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BOURBON : "Transforming for Beyond" Action Plan & 2012 Annual Results


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BOURBON

Mar 06, 2013, 03:45 ET

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PARIS, March 6, 2013 /PRNewswire/ --

2012 revenues: up 17.7%

Gross operating income (EBITDA) €406.2 million, up 35.3%

Operating income (EBIT) €161.6 million, up 89.4%

"In the context of a favorable oil & gas services market, the growth in BOURBON's 2012 results illustrates the value of our strategy which is aimed, through our series of innovative series vessels, at meeting our clients' needs in terms of safety, cost savings, reliability and quality of service. Operating income is up 89.4% thanks to higher daily rates and EBITDA is up in all three of our segments," says Christian Lefèvre, Chief Executive Officer of BOURBON.  "The stability of the price per barrel at around US$110 has encouraged our clients to make substantial investments in a market where growth prospects point to sustained demand for vessels in 2013."

                                          Change
                                            H2
                                          2012 /
                             H2             H1     H2
    In millions of euros    2012  H1 2012  2012   2011    2012    2011    Change
    Revenues               618.9   568.0  +9.0%  525.3  1,186.9  1,008.0  +17.7%
    Gross operating income
    (EBITDA)

    excluding capital
    gains                  201.6   180.8 +11.5%  157.7    382.4   299,4   +27.7%
    Gross operating income
                  (EBITDA) 225.4   180.8 +24.7%  158.2    406.2   300.2   +35.3%

             % of revenues  36.4%   31.8%         30.1%    34.2%   29.8%
    Operating income
    (EBIT)                  97.8    63.8 +53.2%   42.2    161.6    85.3   +89.4%
    Financial income       (54.7)  (32.3)         (8.9)   (87.0)  (71.7)
    Income tax             (15.1)   (7.1)         (3.8)   (22.2)  (10.7)
    Income from
    discontinued
    operations                       0.8                    0.8     0.5
    Minority interests      (3.0)   (8.3)         (1.2)   (11.3)    3.3
    Net income, Group
    share                   24.9    17.0 +46.5%   28.2     41.9     6.8      x6

2012 revenues are up 17.7% over the previous year due to the expansion of the fleet, better daily rates and €/US$ exchange rate. All vessel segments have contributed to this growth, particularly Shallow water offshore (+39.4%).

2012 gross operating income (EBITDA) came to €406.2 million, representing a 35.3% increase over the previous year. This is markedly higher than the increase in revenues due to the improvement in daily rates, a stronger dollar, fleet expansion (albeit less rapid), sustained utilization rates and a capital gain on the sale of 3 vessels. Consequently, EBIT is posting remarkable growth of nearly 90%.

2012 financial income represents a net expense of €87.0 million due to a slight increase in debt and unrealized foreign exchange losses of €27.6 million.

Net income, Group share for 2012 is up sharply to €41.9 million compared to €6.8 million in 2011.

At the next Combined General Meeting scheduled for May 28, 2013, the Board of Directors will propose a dividend of €0.82 per share.

                             BOURBON        Marine Services   Subsea Services
                                 DELTA/H1           DELTA/H1          DELTA/H1
                       H2 2012     2012    H2 2012    2012   H2 2012    2012
    Number of vessels*
                                   +12                +11                +1
    (end of period)      458     vessels     439    vessels    18      vessel

  *vessels owned or on bareboat charter

                            BOURBON       Marine Services   Subsea Services
    In millions of              DELTA/H1          DELTA/H1          DELTA/H1
    euros              H2 2012    2012   H2 2012    2012   H2 2012    2012
    Revenues            618.9     +9.0%   511.8    +11.1%   97.9      +6.2%
    EBITDA              225.4    +24.7%   184.7    +29.5%   38.0      +8.9%
    EBIT                 97.8    +53.2%
                                                            Total
                                        Shallow             fleet
                             Deepwater   water              excl.
                             offshore  offshore    IMR    Crewboats  Crewboats
        Average
    utilization rate

         (in %)      H2 2012    91.2      91.3      88.5     91.0       80.5
                     H1 2012    91.9      88.5      87.7     89.7       78.9
                     H2 2011    92.1      87.5      92.7     89.8       80.9

     Average daily
          rate

       (in US$/d)    H2 2012  20,955    14,281    39,037   19,018      4,968
                     H1 2012  20,145    13,519    37,866   18,352      4,678
                     H2 2011  20,163    12,872    34,030   18,000      4,380

Average utilization rates are holding up well, above the market average. Average daily rates continue to improve as the market rebalances due to strong growth in demand and the trend for replacing old and obsolete vessels. The improvement in average utilization rates in the Shallow water offshore segment, up 2.4 points between 2011 and 2012, validates BOURBON's strategic decision since 2006 to expand the fleet.

  • MARINE SERVICES
                                                Change                 Change
                                               H2 2012
                                                  /                      2012
                              H2 2012  H1 2012 H1 2012    2012   2011   /2011
    Number of owned vessels*
                                                 +11                      +21
    (end of period)             439      428   vessels    439    418   vessels
    Average utilization rate   84.7%    83.2%  +1.5 pt   83.9%  83.8%  +0.1 pt

*vessels owned or on bareboat charter

                                              Change                   Change
                                              H2 2012
                                                 /                       2012
    In millions of euros     H2 2012  H1 2012 H1 2012    2012    2011   /2011
    Revenues                  511.8    460.4  +11.1%    972.2   792.9   +22.6%
    Direct costs             (299.9)  (269.7) +11.2%   (569.6) (488.8)  +16.5%
    Operating margin          211.9    190.8  +11.1%    402.6   304.1   +32.4%
    General and
    administrative costs      (50.9)   (48.2)  +5.8%    (99.1)  (83.2)  +19.2%
    Gross operating income
    (EBITDA) excluding
    capital gains             160.9    142.6  +12.9%    303.5   221.0   +37.3%

    % of revenues              31.4%    31.0%            31.2%   27.9%
    Gross operating income
    (EBITDA)                  184.7    142.6  +29.5%    327.4   221.4   +47.8%

    % of revenues              36.1%    31.0%            33.7%   27.9%

Marine Services revenues in 2012 amounted to €972.2 million, up 22.6% compared to 2011, mainly due to the expansion of the fleet (+21 vessels) and continuing high utilization rates along with an increase in daily rates in all segments, particularly in the Shallow water offshore segment.

From the 1st half to the 2nd half of 2012, revenues increased by 11.1% to €511.8 million due to the expansion of the fleet (+11 vessels), high utilization rates and an increase in average daily rates, particularly in the Shallow water segment.

Compared to the previous year, EBITDA in 2012 is up sharply, by 47.8%, to €327.4 million, +37.3% EBITDA excluding capital gains.

This increase reflects general growth in all 3 segments and the benefit of a stronger dollar during the period. From the 1st half to the 2nd half of 2012, EBITDA was 29.5% higher, due in particular to the performance of the Deepwater offshore vessel segment.

In 2012, the Marine Services activity expanded its range of vessels, particularly the entry into the fleet of the first 6 vessels in the new AHTS Bourbon Liberty 300 series, the first vessel in the latest-generation FSIV series with straight bow and DP2 dynamic positioning, and 2 "large PSV" PX105 with inverted bow equipped with the PG MACS unique cargo system. The commencement of a contract for 3 Bourbon Liberty vessels in Australia illustrates the oil companies' preference for this series.

Results by segment

  • Deepwater offshore vessels
                                                Change                 Change
                                               H2 2012
                                                  /                      2012
                               H2 2012 H1 2012 H1 2012    2012   2011   /2011
    Number of owned vessels*
                                                  +1                     +2
    (end of period)               72       71   vessel     72     70   vessels
    Average utilization rate    91.2%    91.9% -0.7 pt   91.6%  89.8%  +1.8 pt

*vessels owned or on bareboat charter

                                                Change
                                                  H2                    Change
                                                2012 /
                                                  H1                      2012
    In millions of euros        H2 2012 H1 2012  2012     2012     2011  /2011
    Revenues                     185.8   175.0   +6.1%    360.8   318.4  +13.3%
    Direct costs                 (99.2)  (94.0)  +5.6%   (193.2) (174.4) +10.7%
    Operating margin              86.5    81.1   +6.7%    167.6   144.0  +16.4%
    General and administrative
    costs                        (18.5)  (18.3)  +0.9%    (36.8)  (33.4) +10.1%
    Gross operating income
    (EBITDA)                      68.1

    excluding capital gains       36.6%   62.8   +8.5%    130.8   110.6  +18.3%

    % of revenues                         35.9%            36.3%   34.7%
    Gross operating income
    (EBITDA)                      91.9    62.8  +46.4%    154.6   110,6  +39.8%

    % of revenues                 49.5%   35.9%            42.9%   34.7%

In 2012, revenues from the Deepwater offshore vessels segment were €360.8 million and represented 37.1% of total Marine Services activity. In this segment, BOURBON expanded its fleet by 2 vessels and utilization rates continued their improvement to 91.6%, up 1.8 point relative to 2011. The renewal of several expiring contracts made it possible to take advantage of higher rates in the segment and raise the average daily rate.

EBITDA of €130.8 million (excluding the capital gain) represented 43.1% of the Marine Services activity total compared with 50.0% in 2011. This decrease is due to the growing share of the Shallow water offshore segment in Marine Services. The capital gain which contributed €23.8 million to this segment's EBITDA was mainly due to the sale of 3 UT 755-type vessels.

Compared with the previous half, revenues in the second half of 2012 were up 6.1% thanks to maintaining a high utilization rate and an increase in the average daily rate.

  • Shallow water offshore vessels
                                              Change                   Change
                                             H2 2012
                                                /                        2012
                             H2 2012 H1 2012 H1 2012    2012    2011    /2011
    Number of owned vessels
                                                +5                       +11
    (end of period)            102      97    vessels    102     91    vessels
                                                                        +2.4
    Average utilization rate  91.3%   88.5%   2.8 pts   89.9%  87.5%     pts
                                              Change
                                                H2                     Change
                                              2012 /
                                                H1                       2012
      In millions of euros    H2 2012 H1 2012  2012     2012     2011   /2011
    Revenues                   182.8   153.8   +18.8%   336.7   241.5   +39.4%
    Direct costs              (113.3)  (97.5)  +16.3%  (210.8) (156.2)  +35.0%
    Operating margin            69.5    56.4   +23.2%   125.9    85.3   +47.6%
    General and
    administrative costs       (18.2)  (16.1)  +13.3%   (34.3)  (25.3)  +35.5%
    Gross operating income
    EBITDA                      51.3    40.4   +26.8%    91.7    60.3   +51.9%

    % of revenues               28.0%   26.3%            27.2%   25.0%

In 2012, the revenues generated by the Shallow water offshore segment came to €336.7 million, up strongly (39.4%) year-on-year, thanks to 11 additional vessels, the increase in the utilization rate (89.9%), up 2.4 points, and a sharp increase in the average daily rate.

EBITDA rose to €91.7 million, representing an increase of 51.9% over 2011. BOURBON's growth strategy in the Shallow water offshore segment is endorsed by its clients who regularly praise the advent of modern vessels equipped with dynamic positioning technology, high maneuverability and diesel-electric propulsion enabling them to reduce their fuel consumption costs.

Compared with the previous half of the year, revenues in the second half were up 18.8% to €182.8 million. This growth was due to 5 additional vessels and to higher average daily rate, leading to an increase in EBITDA of 26.8% compared to the previous six months.

Crewboats

                                              Change                    Change

                                             H2 2012 /                   2012
                             H2 2012 H1 2012  H1 2012    2012   2011    /2011
    Number of owned vessels
                                                +5                        +8*
    (end of period)            265     260   vessels     265    257   vessels
    Average utilization rate  80.5%   78.9%  +1.6 pt    79.6%  80.9%  -1.3 pt

*BOURBON took delivery of 20 Crewboats during the year and withdrew the 12 oldest vessels from service which were all over 15 years old.

                                                Change
                                                  H2                    Change
                                                2012 /
                                                  H1                     2012
    In millions of euros        H2 2012 H1 2012  2012    2012    2011   /2011
    Revenues                     143.2   131.6   +8.8%   274.8   233.0  +17.9%
    Direct costs                 (87.4)  (78.3) +11.6%  (165.6) (158.2)  +4.7%
    Operating margin              55.8    53.3   +4.7%   109.1    74.8  +45.8%
    General and administrative
    costs                        (14.2)  (13.8)  +3.5%   (28.0)  (24.4) +14.6%
    Gross operating income
    (EBITDA)                      41.6    39.4   +5.6%    81.1    50.5  +60.6%
    % of revenues                 29.1%   30.0%           29.5%   21.7%

In 2012, revenues generated by the Crewboats segment came to €274.8 million, up 17.9% thanks to 8 additional vessels in the fleet and a steady increase in daily rates, particularly for large vessels.

EBITDA rose to €81.1 million, up 60.6%, due to the increase in daily rates and the improvement in technical cost control in West Africa.

Compared to the previous half of the year, revenues rose 8.8%, to €143.2 million, thanks to higher utilization rates (+1.6 point), a high daily rate and continued expansion of the fleet.

EBITDA was up 5.6%, at €41.6 million, in line with the increased revenues.

SUBSEA SERVICES

                                                Change                 Change
                                               H2 2012
                                                  /                      2012
                               H2 2012 H1 2012 H1 2012    2012   2011   /2011
    Number of owned vessels
                                                  +1
    (end of period)               18      17    vessel     18*     18      -
    Average utilization rate    88.5%   87.7%  +0.8 pt   88.1%   93.2%  -5.1 pt

*The structure of the Subsea Services fleet evolved during the year, with the entry into the fleet of one new vessel and the transfer of one vessel from the Marine Services Activity in exchange for 2 Subsea vessels, taking the number of Subsea vessels to 18 at December 31, 2012.

                                                 Change
                                                   H2                  Change
                                                 2012 /
                                                   H1                    2012
    In millions of euros         H2 2012 H1 2012  2012    2012   2011   /2011
    Revenues                      97.9    92.1   +6.2%   190.0  172.8  +10.0%
    Direct costs                 (50.1)  (47.6)  +5.3%   (97.7) (87.5) +11.6%
    Operating margin              47.8    44.5   +7.3%    92.3   85.3   +8.3%
    General and administrative
    costs                         (9.7)   (9.6)  +1.0%   (19.4) (18.1)  +6.9%
    Gross operating income
    (EBITDA)                      38.0    34.9   +8.9%    72.9   67.5   +8.0%
    % of revenues                 38.8%   37.9%           38.4%  39.1%

In 2012, the revenues of the Subsea Services Activity rose to €190 million, up 10.0% over the previous year, due to the full operation of the first vessel in the Bourbon Evolution 800 series, the second one entering the fleet and the improvement in daily rates, despite 8 planned classification dry-docks over the year which affected over 40% of the fleet and had a negative impact of 4.3 points on the average utilization rate.

Although up 8.0%, to €72.9 million, EBITDA for this activity in 2012 was particularly impacted by periods of planned classification dry-docks not generating any revenues to offset the fixed costs.

Compared with the 1st half of 2012, revenues were up 6.2% due to the second Bourbon Evolution 800 joining the fleet. EBITDA was 8.9% higher and the ratio of "EBITDA/Revenues" continued to improve.

OTHER

                                                 Change
                                                   H2                  Change
                                                 2012 /
                                                   H1                    2012
    In millions of euros         H2 2012 H1 2012  2012    2012   2011   /2011
    Revenues                       9.3    15.4   -39.9%   24.7   42.3  -41.7%
    Direct costs                  (6.0)  (11.4)  +47.1%  (17.5) (29.6) +41.1%
    Operating margin               3.2     4.0   -19.1%    7.2   12.7  -43.1%
    General and administrative
    costs                         (0.6)   (0.7)  +16.1%   (1.3)  (1.3)  +1.7%
    Gross operating income
    (EBITDA)                       2.6     3.3   -19.7%    5.9   11.3  -48.0%
    % of revenues                 28.4%   21.2%           23.9%  26.8%

"Other" mainly includes the activity of the cement carrier Endeavor, offshore vessels chartered externally which are not operate by BOURBON, as well as items not allocated to the other two Activities. The decline in revenues and EBITDA reflects the slowdown in external chartering in the Offshore activities.


OTHER INFORMATION

In a public presentation today, BOURBON will announce an action plan called "Transforming for beyond" to prepare now and pave the way for the Group's further growth beyond 2015.

The financial aspect of this plan consists of the disposal of vessels for a total amount of US$2.5 billion during 2013/2014 and the bareboat charter of those vessels for 10 years.

  • OUTLOOK

In a growing oil & gas services market, BOURBON will continue to mark its competitive advantage by taking delivery of 45 new vessels in 2013, across all segments, by concentrating on the existing series.

All the growth indicators regarding demand for vessels are excellent, whether for drilling, construction and commissioning fields, or installing subsea well heads.

Regarding the supply of vessels, fewer vessels will be exiting the shipyards, except for the deepwater offshore PSV market, in which, at the end of 2012 BOURBON had a long-term contractualization rate of 81% and an average residual duration of firm charter agreements of 13 months. In parallel, the replacement of old shallow water offshore vessels will be accelerated.

BOURBON took the decision to commit €500 million in the coming months for 41 new vessels in the various existing series as the final investments due under the BOURBON Leadership Strategy 2015 plan.

In this context, with a fleet strategically based on midsized Deepwater offshore vessels and high-end Shallow water offshore vessels, BOURBON will further consolidate its positions and benefit from growth in the sector's activity.

  • ADDITIONAL INFORMATION
  • The 2012 financial statements were closed by the Board of Directors on March 04, 2013.
  • The auditing procedures have been completed and the audit report relating to certification is in the process of being issued.
  • FINANCIAL CALENDAR

- 1st quarter 2013 revenues release    May 02, 2013

- Shareholders' meeting    May 28, 2013

- Release and presentation of 2013 1st half results    August 28, 2013

The financial data related to the 2012 annual results includes this press release as well as the presentation from the press conference which will be available on the group's website on March 6, 2012 at noon, after the press conference held that day.

Watch the conference live at 8.50 am (paris local time)
or recorded as from 2pm the same day (paris local time) on our website  http://www.bourbon-online.com

APPENDIX I

Simplified consolidated balance sheet

In millions of euros

                12/31/2012 12/31/2011               12/31/2012 12/31/2011
                                      Shareholder's
                                      equity             1,412      1,417
    Net
    properties
    and                               Financial
    equipment        3,327      3,244 debt > 1 year      1,745      1,565
    Other                             Other
    non-current                       non-current
    assets             106        101 liabilities          141        134

    TOTAL                             TOTAL
    NON-CURRENT                       NON-CURRENT
    ASSETS           3,433      3,345 LIABILITIES        1,886      1,699

    Other
    current                           Financial
    assets             481        484 debt < 1 year        511        620
    Cash and
    cash                              Other current
    equivalents        195        230 liabilities          300        323
    TOTAL
    CURRENT                           TOTAL CURRENT
    ASSETS             676        714 LIABILITIES          811        943
    Non-current                       Non-current
    assets held                       liabilities
    for sale             -          - held for sale          -          -
    TOTAL                             TOTAL
    ASSETS           4,109      4,059 LIABILITIES        4,109      4,059

APPENDIX II

Consolidated Cash Flow Statement

In millions of euros

                                                    2012            2011
    Consolidated net income                              53.2            3.6

    Cash flow                                           303.6          225.7

    Net cash flow from operating activities             346.7          231.6

    Net cash flow consumed by investing
    activities                                         (324.6)        (300.6)*
    Of which acquisition of property, plant
    and equipment and intangible assets                (375.7)        (358.1)

    Of which disposal of property, plant and
    equipment and intangible assets                      55.8           43.5
    Net cash flow from financing activities              59.1           84.8

    Of which increase (decrease) in borrowings (182.4)          203.1

    Of which dividends paid to shareholders of
    the group                                   (53.3)          (53.2)

    Of which net financial interests paid       (71.9)          (64.4)
    Effect of the change in exchange rates                0.3            1.2
    Net cash increase (decrease)                         81.6           17.0

    Net cash at beginning of period                      81.6           17.0

    Net cash at end of period                   (44.0)          (61.1)

    Net cash increase (decrease)                 37.5           (44.0)

(*) including discontinued operations in 2011

APPENDIX III

Quarterly breakdown of revenues

    (in millions of euros)            2012                      2011
                              Q4     Q3    Q2    Q1     Q4    Q3    Q2    Q1
    Marine Services          257.2  254.5 238.4 222.1  216.5 200.3 191.1 185.1
    Deepwater offshore
    vessels                   92.6   93.2  88.5  86.5   87.5  81.7  74.4  74.8
    Shallow water offshore

    vessels                   91.1   91.7  83.4  70.5   66.6  61.5  58.9  54.4
    Crewboats                 73.5   69.7  66.4  65.1   62.4  57.0  57.8  55.8
    Subsea Services

    IMR vessels               51.4   46.5  46.4  45.7   48.1  42.3  41.6  40.7
    Others                     4.2    5.1   5.2  10.2    8.5   9.6  14.5   9.7
    GROUP TOTAL              312.8  306.1 290.0 278.0  273.1 252.2 247.2 235.5

Quarterly breakdown of the average utilization rate of the BOURBON fleet

                 (in %)                      2012                 2011
                                       Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Deepwater offshore vessels        90.2 92.1 91.3 92.5  93.7 90.2 86.9 88.1
    Shallow water offshore vessels    92.2 90.3 92.5 84.3  88.3 86.4 90.2 84.8
    Crewboats                         82.5 78.4 78.6 81.0  82.1 79.7 81.4 80.5
    Marine Services average
    utilization rate                  86.0 83.4 83.9 83.7  85.5 83.0 84.2 82.7
    Subsea Services average
    utilization rate                  91.7 85.2 89.7 85.7  91.0 94.0 96.3 92.0
    Average utilization rate "Total
    fleet excl. Crewboats"            91.4 90.5 91.8 87.6  90.7 88.7 89.5 86.9
    "Total fleet" average
    utilization rate                  86.2 83.5 84.0 83.7  85.7 83.4 84.7 83.1

Quarterly breakdown of the average daily rate for the BOURBON fleet

        (in
     US$/day)               2012                         2011
                   Q4     Q3     Q2     Q1      Q4     Q3     Q2     Q1
    Deepwater
    offshore
    vessels      21,074 20,702 20,480 20,011  20,222 20,547 19,154 18,835
    Shallow
    water
    offshore
    vessels      14,257 14,308 13,773 13,290  12,681 13,179 12,883 12,653
    Crewboats     4,987  4,923  4,763  4,447   4,349  4,409  4,361  4,263
    IMR vessels  39,064 38,991 38,018 38,181  34,516 33,822 32,379 31,842
    Average
    utilization
    rate "Total
    fleet excl.
    Crewboats"   19,097 18,883 18,526 18,309  17,965 18,303 17,498 17,354

Quarterly number of vessels delivered

       (in number of vessels)               2012                   2011
                                    Q4    Q3    Q2    Q1    Q4   Q3   Q2   Q1
    FLEET TOTAL                      5    14     6     8     3   15   11   10
    Marine Services                  5    13     6     8     2   15   11   10
    Deepwater offshore vessels       1     0     2     0     0    0    1    0
    Shallow water offshore
    vessels                          1     4     1     3     1    6    5    3

    Crewboats                        3     9     3     5     1    9    5    7
    Subsea Services / IMR            0     1     0     0     1    0    0    0

Yearly breakdown of revenues

        (in millions of euros)             Full year
                                         2012     2011
    Marine Services                       972.2    792.9
    Deepwater offshore vessels            360.8    318.4
    Shallow water offshore vessels        336.7    241.5
    Crewboats                             274.8    233.0
    Subsea Services

    IMR vessels                           190.0    172.8
    Other                                  24.7     42.3
    GROUP TOTAL                         1,186.9  1,008.0

Yearly breakdown of the average utilization rate of the BOURBON fleet

                   (in %)                          Year
                                               2012     2011
    Deepwater offshore vessels                 91.6       89.8
    Shallow water offshore vessels             89.9       87.5
    Crewboats                                  79.6       80.9
    Marine Services average utilization
    rate                                       83.9       83.8
    Subsea Services average utilization
    rate                                       88.1       93.2
    Average utilization rate "Total fleet
    excl. Crewboats"                           90.4       89.0
    "Total fleet" average utilization
    rate                                       84.1       84.2

Yearly breakdown of the average daily rate for the BOURBON fleet

                (in US$/day)                       Year
                                              2012     2011
    Deepwater offshore vessels               20,683   19,413
    Shallow water offshore vessels           13,918   12,820
    Crewboats                                 4,852    4,369
    IMR vessels                              38,497   33,288
    Average utilization rate "Total
    fleet excl. Crewboats"                   18,743   17,663

Yearly number of vessels delivered

        (in number of vessels)             Full year
                                         2012     2011
    FLEET TOTAL                           33       39
    Marine Services                       32       38
    Deepwater offshore vessels             3        1

    Shallow water offshore vessels         9       15

    Crewboats                             20       22
    Subsea Services / IMR                  1        1

Breakdown of BOURBON revenues by geographical region

      (in millions of euros)         4th quarter                Year
                               Q4 2012 Q4 2011 Change    2012    2011   Change
                        Africa   188.2   164.6  +14.4%   729.2   611.1  +19.3%
                        Europe
    &Mediterranean/Middle East    54.9    50.4   +8.9%   201.1   188.5   +6.7%
                      Americas    36.0    34.1   +5.5%   146.3   125.6  +16.5%
                          Asia    33.6    24.0  +40.1%   110.3    82.9  +33.1%

Other key indicators

Quarterly breakdown

                                             2012                 2011
                                       Q4   Q3   Q2   Q1    Q4   Q3   Q2   Q1
    Average EUR/US$ exchange rate
    for the quarter (in EUR)          1.30 1.25 1.28 1.31  1.35 1.41 1.44 1.37
    EUR/US$ exchange rate at closing
    (in EUR)                          1.32 1.29 1.26 1.34  1.29 1.35 1.45 1.42
    Average price of Brent for the
    quarter

    (in US$/bl)                        110  109  108  119   109  113  117  105

12 month breakdown

                                                       Year
                                                   2012     2011
    Average 12-month EUR/$ exchange rate (in
    EUR)                                           1.28     1.39
    EUR/US$ exchange rate at closing (in
    EUR)                                           1.32     1.29
    Average 12-month price of Brent (in
    US$/bl)                                         112      111

About BOURBON

BOURBON offers the most demanding oil and gas companies a comprehensive range of surface and subsea marine services for offshore oil and gas fields and wind farms, based on an extensive range of latest-generation vessels. The Group provides a local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.

BOURBON has two Businesses (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.

Under the "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built in series.

In 2012, BOURBON posted revenues of €1.187 billion and operated a fleet of 458 vessels as of December 31, 2012

Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, participates in the Deferred Settlement Service ("SRD") and is included in the SBF 120 and CAC Mid 60 indices.

CONTACTS

    PR Agency: Publicis Consultants
    Jérôme Goaer + 33-(0)1-44-82-46-24 - [email protected]
    Véronique Duhoux +33-(0)1-44-82-46-33 -
    [email protected]

    BOURBON
    Investors - Analysts - Shareholders Relations

    James Fraser +33-(0)4-91-13-35-45 - [email protected]
    Communication Department

    Christa Roqueblave +33-(0)1-40-13-86-06 -
    [email protected]

SOURCE BOURBON

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