Havila Supply ASA : restructuring
Purchase of "rescue and stand by activities" by the Saevik family and issue of a public withdrawal offer for Havila Supply ASA by Groupe Bourbon

Havila Supply ASA, in which Groupe Bourbon and the Saevik family hold a 39.6% and 35% interest respectively, has announced the sale of its "Rescue and Stand by" fleet to the firm held by M. Per Saevik and his family (Havila AS) for a total of 58 M€ (474 M Nok).

The "Rescue and Stand by" division encompasses 10 vessels with an average age of 20 years providing services locally in the North Sea. These activities do not fit with the current strategic objectives of the Groupe Bourbon. Acquisition of these assets also includes use of the Havila trademark.

At the end of this transaction Groupe Bourbon will hold 90.06% of Havila Supply ASA following acquisition of shares mainly from the Saevik family at the price of 5.85 Nok. This transfer will allow Groupe Bourbon to issue a public withdrawal offer for Havila Supply ASA, in accordance with Oslo stock exchange regulations.

After this restructuring, Havila Supply ASA will operate a fleet of 18 vessels (platform supply vessels, PSV and anchor handling tug supply vessels, AHTS). The mean age of these assets including two vessels scheduled for the delivery at the end of 2003 is 10 years.

In its new scope of activity Havila Supply ASA is now serving not only customers in its North Sea base area (8 vessels) but also in Brazil, the Gulf of Mexico, and West Africa (10 vessels). With a workforce of 470, the Company's fleet and expertise has become a key component in the growth of GROUPE BOURBON 's offshore activities.

Acquisition of Havila Supply ASA is part of the 1 200 M€investment program announced by Groupe Bourbon for the five-year period between 2003-2007. It involves 52 M€ to increase holdings from 39.6% to 100%.

Groupe Bourbon is particularly pleased with this arrangement that allows the two main shareholders in Havila Supply ASA to preserve the part of the company most suited to their strategic objectives.

Paris, July 11th 2003

Contacts presse : Catherine Gros ou Tiphaine Hecketsweiler, 01 53 70 74 70,
cgros@image7.fr, thecketsweiler@image7.fr
Contact analystes investisseurs : Patrick Mangaud, 01 40 13 86 09, patrick@mangaud.com
www.groupe-bourbon.com