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Press kit Updated: January 2009

Bourbon Liberty

Bring to continental offshore the technological excellence of deepwater

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I. The Concept

A. A context of strong demand from oil operators To meet the increasing world market oil demand, the oil companies not only have ambitious objectives for maintaining production in existing fields but are also continuing to develop shallow fields on the continental shelf.

2030 Projected oil demand

In this market, the necessary renewal of the obsolete fleet represents a unique opportunity for marine services.

Delivered vessel's number

In the continental offshore market, most of the existing fleet of vessels is old and technically obsolete: in 2010, of the existing fleet of continental offshore vessels, nearly 300 supply vessels will be over 30 years old and more than 700 will be between 20 and 30 years old, but the rapid replacement of this fleet is hampered by the bottleneck that is now seen in shipyards. A new generation vessel to respond to BOURBON's strategy Based on this analysis, BOURBON decided to invest massively in a new large series of new-generation vessels: the Bourbon Liberty series 100 (PSV) and series 200 (AHTS). BOURBON ordered a total of 76 units from the Sinopacific shipyards in China, including 54 AHTS vessels, and 22 PSVs. The first PSV of this series (Bourbon Liberty 101) has been delivered in March 2008. As of November 19, 9 have been delivered, most of which are already in operation and give full satisfaction to their clients. The vessels continue to be delivered at a brisk rate, until September 2011. BOURBON will then confirm its leadership in offshore oil & gas marine services, operating the youngest and the most advanced fleet worldwide. Bourbon Liberty series is a new generation vessel capable of operating in deepwater offshore but also to rapidly replace the old and obsolete continental offshore fleet.

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B. Innovation and Polyvalence Designed by Guido Perla and Associates, and tailored to BOURBON specifications, these vessels reap the benefit of BOURBON's long experience in deepwater offshore and are a real “revolution” on the continental offshore market.

Savings in fuel The Diesel-Electric Propulsion system not only improves fuel efficiency but is also environment friendly; offering clients considerable savings in cost, as generator output varies as required by operational load.

Engine room

Reliability in adverse weather The Dynamic Positioning system enables vessel to maintain precise position and come alongside rigs or platforms to offload cargo, even in adverse weather conditions, if and when required. DP system is Class II certified which guarantees of redundancy on all equipment.

DPII console

Exceptional Maneuverability

2 azimuth stern thrusters, 1 fixed stern thruster & 2 bow thrusters allow exceptional maneuverability and station keeping capabilities. Additionally, this configuration permits vessel to carry out operations safely and makes the vessel more reliable.

Bourbon Liberty Z-Drive

+30% Greater Cargo Capacity

The main generators have been moved to the main deck level as opposed to below deck as is the case with a traditional PSV. As compared to a traditional PSV, this unique propulsion layout allows 30% more below deck cargo capacity, and Liquid Mud over 4000 barrels compared to a same size ship.

Bourbon Liberty tank

Main Systems Redundancy - 3 main generators, - 2 azimuth stern thrusters, - 1 fixed stern thruster, - 2 bow thrusters and Dynamic Positioning Class II

Bourbon Liberty 200 series (AHTS)

Safe and efficient AHTS equipments

Vessel is equipped with a Mac-Gregor-Plimsoll double drum winch in waterfall arrangement rated at a 150T pull on each drum for towing and anchor handling operations respectively. Additionally, vessel is equipped with:

• A stern roller which reduces the stress on anchors & mooring systems during launch and recovery operations,

• Shark jaws for the safe stopping of chains and wires during anchor handling operations,

• Retractable towing pins for centring, controlling and guiding towing line & cables during operations.

Plimsoll winch

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The above main features of Bourbon Liberty 100 and 200 series, offer more flexibility to the clients, as the Bourbon Liberty can be utilized to support both shelf and deepwater operations at a very competitive operating cost. Designed by Guido Perla and Associates and tailored to BOURBON specifications, these vessels reap the benefits of BOURBON's long experience in deepwater offshore to revolutionize the continental offshore market. In conclusion, the Bourbon Liberty Series in 5 major assets of this simple and reliable concept:

- Maximum maneuverability, - Optimal efficiency, - Economical functioning, - Space optimization, - Simplified maintenance.

C. Integration & Standardization Building in series to provide large benefits to our clients Construction in series in a competitively priced shipyard is a significant advantage in a market in which cost control is a decisive factor of success. Firstly, it provides substantial cost savings construction from 15 to 30% on capital expenditures per vessel, but not only. The standardization of the fleet will also help control cost and customer service quality in three ways, inspired by the current practices in aeronautics:

o organizing maintenance by reducing stocks of spare parts and optimizing the repair time and therefore the availability of the vessel;

o offering a standard exchange during time in dry dock or periodic maintenance when the vessel is immobilized;

o allowing the interchange of crews and sharing of best practice through the use of simulation tools for training.

Jacques de Chateauvieux, Chief Executive Officer of BOURBON: “These orders are strategic because they will allow BOURBON to confirm its leading position in modern offshore with a multi-purpose and new generation fleet adapted for safety, maneuverability, environmental protection and productivity. The construction of these vessels in series is in line with a proven and profitable business model to reduce construction and maintenance costs. The success of this model is based on the high level of industrial know-how that BOURBON has already demonstrated. It is also based on the tested capability of China’s Sinopacific shipyards to produce quality vessels, which has been confirmed by the success of the vessels already delivered and in operation and which give full satisfaction to our customers. With these orders of new generation vessels intended both for deepwater and continental offshore, we will, with confidence, satisfy the needs of all our customers for modern vessels.” An optimized process of series construction To build 76 vessels in series in four years is an unprecedented challenge in the offshore oil and gas industry.

A. A close collaboration between BOURBON and its partners In order to successfully meet such an industrial challenge, close collaboration between BOURBON and its partners (designer and shipyard) was necessary from the very beginning of the project. Each party has its own point of view, and had to work intelligently with the others to obtain the best outcome. It was in this spirit that each partner deployed its expertise and resources to meet the delivery schedules and ensure that the first vessels delivered offered satisfaction to clients from the moment they were commissioned.

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B. A series design for a vessel that is simple to build and operate The series construction process significantly reduces costs and accelerates fabrication. Thus, the design was developed with an eye for simplicity in order to optimize construction as well as the maintenance and performance of the vessel in operation. “Designing vessels that are simple to operate and build, adapted to series production, by developing a methodology designed to simplify production and save time, while guaranteeing quality, reliability and ergonomics was the guiding spirit when BOURBON asked Guido Perla & Associates Inc. to create the Bourbon Liberty.”, Guido Perla, president of Guido Perla & Associates Inc. Working for American shipyards, Guido Perla & Associates Inc. has developed a methodology geared to simplifying production. This design firm, which also has solid experience in diesel-electric engines (Cummins / EPD), combined with Z Drive propulsion (Steerprop) and dynamic positioning system DP 2 (Beier), thus provided an excellent response to the BOURBON operating standards. Optimization at all stages of construction, as well as throughout the entire life cycle of the vessel to facilitate maintenance, is what guarantees quality and reliability. In the design phase, 3D modeling simulates shapes and spaces. An analysis of fluid flow ensured optimized hull design. Using the methods of calculation by finished elements, redundancies have been optimized, the structure lightened, by positioning the right materials at the right locations. Modern computer-assisted design technologies allowed the creation of standardized components or modules.

Bourbon Liberty 3D Modeling

C. The hull preparation phase In the hull preparation phase, the reduced number of standardized modules allowed us to anticipate the organization of the construction phases and ensure flexibility in planning the assembly lines and production sections.

2 hulls under construction and several standardized modules ready for other vessels

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As a result, at the Sinopacific Shipyards, only 9 days are necessary to assemble the modules that form the hull of the vessel, and the diesel-electric engine can then be simply installed on the main deck. In the same way, the piping is pre-arranged in the hulls before final assembly, which is standardized and can be completed very rapidly. In addition to saving time, this series construction process allow large-scale standardization of the equipment, a not insignificant economic and industrial factor throughout the life cycle of the vessel. Today, equipment availability is the greatest bottleneck in ship construction. Thanks to the series effect, it is possible to secure delivery of the equipment by optimizing the delivery format so that they can be installed rapidly and simply on the vessel:

- azimuth thrusters (Steerprop), - EOS system (EPD), - gensets (Cummins) - control station.

D. A rigorous organization of production The process of series construction requires a rigorous organization and ongoing quality control on site. In coordination with the teams from the shipyards, BOURBON set up with the first orders placed with Sinopacific, a structure at the production sites that monitors, coordinates, and controls each vessel under construction. Today, under the responsibility of the Director of New Construction, Bourbon Offshore – Production Section, based in Marseilles, the project head of the two Bourbon Liberty 100 and Bourbon Liberty 200 series has created, organized and manages a 40-person team in China under the direction of two former experienced captains who have been specifically detached for this mission. These coordination teams (17 people in Dayang and 22 in Zhejiang), a real crucible of international expertise, are composed of Superintendents, expatriates of various nationalities, each responsible for 3 vessels, and Chinese Inspectors specialized by trade.

E. Resources equal to BOURBON's requirements The industrial scope of such a project requires shipyards with leading-edge equipment and solid knowledge of series construction. The Sinopacific design offices in Shanghai have CAD and innovative simulation tools to dialogue with designer Guido Perla (method of calculation by finished elements to optimize the structure, the Tribon system to direct fabrication in 3D…). And the Dayang and Zhejiang yards in China are equipped with very powerful and high-performance handling equipment to manipulate very large units, latest-generation tools and facilities to cut the sheet metal, and leading-edge welding, sanding and painting tools. In addition, the quality of the construction also depends on the skills and involvement of the employees on site. Sinopacific emphasizes ongoing training for its employees through an integrated technical school, and participates in the improvement of working conditions. For example, air conditioning plants are installed during the construction of each unit to ensure the best working conditions for the operators in the shipyard when the outside temperature can reach 40 °C.

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Deliveries continue in strict compliance with scheduled planning As of November 25th 2008, 10 have been delivered, most of which are already in operation and give full satisfaction to their clients. The vessels continue to be delivered at a brisk rate, until September 2011. BOURBON will then confirm its leadership in offshore oil & gas marine services, operating the youngest and the most advanced fleet worldwide. II. From Bourbon Liberty series to BOURBON standards of trainings

Along with standardization of the fleet comes standardization of training through BOURBON Training Centers, again following the aeronautics example:

o BOURBON Training Centers: AHTS operations simulators The BOURBON Training Center: AHTS operations simulators in Marseilles and in Singapore replicating the bridge and equipment of the AHTS Bourbon Liberty 200. These centers enable the officers, in complement of initial and final training at sea, to gain a thorough command of BOURBON operating standards on land, in addition to the safety training program.

AHTS bridge Simulator

o Diesel-Electric Training Programs

The Diesel-Electric Training Programs is setting in breakdown situation on the vessels by EPD technician. This makes it possible to simulate its operation and the most commonly encountered malfunctions, and to systematically train chief engineers, second engineers and electricians on this new propulsion system before they sail.

EPD EOS Module

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o Dynamic Positioning Training Centers One DP II training center replicating the equipment of the Bourbon Liberty series is operational in Manila (Philippines). Available for all crew members, the dynamic positioning training program alternates theoretical instruction with practical instruction on the simulator.

DPII Simulator room

And in order to set up and guarantee training plans for the seamen and officers, BOURBON has chosen centers that comply with the Group’s international standards and are adapted to the local context. With the current very high levels of recruitment, these centers enable BOURBON to provide a consistent training policy in all the regions where it recruits. Standardization offers clients better efficiency, greater safety and an identical quality of service in all operating regions. This homogeneous next generation fleet precisely meets clients’ demands for safety, maneuverability, environmental protection, productivity and cost efficiency. Testimonies “DP II System on Bourbon Liberty is excellent; it performs with highest position accuracy with minimum actuator activity and then secures the operations”. Henry Franco, Chief-mate of the Bourbon Liberty 106, Bourbon Offshore Greenmar. “Given the operational capacities of the Bourbon Liberty series, clients used to conventional supply vessels will be completely convinced. Its specific and unique features make it a widely appreciated tool from both operational and financial point of view”. Sheikh Ali, Marketing Manager of Bourbon Offshore Asia

About Bourbon Liberty name The series was named Bourbon Liberty, a reference to the Liberty Ships of Second World War, ships that were completely standardized and built in record time in very large series by American shipyards to supply the Allied Forces. This concept, which confirmed the industrialization of world ship construction also helped to change the course of History.

About BOURBON With 5,000 professionals and a fleet of 266 owned vessels and 194 units on order, BOURBON is currently present in more than 28 countries. BOURBON offers a broad range of offshore oil and gas marine services. Under the Horizon 2012 plan BOURBON intends to become the leader in modern offshore oil and gas marine services by offering the most demanding clients worldwide, a full line of innovative, high performance and new-generation vessels and an expanded offer of Inspection, Maintenance and Repair services, with the launch of its new "Subsea Services" activity, operating 8 ROVs in addition to the IMR vessels. BOURBON also specializes in bulk transport and protects the French coastline for the French Navy. Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD and in the SBF 120 and Dow Jones Stoxx 600 indices.

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Your BOURBON contacts

Publicis Consultants / Press Relations Stéphanie Elbaz +33 1 57 32 85 92 stephanie.elbaz@consultants.publicis.fr Matthieu Pirouelle +33 1 57 32 86 78 matthieu.pirouelle@consultants.publicis.fr

BOURBON Communications Department Christa Roqueblave +33 1 40 13 86 06 christa.roqueblave@bourbon-online.com Investors – Analysts – Shareholders Relations Patrick Mangaud +33 1 40 13 86 09 patrick.mangaud@bourbon-online.com

For more information on the Bourbon Liberty series, please visit:

www.bourbon-liberty.com

www.bourbon-online.com