Turnover for 1st quarter of 2003 : +4.80%
High growth in offshore business (+32.26 %), in line with targets set

Groupe Bourbon's consolidated turnover for the 1st quarter of 2003 has increased by 4.80% in comparison with last year's figures. The bulk of this increase comes from the high growth of our Offshore Maritime Services branch (+ 32.26%).

• Maritime Services :

• Offshore business has grown sharply (+32.26%), in line with our development targets, through large-scale marketing and revenue generated by recent investments.
• In our  Towage & Assistance  branch, the dip in turnover reflects the generally morose economic climate, amplified by our transfer of the small ports (- 6%) in late 2002 and the disruptions in Africa triggered by upheavals in the Ivory Coast.
• The Bulk Transport sector has benefited from the upsurge in international freight levels (+16.67%).

• Retailing :

This branch has registered a good level of development in France (+8.91%), boosted notably by the opening of a new "Jumbo Score" store in Le Port (Reunion Island) in late April 2002.

On an international level, business has increased by 17.6% in local currency. Offset by the rise in the euro, the consolidated international turnover is stable.

• Other business : (principally Vietnamese sugar-mills and industrial fishing)

These non-strategic activities are slated for transfer as suitable opportunities arise.

Paris, May 12th 2003

Press contact – Catherine Gros – (33) (0)1 53 70 74 51 – cgros@image7.fr
Corporate contact – Patrick Mangaud – (33) (0)1 40 13 86 09 — patrick@mangaud.com
www.groupe-bourbon.com