the BOURBON teams deployed for the newbuilding follow-up work with the Sinopacific teams of the 2 sites of Dayang and Zhejiang.

Bourbon Liberty
The Bourbon Liberty 107 and 108, currently in construction at Sinopacific, on the shipyard of Dayang

Increasing insecurity on the Bonny river in Nigeria

Following the armed attack yesterday 9th January 2008 at 4.15pm on a convoy of ships on the Bonny River in Nigeria, BOURBON, and some oil operators have decided to suspend all activity in this area until further notice.

During this incident, 2 members of the Bourbon Leda crew, an FSIV chartered by Shell and operated by Bourbon Interoil Nigeria Ltd, were wounded. There is no fear for their lives.

They were taken into care 45 minutes after the attack by Nigeria LNG’s company hospital. Nigeria LNG had authorized access to its secure zone.

Due to this spiralling insecurity, upgraded security procedures were immediately implemented, in conformity with the Safety Management System of BOURBON and the charterer. The safety cell at Bourbon Interoil Nigeria Ltd, together with Bourbon Offshore Corporate management in Marseilles, are monitoring the situation on a minute-by-minute basis.

BOURBON ships temporarily immobilized in the secured ports continue everyday operations alongside.

This decision to suspend transit in the Bonny River does not affect the offshore oil zones in which BOURBON and others continue to operate normally.

New information will be released as relevant facts are available.

Ms. Vo Thi Huyen Lan joins BOURBON’s Board of Directors

The Board of Directors of BOURBON at their meeting on December 10, 2007, co-opted Ms. Vo Thi Huyen Lan to the position left vacant following the resignation of Ms. Victoire de Margerie.

This cooption, for the remainder of Ms. Victoire de Margerie’s term of office, i.e. until the Shareholders’ Meeting in 2010, will be subject to the shareholders’ ratification at the next Shareholders’ Meeting, due to be held on May 30, 2008. Ms. Vo Thi Huyen Lan, 36 of Vietnamese nationality, is the Managing Director of Jaccar and is based in Vietnam. Holder of a postgraduate degree in Finance and a graduate of the HEC business school, she was previously Finance Manager and then Deputy-CEO of BOURBON’s Retail activities in Vietnam before joining Jaccar in 2006.

On the same day the Audit Committee held a meeting when Mr. Roger Wright was elected Chairman of the Committee, the position having previously held by Ms Victoire de Margerie. The 3 members of this Committee are Mr Roger Wright, Ms. Dominique Sénéquier and Mr Christian Munier.

December 21 press release

The sale of the harbour towage business is finalised today

The Board of Directors of BOURBON at their meeting on December 10, 2007, co-opted Ms. Vo Thi Huyen Lan to the position left vacant following the resignation of Ms. Victoire de Margerie. This cooption, for the remainder of Ms. Victoire de Margerie’s term of office, i.e. until the Shareholders’ Meeting in 2010, will be subject to the shareholders’ ratification at the next Shareholders’ Meeting, due to be held on May 30, 2008. Ms. Vo Thi Huyen Lan, 36 of Vietnamese nationality, is the Managing Director of Jaccar and is based in Vietnam. Holder of a postgraduate degree in Finance and a graduate of the HEC business school, she was previously Finance Manager and then Deputy-CEO of BOURBON’s Retail activities in Vietnam before joining Jaccar in 2006.

On the same day the Audit Committee held a meeting when Mr. Roger Wright was elected Chairman of the Committee, the position having previously held by Ms Victoire de Margerie. The 3 members of this Committee are Mr Roger Wright, Ms. Dominique Sénéquier and Mr Christian Munier.

December 21 press release

Bourbon Dolphin: update on the ongoing Public Hearings Process

Following the capsize of the Bourbon Dolphin on April 12th 2007, off the Shetland Islands, BOURBON is still committed to communicate on progress made in the ongoing investigations.
In order not to disturb the ongoing procedure until the Commission has submitted its conclusions, BOURBON will only divulge official elements of the inquiry, in line with the Group’s inherent duty to preserve confidentiality.

On April 25th 2007, the Norwegian Maritime Directory opened a maritime inquiry in Ålesund that aims to determine the circumstances of the Bourbon Dolphin capsize.
On May 4th, the Minister of Justice and Police exceptionally named a Special Inquiry Commission to guarantee rigor and independence in the analysis of this accident.

So far, the Special Inquiry Commission has held several public hearings, with its official scripts now available in English*:

Public Hearings of August 7, in Oslo

Oslo, four persons of Bourbon Offshore Norway

Download Public Hearings of August 7, in Oslo, pdf file

Public Hearings of August 20, in Oslo

One person from Det Norske Veritas (DNV) Foundation

Download Public Hearings of August 20, in Oslo, pdf file

Public Hearings of August 21, Oslo

Four persons of Gulf Offshore

Download Public Hearings of August 21, in Oslo, pdf file

Public Hearings of September 25 to 27, Oslo

Five persons of Trident

Download Trident Public Hearings of September 25 to 27, in Oslo, pdf file

Four persons of Transocean

Download Transocean Public Hearings of September 25 to 27, in Oslo, pdf file

Two persons of Chevron

Download Chevron Public Hearings of September 25 to 27, in Oslo, pdf file

Public Hearings of October 24, Oslo*

Three persons of Ulstein Verft:

Three persons of the Norwegian Maritime Directorate

Download Public Hearings of October 24 in Oslo, pdf file

BOURBON will continue to disclose any new information when available and verified about the accident, whether it concerns new Public Hearings or the conclusions that the Commission would submit at the latest by February 1st 2008.

*To date, public hearings of October 24 are only available in Norwegian. The translation in English will be released on BOURBON website when it is officially published.

Inauguration of the "BOURBON Training Center" in Marseilles

First AHTS (Anchor Handling Tug Supply vessel) simulator installed in France

On November 22, 2007, BOURBON will inaugurate the first BOURBON Training Center in France in the city of Marseilles.

This training center is designed to provide seamen with the theoretical knowledge and practical training in anchor handling operations. The center includes a fully equipped bridge, the deck portion of the vessel and the classrooms needed for theoretical courses and debriefing.

Students training on the deck simulatorDeck simulator

This simulator, which was developed by Offshore Simulator Center (OSC) in Norway, is an integral component of the BOURBON internal training policy. It will train crews in anchor handling operations under real conditions to ensure acquisition of the skills required for both new employees and those already working on vessels. The objective is to ensure that everyone masters and practices the BOURBON operating standards and its safety rules.

This center to be christened the "BOURBON Training Center" will be located in the premises of the National Merchant Navy School (ENMM) in Marseilles. It is the natural culmination of the strong partnership established for many years between BOURBON and the 4 Merchant Navy Schools, including the one in Marseilles. BOURBON is in fact the leading employer of the student officers graduating from the French Merchant Navy Schools.

In line with the objectives defined in its Horizon 2010 strategic plan, training is a priority for BOURBON to handle the substantial growth in its fleet of new generation innovative and high-productivity vessels. In order to recruit 4,000 employees by 2010, BOURBON is implementing a series of tools and resources to integrate its newcomers, increase their awareness of the BOURBON culture, and guarantee that they have adopted the company’s high standards for operations, quality and safety worldwide. This training center will also allow to reinforce the continuing education programs for existing crews.

Jacques de Chateauvieux, BOURBON Chairman and Chief Executive Officer states:

"BOURBON must meet an unprecedented recruit challenge by 2010. We have largely anticipated this trend in recent years, and this BOURBON Training Center in Marseilles, which includes this extraordinary AHTS simulator, is just the latest concrete example. It will give both our oldest and newest employees quality training, in complete safety, under real conditions, so that they are imbued every day with the high operational, quality and safety standards and the values which determine and will determine the success of BOURBON."

Daniel Louédec, Director of the Marseilles ENMM, says:

"The setting up of BOURBON Training Center within our school marks an important step in the development of marine services and the related training needs.
The development of this training center specifically dedicated to anchor handling operations will teach the quality procedures and standards that will contribute to the safety of the seamen who work in a demanding environment.
In addition, this partnership between BOURBON and the ENMM is clearly a strong signal for the profession, because it allows to benefit from the best resources of each partner in order to offer the best training possible and continue to adapt it.
Finally, this center strengthens the "oil and gas offshore" expertise in Marseilles, along with the National Institute of Professional Diving (INPP) and the COMEX."

Visit Marseilles’ virtual BOURBON Training Center

deck simulator

Virtual visit of the deck simulator

Bridge simulator

Virtual visit of the bridge simulator

Paris, November 22nd 2007 press release in pdf file

BOURBON Training Center Marseilles Press Kit in pdf file

BOURBON Quarterly Financial Results

3rd quarter 2007 revenues up 35%
(+ 43.2 % at constant exchange rates) over the 3rd quarter of 2006

Third quarter 2007 revenues for BOURBON rose 35% over the same period in 2006 to total 200.4 million euros. This growth was driven by higher revenues in all BOURBON divisions.
Over the first 9 months of this year, revenues were up 31.5% at current exchange rates (40.2% at constant exchange rates).

BOURBON Chairman and Chief Executive Officer Jacques de Chateauvieux stated: " This new increase in revenues in the third quarter reflects the excellent level of activity of our two Divisions in all our operating regions. BOURBON is benefiting both from the steady rate of new vessel deliveries and a favorable market context that should continue in the fourth quarter. "

QUARTERLY DATA

Breakdown of BOURBON third quarter revenues by Division

Third Quarter First 9 months
(millions of euros) 2007 2006* Change at current exchange rates Change at constant exchange rates 2007 2006* Change at current exchange rates Change at constant exchange rates
Offshore 124.5 100.1 24.3% 31.1% 355.9 280.5 26.9% 34.2%
Bulk 66.1 41.1 60.9% 72.9% 183.5 123.2 48.9% 60.8%
Other 9.8 7.2 35.9% 43.7% 32.1 30.8 3.9% 11.5%
BOURBON TOTAL 200.4 148.5 35.0% 43.2% 571.5 434.5 31.5% 40.2%

* Pro forma: excluding port towage activity, with the integration of the coastal protection and salvage business in the Offshore Division

OFFSHORE DIVISION

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Third Quarter First 9 months
(millions of euros) 2007 2006* Change at current exchange rates Change at constant exchange rates 2007 2006* Change at current exchange rates Change at constant exchange rates
Offshore 124.5 100.1 24.3% 31.1% 355.9 280.5 26.9% 34.2%
Africa 83.6 66.5 25.7% 237.2 187.6 26.4%
Europe & Med/M.East 24.7 22.8 8.2% 74.1 62.6 18.3%
American Continent 10.2 9.2 10.9% 29.1 25.1 15.7%