Bourbon

Sustainability
a long term commitment

15 relevant and documented programs by 2012

BOURBON has long been working in line with sustainable development principles. In 2007, the Group decided to formalize its practices in this respect, by including sustainable development in a pragmatic, progressive and measurable way.
A working group has defined a strategy of priority issues and actions to be conducted that are equitable, socially responsible and sustainable for the environment. For each of these themes, a major action will be undertaken every year. By 2012, the Group will have enacted 15 concrete and measurable actions. 2008 will constitute the first stage in order to:

• specify and document the aspects identified as coming under a sustainable development approach according to the three themes defined:
• establish a measurement and reporting system;
• raise the awareness of all parties involved, starting with BOURBON staff;
• develop and motivate an internal network of correspondents.

The process will be managed internally by the sustainable development manager, in conjunction with QHSE and oversight by the Executive Committee.

Fair business & citizenship

The ISSUE is to develop a code of conduct that serves as a guideline for all actions with the objective of transparency, ethics and responsibility.

The priority themes are:

• participate in absorbing North-South inequalities and the realization of the “Millennium Objectives for Development”;
• seize the most relevant growth opportunities by concluding partnerships and achieving developments;
• work for transparent governance.

The THEME FOR 2008 is the launch of the unified interest program.

This program will start in 2008 in Nigeria, a country of over 100 million inhabitants in which BOURBON has had a presence for 8 years and is established via its subsidiary Bourbon Interoil Nigeria.

Social responsability

The ISSUE is to affirm our values and guarantee the social cohesion of a hugely international and decentralized group.

The THEME FOR 2008 is the promotion of diversity.

From 2008, the Diversity Board, composed of people representing the Group’s cultural diversity, will meet twice a year and have a consultative role with the Executive Committee, to which it will propose actions that contribute to diversity.

In addition, specific actions will be conducted to raise awareness, and inform and train BOURBON managers in a multicultural approach. In France, BOURBON signed the Corporate Diversity Charter.

Sustainable environment

The ISSUE is to anticipate and succeed in the challenge in which the marine industry needs to be committed to take part in the major environmental challenges, especially climate change.

The THEME FOR 2008 is a 20% reduction in greenhouse gases.

On a like-for-like basis, BOURBON is committed to reducing emissions by 20% in 2012: an unprecedented effort which is ahead of the requirements of the International Maritime Organization. This reduction will be achieved partly from an improvement in the energy efficiency of the Group’s vessels, and partly by a determined policy of eco-design and control of consumption. With this focus, in 2008 an audit will be conducted, a framework established, data collected and indicators and measurement tools established.

Governance

True to its values, BOURBON has always been concerned to implement exemplary governance principles and it has made steady progress in this regard over the last 5 years. This governance is based on the following in particular:

• a reasonable policy for executive compensation;
• the allocation of stock options for a wider staff, extended in 2007 to nearly 20% of personnel, including Bourbon Offshore officers;
• a Remuneration Committee and an Audit Committee ensure internal control and rigorous risk monitoring.

BOURBON’s efforts in governance were recognized in 2007 with the award by AGEFI of the Grand Prix for Governance, and classification as one of the 5 “Best in Class” European companies by the research organization ODDO Equities, a specialist in SRI (Socially Responsible Investment) financial analysis.