Bourbon Presents 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.

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

expected average annual revenue growth of 17%, including 21% for the Offshore Division,

a large increase in the number of vessels,

a ratio of EBITDA (Gross Operating Income) to average capital employed of 18% in 2012,

investment, in addition to the installments paid in 2007, of 2 billion euros, 85% of which will be devoted to the Offshore Division and largely financed by cash flow.

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

an expansion of the offer, by integrating and developing a new “Subsea Services” Activity, which results in a new organization for the Division:

expected average annual revenue growth of 21% a year for the Offshore Division, including 17% for the Marine Services Activity and 38% for the Subsea Services Activity,

investment of 1.7 billion euros, in addition to the installments paid in 2007, essentially for the expansion of the fleet of Offshore vessels and ROVs. To this end, 10 GPA 696 type IMR vessels were ordered at the beginning of 2008 at a cost of 450 million euros.