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B

2011 First half results Information Meeting August 31, 2011

CORPORATE

Laurent RENARD

Financial Results

Executive Vice President – Finance & Administration

2

H1 2010

BOURBON Context

77

111

1.33 1.32

82

H2 2010 H1 2011 H1 2010 H2 2010 H1 2011

1.40

3

In millions of euros H1 2011 H2 2010 H1 2010 Proforma

Change H1 2011 H1 2010

Number of owned vessels (end of period) 424 408 389 +9%

Revenues 482.7 443.6 406.4 +18.8%

Gross Operating Income (EBITDA)

% of revenues

142.1 29.4%

119.1 26.8%

121.9

30.0%

+16.6%

Operating Income (EBIT) 43.1 17.6 35.9 +19.9%

Capital employed Ann. EBITDA/ average capital employed excl. Installments

3 294 11.1%

3 252 9.7%

3 560

11.0%

Gross Capital Expenditures 175 318 341

BOURBON Income statement

4

In millions of euros H1 2011 H2 2010 H1 2010 Proforma

Change H1 2011 H1 2010

Operating Income (EBIT) 43.1 17.6 35.9 +19.9%

Financial Income

 Cost of net debt

 Other financial expenses and income

(62.7)

(30.2)

(32.6)

(38.0)

(28.4)

(9.5)

5.5

(26.1)

31.6

Net income from discontinued activities 0.5 21.2 10.4

Others (6.7) (4.8) (10.1)

Net Income (25.9) (4.0) 41.8

Minority interests (4.5) (2.1) 0.7

Net Income, Group Share (21.4) (1.8) 41.0

BOURBON Income statement

5

  Financial income is impacted by:

  foreign exchange differences from currency flows;   changes in the mark-to-market values of balance sheet items in foreign currencies.

  Exemple of the Accounts Receivable line item

  Foreign exchange differences from flows

Funds received for the half year at the average rate for the period (€1 = $1.40) from receivables billed previously at the average rate for the quarter preceding receipt of the funds (€1 = $1.34) Loss incurred = 6 cents on Accounts Receivable inflows

  Change in valuations of the Accounts Receivable line item on the balance sheet

–  As of January 1: cancellation of the unrealized gain recognized on December 31 of the previous year

or 2 cents on accounts receivable as of December 31 –  As of June 30:

valuation at the June 30 exchange rate (€1 = $1.45) of the accounts receivable line item; comparison with the rate on the billing date (average rate for the quarter €1 = $1.43)

Unrealized loss = 2 cents on accounts receivable as of June 30

Income statement Financial income –Exchange difference

6

3

-12,7

14,3

-9,8 -15,7

-40

-30

-20

-10

0

10

20

30

40

H1 2009 H2 2009 H1 2010 H2 2010 H1 2011

Income statement Financial income 2009-2011

Foreign exchange differences

In millions of euros

Foreign exchange differences realized

In millions of euros

Σ 2009-2011 = -21 M€ [4% of operating cash]

►  « Flow » and « Balance sheet » impact not always the same

►  Total effect limited in terms of Shareholders’ equity

-5,1

18,2

2,6 2,2

-14,9

3

-12,7

14,3

-9,8

-15,7

-40

-30

-20

-10

0

10

20

30

40

H1 2009 H2 2009 H1 2010 H2 2010 H1 2011

Realized

Unrealized

7

-1,8

(22,8)

0,9

-21,4

23

(20,7)

BOURBON Net Income, Group Share

Net Income, Group Share - H1 2011 vs H2 2010

EBITDA Foreign exchange differences

Discontinued operations

Other

Net Income, Group Share

H2 2010

Net Income, Group Share

H1 2011

23

In millions of euros

(17.0) Unrealized

(5.8) Realized

8

345 376

H2 2010 H1 2011

82 82

H2 2010 H1 2011

315 376

H1 2010 H1 2011

68 82

H1 2010 H1 2011

BOURBON Revenues

9

+21,3%

+19,3%

SUBSEA SERVICES In millions of euros

MARINE SERVICES

+9,0%

+19,7%

+7,4%

Subsea Services + Marine Services

Change previous year

Change Previous half year

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 H1 2011

EBITDA/Revenues EBIT/Revenues EBITDA/ACE (exc. Installments)

BOURBON EBITDA + 16,6%

Improvement in profitability after the low points of late 2010

10

BOURBON former Offshore Division BOURBON

Titre Sous-titre

H1 2011 H2 2010 H1 2010 Change H1 2011 H1 2010

Number of owned vessels (end of period) Utilization rate

406 83.4%

390 79.8%

373 79.3%

+8.8% +4.1 pts

In millions of euros

Revenues 376.1 345.1 315.2 +19.3%

EBITDA excluding capital gains 99.9 86.6 95.4 +4.7%

Capital gains 0.1 0.9 -

Gross Operating Income (EBITDA)

% of revenues

100.0 26.6%

87.5 25.4%

95.4 30.3%

+4.8%

Ann. EBITDA/ average capital employed excl. Installments 9.6% 8.8% 10.5%

Marine Services Income statement

  Regular growth in fleet   Continuous improvement in utilization rates   On the road to profitability after the low point of H2 2010

11

H1 2011 H2 2010 H1 2010 Change H1 2011 H1 2010

Number of owned vessels (end of period) Utilization rate

70 87.5%

69 89.5%

69 90.7%

+1.4% -3.2 pts

In millions of euros

Revenues 149.2 155.0 153.7 -2.9%

Direct costs (83.4) (86.0) (80.5) +3.6%

Gross operating margin 65.8 69.0 73.2 -10.1%

General and administrative costs (17.0) (17.8) (15.7) +8.2%

EBITDA (excl. Capital gains)

% of revenues

48.8 32.7%

51.2 33.0%

57.5 37.4%

-15.1%

Marine Services Deepwater Offshore vessels

12

  Only one addition to the fleet   High number of Classification drydock periods   Slight decrease in utilization rates

H1 2011 H2 2010 H1 2010 Change H1 2011 H1 2010

Number of owned vessels (end of period) Utilization rate

85 87.5%

78 72.7%

67 74.0%

+26.9% +13.5 pts

In millions of euros

Revenues 113.3 85.1 66.7 +70.0%

Direct costs (72.0) (62.9) (44.8) +60.5%

Gross operating margin 41.4 22.2 21.8 +89.4%

General and administrative costs (12.9) (9.7) (6.8) +89.5%

EBITDA (excl. Capital gains)

% of revenues

28.4 25.1%

12.5 14.7%

15.0 22.5%

+89.4%

Marine Services Shallow water vessels

13

  Massive addition of Bourbon Liberty vessels to the fleet   Commercial success + better use in Brazil   Improved profitability

H1 2011 H2 2010 H1 2010 Change H1 2011 H1 2010

Number of owned vessels (end of period) Utilization rate

251 80.8%

243 79.1%

237 77.3%

+5.9% +3.5 pts

In millions of euros

Revenues 113.6 105.1 94.8 +19.8%

Direct costs (78.0) (70.1) (62.2) +25.4%

Gross operating margin 35.6 35.0 32.6 +9.0%

General and administrative costs (12.9) (12.0) (9.7) +33.5%

EBITDA (excl. Capital gains)

% of revenues

22.6 19.9%

23.0 21.9%

22.9 24.2%

-1.3%

Marine Services Crewboats

14

  Fleet continues to grow   New engine substitution program impacting costs

H1 2011 H2 2010 H1 2010 Change H1 2011 H1 2010

Number of owned vessels (end of period) Utilization rate

17 94.2%

17 91.3%

15 85.4%

+13.3% +8.8 pts

In millions of euros

Revenues 82.4 81.7 67.9 +21.3%

Direct costs (38.7) (44.4) (36.2) +6.9%

Gross operating margin 43.7 37.3 31.7 +37.7%

General and administrative costs (9.4) (9.3) (6.9) +35.2%

EBITDA (excl. Capital gains) 34.3 28.0 24.8 +38.4%

Gross operating income (EBITDA) % of revenues

34.6 42.0%

28.0 34.2%

24.8 36.5%

+39.5%

Ann. EBITDA/ average capital employed excl. Installments 16.3% 13.9% 14.1%

Subsea Services Income statement

15

  Two large vessels added to the fleet   Excellent utilization rate, up sharply   Improved profitability despite the price of the $

In millions of euros June 30, 2011

Dec. 31, 2010

Fleet in operation 2,373 2,340

Fleet under construction 726 700

Discontinued operations - 15

Other 63 40

Working capital 132 160

CAPITAL EMPLOYED 3,294 3,255

Shareholders’ equity* 1,393 1,490

Net debt 1,901 1,765

CAPITAL EMPLOYED 3,294 3,255

Balance sheet June 30, 2011

Steady capital employed

* Inc. provisions

16

Balance sheet June 30, 2011

Capital expenditures under control

  As of June 30 2011, 37% of BOURBON’S 2015 CAPEX not yet committed

  Payment of CAPEX 25 % during construction

75 % on delivery

  Significant decrease in CAPEX paid out in the first half

17

Net debt June 30 , 2011

- 49

-64

+ 175

+ 53

1 ,765

1, 901

In millions of euros

Net debt year-end

2010

Net debt as of June 30,

2011

Disposals Cash

generated by operations

Dividends Investments

+ 21

Other

18

Operational net debt June 30, 2011

Net debt as of June 30, 2011

1 ,901

Shareholders’ equity as of June 30, 2011

Vessels under construction installments

Net operating debt

1, 368

726

1 ,175

In millions of euros

19

 Operating results up

 Net income impacted by change in the €uro/dollar parity

 The new financial strategy will gradually have a positive effect on cash flows

Conclusion

20

Gaël BODENES

Activities

Execu&ve  Vice-­‐President  and  Chief  Opera&ng  Officer  

21

Key factors

Safety is everyone’s priority

       TRIR  Objec*ve  by  year  

TRIR:  total  recordable  incidents  per  one  million  hours  worked,  based  on  24  hours/day  

LTIR:  total  recordable  accidents  with  work  stoppage  per  one  million  hours  worked,  based  on  24  hours/day  

0,64

Safety Performance 1st half 2011

1,06

18.3 million hours worked in H1 2011

2.21 2.28

1.12

0.65

0.26

1.14

0.22 0.07 0.05

0.75

1.00

2.00

0.71

0.70

0.06

0.64

2011 Objectives

LTIR 0.00

TRIR 0.70

22

Key factors Change in workforce

  610 new employees incorporated in H1 2011

  Distribution of employees

  More emphasis on training in H1 2011 compared to H1 2010:

  Supply vessels: 384 training programs (+ 106%)   Crewboats: 447 training programs (+ 127%)  Surfer simulator started up in Indonesia

71 nationalities

Europe 35%

Africa 34%

America 16%

South East Asia 15%

83% 17%

Navigants Sédentaires

Seagoing personnel

Onshore personnel

23

Key factors Client Portfolio

24

6 seismic support vessels

Contract: 5 years Shipyard: Grandweld in Dubaï Delivery: from year-end 2012

New client: CGGVeritas

21,0%  

10,0%  

4,0%  

4,0%  

7,0%  

4,0%  

6,0%  

3,0%  

35,0%  

OTHERS  

MARINE  NATIONALE  

SAIPEM  

SHELL  

PETROBRAS  

CHEVRON  

BP  

EXXON  

TOTAL  

Key factors Change in the fleet

H1 2011 deliveries in number of

vessels

Deepwater Offshore 1

Shallow water Offshore 8

Crewboats 12

Total Marine services 21

Total Subsea Services 0

21 vessels delivered in the first half of 2011

1rst Bourbon Evolution 800 on the way to Angola

Trials of the 1st Surfer 14000 in Cherbourg

25

Key factors Position of the fleet as of June 30, 2011

South East Asia 33 vessels

West Africa 298 vessels

American Continent 52 vessels Mediterranean

Middle East - India 23 vessels

North Sea: 9 vessels France: 8 vessels

+ 1 =

=

+ 8

- 1

+ 8

Change in number of vessels between 12/31/2010 and 06/30/2011

26

Operating vessels Average age Vessels on

order TOTAL

Total Marine Services 406 5.7 105 511

Deepwater Offshore vessels 70 7 26 96

Shallow water Offshore vessels 85 4.2 51 136

Crewboats 251 5.8 28 279

Total Subsea Services 17 4.5 10 27

TOTAL Fleet 423 5.6 115 538

ROV 11 3.5 1 12

Key factors Fleet as of June 2011

27

  Exemples of new Marine Services contracts:

- North Sea: 1 Large PSV on medium-term (Statoil) - Angola: 2 PSV on long-term (BP) - Sakhaline: 4 Bourbon Liberty on medium-term (Gazflot) - Mexico: 1 AHTS on long-term (PEMEX) - Thailand: 1 Bourbon Liberty on short-term (Chevron)

  Assistance and Salvage: 4 assistance operations conducted

  Exemples of new Subsea Services contrats:

- North Sea: 1 MPSV in wind farm on middle-term (Bard) - Nigeria: 2 MPSV on medium-term (Subsea 7) - Ghana: 1 MPSV on short-term (Tullow) - Angola: Medium-term extension of an MPSV (BP, block 18/31)

Activity Commercial development

Bourbon Bison Bourbon Enterprise at Fluor, wind farm market

Abeille Languedoc towing the Union Neptune off Oleron island

28

Activity Key data H1 2011

Marine Services Subsea

Services Deepwater Offshore

Shallow water Offshore Crewboats

Number of operating vessels

as of 06/30/2011 70 85 251 17

Utilization rate 87.5% 87.5% 80.8% 94.2%

Average daily rates $ 18,994 $ 12,821 $ 4,319 $ 32,117

Availability rate 93.8% 94.4 % 91.9% 96.7%

Artabaze

29

Availability of vessels

Objective 2015 95%

Availability rate Crewboats

91.9 %

Availability rate Supplies + IMR vessels

94.4 %

H1 2011

Classification drydock in series on BOURBON technical base in Congo

30

15000

17000

19000

21000

50

60

70

80

90

100

Utilization rates slightly down

Deepwater offshore Segment Utilization rates and average daily rates

  1 vessel delivered in H1 2011 and 4 classification drydocks anticipated

  Activity improving for PSV but overcapacity continues for AHTS

  The strategy is still to maximize utilization rates at appropriate prices

H2 2010 H1 2011

Utilization rates 89.5% 87.5%

Average daily rates $ 18,935 $ 18,994

Average daily rates in $ Utilization rates in %

Q1 Q2 Q3 Q4 Q1 Q2

2010

Utilization rate

Average daily rates (in $)

2011

31

10000

11000

12000

13000

14000

50

60

70

80

90

100

Sharp increase in utilization rates: + 14.8%

Shallow water offshore segment Utilization rates and average daily rates

H2 2010 H1 2011

Utilization rates 72.7% 87.5%

Average daily rates $ 12,332 $ 12,821

  8 vessels delivered in H1 2011

  Daily rates are slightly improving

  In a replacement market, the strategy is to aim for < 1 year contracts and to optimize rates

Average daily rates in $ Utilization rates in %

Q1 Q2 Q3 Q4 Q1 Q2

Utilization rate

Average daily rates (in $)

2010 2011

32

3000

3500

4000

4500

5000

50

60

70

80

90

100

Business remains steady

Crewboats segment Utilization rate and average daily rates

H1 2011 H2 2010

Utilization rates 80.8% 79.1%

Average daily rates $ 4,319 $ 4,070

  12 vessels delivered in H1 2011

  Business steady with a recovery of the FSIV business (fast supply intervention vessels)

  The objective is to increase the utilization rates at appropriate prices

Utilization rates in % Average daily rates in $

Q1 Q2 Q3 Q4 Q1 Q2

2010 2011 Utilization rate

Average daily rates (in $)

33

30000

31000

32000

33000

34000

50

60

70

80

90

100

A good performance with a high utilization rate at 94.2%

Subsea Services Activity Utilization rate and average daily rates

H2 2010 H1 2011

Utilization rate 91.3% 94.2%

Average daily rates $ 31,961 $ 32,117

  No vessels delivered in H1 2011

  Daily rates on track and a high utilization rate

  The objective is still to focus on integrated services while developing the activity in new geographical areas

Utilization rate in %

Average daily rates in $

Q1 Q2 Q3 Q4 Q1 Q2

2010 2011

Utilization rate

Average daily rates (in $)

34

Key developments 1st half 2011 market and outlook

American Continent

Africa

Mediterranean / Middle East / India

Asia

Persistent AHTS overcapacity but encouraging prospects with an increase in long-term contracts and new projects .

North Sea

Med: Business recovers, especially in Egypt.

Business steady in Middle East and India, but invitations to tender recovered substantially at the end of the period.

Development of deepwater offshore with an especially strong demand for PSV.

In shallow water, substitutions continue.

Substantial recovery of Deepwater Offshore activity.

Steady market in shallow water with an increase in substitutions.

Brazil: Deepwater offshore activity booming, but tensions over rates while operating costs are high.

Mexico: Pemex replaces its shallow water fleet with modern vessels.

35

0

50

100

150

200

250

300

2010 2011

Num

ber o

f rig

s un

der c

ontr

act

Deepwater Offshore demand Drivers

36

Deepwater drilling rigs

Source: ODS Petrodata 2011

Q1 Q2 Q1 Q2

a Q1 Q2 Q1 Q2

Under contrat 214 221 225 234

Existing 237 242 260 267 H1 2010 H2 2010 H1 2011

1 7 30

Drilling rigs ordered

Source: Infield Systems Limited, Subsea 11 Stand C5 / Simmons & Company presentation 2011

Investments by the oil companies in deepwater Offshore 2011 - 2015

Global forecasts: US $ 469 billion

Deepwater Offshore: US $ 188 billion

Activity

2010 2011

Shallow water

Offshore 60%

Deepwater Offshore

40%

Of which 16% North

Sea / Europe

+9 rigs +7 rigs

Shallow water 60%

Deep Offshore

40%

Of which 16% North Sea /

Europe

0

100

200

300

400

500

2010 2011

Num

ber o

f rig

s un

der c

ontr

act

Shallow water Offshore demand Drivers

37

Shallow water drilling rigs under contract

Source: ODS Petrodata 2011

a Q1 Q2 Q1 Q2

Under contract 335 344 329 351

Existing 458 461 477 477

Q1 Q2 Q1 Q2

H1 2010 H2 2010 H1 2011

1 19 31

Drilling rigs ordered

Source: Infield Systems Limited, Subsea 11 Stand C5 / Simmons & Company presentation 2011

Global forecasts: US $469 billion

Shallow water Offshore:

US $281 billion

Shallow water

Offshore 60%

Deepwatyer Offshore

40%

Of which 16% North

Sea / Europe

Investments by the oil companies in shallow water Offshore 2011 - 2015

Activity

2010 2011

+22 rigs +9 rigs

Shallow Offshore

60%

Deep Offshore 40%

Of which 16% North Sea /

Europe

Subsea demand Drivers

Source : ODS Petrodata

Steady growth in Subsea activities

Well heads 06/30/2011

Under service 4,066

To install by 2015 1,903

+  47%  by  2015  

   +45  %  by  2015  

Source : Infield, BOURBON,July 2011

Laying infrastructure in deep water

An all-time first

Operation to neutralize a water injection well from the Bourbon

Emerald

38

Deepwater Offshore Offer Global fleet

PSV > 2,000 DWT AHTS > 10,000 BHP

Total fleet worldwide: 1,490 vessels

321 on order

Of which 126 > 25 years old Current fleet

1,169

  321 vessels on order of which 79 vessels ordered in H1 2011 (72% PSV)

  Orders by BOURBON account for 8% of all orders worldwide

  New orders by BOURBON in H1 2011: 20 deepwater offshore PSV deliverable from 2013

Source : ODS Petrodata / BOURBON Juin 30, 2011

0

20

40

60

80

100

120

2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 2013 S2 2014 S1 2014 S2

Del

iver

ies

in n

umbe

r of v

esse

ls

BOURBON deliveries

Future deliveries

PSV > 2,00 DWT AHTS > 10,000 BHP

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014

39

Shallow water Offshore Offer Global Fleet

Total fleet worldwide 1,813 vessels

PSV < 2,000 DWT AHTS < 10,000 BHP

166 on order

Of which 676 > 25 years

old Current Fleet

1,647

 The low utilization rate of vessels more than 25 years old confirms the increasing demand by clients for new vessels

 166 vessels on order of which 22 vessels ordered in H1 2011

 Orders by BOURBON account for 30% of all orders worldwide

 New orders by BOURBON in H1 2011: 5 PSV Bourbon Liberty 150 and 6 seismic support vessels

Source : ODS Petrodata / BOURBON June 30, 2011 Source : ODS Petrodata / BOURBON June 30, 2011

0

20

40

60

80

100

120

2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 2013 S2

Del

iver

ies

in n

umbe

r of v

esse

ls

BOURBON deliveries

Future deliveries

PSV < 2,000 DWT AHTS < 10,000 BHP

74%

44%

0%

50%

100%

1

Utilization rate

(> 30 days’ contracts)

> 25 years

old

H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013

40

< 25 years

old

  Our business is starting to reflect the capital expenditures announced by the oil companies: -  Deepwater offshore and shallow water: drilling activity picks up along with new

rig orders

-  Subsea: increase in deepwater offshore production and aging of subsea installations

  Our operational objective is to contract ordered vessels and to maintain a high availability rate for the fleet

  Our commercial objective is to benefit from the growth of charter rates on the market while maintaining a high vessel utilization rate.

OUTLOOK

41

Christian LEFÈVRE

……….. Strategy & Outlook

Chief  Execu&ve  Officer  

42

  After a downturn lasting since late 2008, a market reversal occurred in 2011 for modern vessels –  More pronounced for PSV and IMR vessels –  Already significant for small and mid-sized AHTS –  Not yet evident for large AHTS

  BOURBON approaches this new market turnaround in a favorable position with: –  a modern new fleet –  high productive for clients –  benefiting from the series effect

  One illustration of this market reversal is the gradual increase in the utilization rates of modern vessels by the industry, as a prelude to the improvement in daily rates BOURBON is expecting by late 2011 and in 2012

A market reversal benefiting modern fleets

43

  The demand by clients for more reliable, more economical and more efficient vessels is resulting in a wide and growing discrepancy between utilization rates by the modern versus the old fleet industry.

  Our « product » offering (diesel electric, DPII, liquid mud capacity) leads to high utilization rates.

50

60

70

80

90

100

1Q 06

2Q 06

3Q 06

4Q 06

1Q 07

2Q 07

3Q 07

4Q 07

1Q 08

2Q 08

3Q 08

4Q 08

1Q 09

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

4Q 10

1Q 11

2Q 11

Construit à partir de 2005 Construit jusqu'en 1991 Flotte AHTS/PSV BOURBON

A market reversal benefiting modern fleets

AHTS/PSV fleet industry

BOURBON AHTS / PSV fleet

Old fleet industry (more than 20 years old)

Modern fleet industry (less than 6 years old)

Source : ODS Petrodata / BOURBON July 2011

Utilization rate as a %

44

Estimates of investments by the oil companies raised for 2011-2015

  3% additional growth, or 15% growth in Exploration & Production investments in 2011   Oil company expenditures by region for the period 2011-2015

Capex includes EPIC & Drilling Source : Infield Systems Limited, Subsea 11 Stand C5 / Simmons & Company présentation 2011

Total CAPEX : US $469b

45

North America:

South America:

Africa:

Middle East:

Asia:

  Drilling rigs as of June 30 2011

  Order books of the offshore construction companies

Source : Company presentations and press releases / ODS Petrodata

Petroleum contractors are the first to benefit from the increase in investments by the offshore oil &

gas sector

Scope:

Technip: subsea and offshore segments Saipem: offshore engineering, construction & drilling

Currency:

Saipem and Technip: in millions of euros Cameron, FMC Technologies and Subsea 7: in millions of dollars

* Before partnership of Acergy S.A. & Subsea 7 Inc.

** Partnership of Acergy S.A. & Subsea 7 Inc. completed

DEEP WATER SHALLOW WATER

Number of drilling rigs under contract 234 351

Number of drilling rigs under construction 69 71

46

BOURBON gears up to improve its performance

Safety in operations Qualification of crews

Availability of vessels Cost-cutting

Aligning our procedures to the demands of our clients Skills management / Training

Diesel-electric Propulsion Fleet standardization – Fuel consumption management Innovative maintenance through standard

exchange

Asia: AHTS simulator briefing room

PSV Luiana : « Safety Champion » ESSO Angola March 2011

47

Strong capacity to grow and generate EBITDA

  Through another increase in vessel utilization rates, particularly in Marine Services

  Through an increase in charter rates expected by year-end 2011 and in 2012 (increase already marked in the deepwater offshore PSV segment)

  Through growth in the fleet (115 vessels on order for delivery before the end of 2014), including: –  27 vessels to be delivered by year-end 2011

–  40 vessels to be delivered in 2012

  Through a 4% reduction in operating costs at constant rates (excluding inflation) over the period 2011-2015

BOURBON Outlook

48

July 1 2011 2012 2014 2013 2015

20 PSV

15 PSV B.Liberty 150

10 IMR Bourbon Evolution

6 Seismic support

4 PSV Large

2 AHTS 120T

20 AHTS B.Liberty 300

26 Crewboats

49

2 Crewboats

10 AHTS B. Liberty 200

BOURBON 2015

Leadership Strategy

Plan

87 vessels

Horizon 2012 Plan

28 vessels

Total to be delivered: 115

63%

37%

Budget : €1,5 bn

Employed Non employed

Deepwater Shallow Subsea Crewboats

BOURBON 2015 Leadership Strategy investment is 63%

complete

  Utilization rates:

–  At the top of the cycle in 2008, our average utilization rates were 91.5% (83.8% in H1 2011)

–  In 2012, a 2% improvement in average utilization rates would represent an improvement in EBITDA of €20 million

  Average daily rates:

–  Historically, the average daily rates for long-term contracts between the bottom and the top of the cycle go from single to double

–  In 2012, a 10% increase in the average daily rates on 50% of the BOURBON fleet would produce an increase in EBITDA of €50 million

BOURBON Outlook Strong capacity to grow and generate EBITDA

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  Positive market reversal in 2011 and outlook confirmed for an increase in investments by the oil companies

  The order books of offshore drilling and construction contractors are filling up faster

  BOURBON is poised to be the first company to benefit from this positive new economic cycle thanks to its modern high performance fleet and its global network.

  In our OSV industry, the utilization rates of modern fleets are increasing; prices are good and are expected to increase in late 2011 and in 2012. The increase in the rates charged for deepwater offshore is already marked.

BOURBON has a strong capacity to grow and generate EBITDA looking forward.

Outlook Conclusion

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APPENDICES

52

Simplified Balance sheet June 30, 2011

In millions of euros June 30, 2011

Dec 31, 2010

June 30, 2011

Dec 31, 2010

ASSETS LIABILITIES

Shareholders’s equity 1,368 1,468

Net property, plant and equipment 3,139 3,077 Financial debt > 1 year 1,434 1,504

Other non-current assets 84 81 Other non-current liabilities 84 96

3,223 3,158 1,518 1,600

Other current assets 477 423 Financial debt < 1 year 628 472

Cash and cash equivalents 161 210 Other current liabilities 347 266

638 633 975 738

- 15 - 0

3,861 3,805 3,861 3,805

1,901

3,294

53

*incl companies treated under IFRS5

En millions d’euros H1 2011

Cash at beginning of period (61.1)

Net cash flow from operating activities 64.0

Net cash flow from investing activities (121.5)

of which property, plant and equipment of which proceeds from disposals

(165.8) (46.8)

Net cash flow from financing activities (inc. Foreign exchange impact) (101.1)

of which dividends paid to BOURBON shareholders (53.2)

Net cash as of June 30 (219.7)

Change in net cash (158.7)

BOURBON– Cash flow statement

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BOURBON Key data – 1rst half 2011

55

Number of vessels

Utilization rate

Revenues (€m)

EBITDA exc capital gains (€m)

EBITDA exc capital gains / Revenues

Marine Services Subsea Services

Deep Shallow Crewboats IMR

70

87.5%

85

87.5%

•  78

•  73,2%

251

80.8%

17

94.2%

149.2

48.8

32.7%

113.3

28.4

25.1%

113.6

22.6

19.9%

82.4

34.3

41.6%

BOURBON Contractualisation as of 06/30/2011

56

Contractualisation rate

Average residual term of firm contracts

Average residual term including

options

Deepwater offshore fleet 84.3% 15.5 months 28.2 months

Shallow water offshore fleet 47.1% 11.0 months 14.4 months

Crewboats fleet 68.1% Na Na

Subsea fleet 66.7% 14.9 months 21.9 months

Activity Key data H1 2011

57

Marine Services Subsea Services

Deepwater Offshore

Shallow water Offshore Crewboats

Per Half Year Per Half Year

H2 2010 H1 2011 H2 2010 H1 2011 H2 2010 H1 2011 H2 2010 H1 2011

Number of vessels 69 70 78 85 243 251 17 17

Utilization rate 89.5% 87.5% 72.7% 87.5% 79.1% 80.8% 91.3% 94.2%

Average dayrates $ 18,935 $ 18,994 $ 12,332 $ 12,821 $ 4,070 $ 4,319 $ 31,961 $ 32,117

Availability rate 97.1% 93.8% 93.4% 94.4% 92.6% 91.9% 94.9% 96.7%

Artabaze

Deep water Offshore vessels

Shallow water Ooffshore vessels

Crewboats vessels

IMR vessels

Expected deliveries

58

Deliveries H2 2011

Deliveries 2012

Deliveries 2013

Deliveries 2014 2015 TOTAL

2

€ 64m

3

€ 79m

6

€ 114m

15

€ 305m

26

€ 562m

8

€ 89m

22

€ 282m

21

€ 246m

-

-

51

€ 617m

15

€ 33m

11

€ 30m

2

€ 15m

-

-

28

€ 78m

2

€ 92m

4

€ 184m

4

€ 184m

-

-

10

€ 460m

27

€ 278m

40

€ 575m

33

€ 559m

15

€ 305m

115

€ 1,717m

Number of vessels

Value €m (excl. financial expense

This document may contain information other than historical information,

which constitutes estimated, provisional data concerning the financial

position, results and strategy of BOURBON. These projections are based

on assumptions that may prove to be incorrect and depend on risk factors

including, but not limited to: foreign exchange fluctuations, fluctuations in

oil and natural gas prices, changes in oil companies investment policies

in the exploration and production sector, the growth in competing fleets,

which saturates the market, the impossibility of predicting specific client

demands, political instability in certain activity zones, ecological

considerations and general economic conditions.

BOURBON assumes no liability for updating the provisional information

based on new information in light of future events or any other reason.

Disclaimer

59