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BOURBON : Fourth Quarter 2012 And Full-year 2012 Revenues

Compared with the fourth quarter of 2011, "Other" revenues were down 51.0%.

For the full year 2012, revenues were down 41.7%.

Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts pending the time new vessels are built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels not part of its regular line of services under global calls for tenders.

OUTLOOK

In 2013, the demand for offshore vessels is expected to be steady, buoyed by investments by oil and gas company clients which are expected to rise by around 13%, and by the expected arrival on the market of 76 new drilling rigs. The order books of offshore construction companies and subsea production equipment manufacturers are fuller than ever.

BOURBON is set to take delivery around 47 vessels during the year in this booming market.

BOURBON will present its 2012 results on March 6, 2013.

  • OTHER INFORMATION

On November 30, BOURBON sold 3 Platform Supply Vessels built in 2004 with a five-year bareboat charter agreement. This sale generated capital gains of approximately 22 million euros.

This deal reflects BOURBON's aim to standardize its fleet with recent series and built in series.

  • FINANCIAL CALENDAR

-Release and presentation of 2012 annual results    March 06, 2013

-1st quarter 2013 revenue release    May 02, 2013

-Shareholders' Meeting    May 28, 2013  

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

APPENDICES

Quarterly changes in 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
    Other                      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 changes in the average utilization rate of the BOURBON offshore fleet

                (as a %)                     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 changes in the average daily rate for the BOURBON offshore 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
    daily 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 entering in service

       (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

Change in annual 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

Quarterly change in the average utilization rate of the BOURBON offshore fleet

                  (as a %)                       Full 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

Quarterly change in the average daily rate for the BOURBON offshore fleet

                (in US$/day)                    Full 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 daily rate Total fleet excl.
    Crewboats                                18,743   17,663

Annual number of vessels entering in service

        (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              Full 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%
            American continent    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

                                                     Full year
                                                   2012     2011
    Average 12-month EUR/US$ 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

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