REGISTRATION DOCUMENT - Bourbon

2CompetitiveOVERVIEW OF THE GROUPenvironment5. COMPETITIVE ENVIRONMENT5.1 MARINE SERVICESThere are two types of operator:3 global operators present in the principal world markets, whichrepresent around 40% of the total fl eet. The leading companiesare Tidewater (USA), Seacor (USA), Farstad (Norway), Solstad(Norway), Maersk Supply (Denmark), Gulfmark (USA), EdisonChouest (USA), Swire Pacifi c (Hong Kong);3 around 300-400 local operators, each with a limited fl eet ofvessels.5.2 SUBSEA SERVICESBourbon Subsea Services has a unique position on this market in thesense that it offers a modular, fl exible and integrated range of vessels,robots, engineering and management personnel. Consequently,competition tends to be based more on the type of services requiredby the end client.Internationally, the competition primarily includes shipowners suchas Maersk Supply (Denmark), Tidewater (USA), Solstad (Norway) orToisa (USA) for straight chartering, and integrated service operatorssuch as DOF Subsea (Norway), Sonsub (Italy), DeepOcean –Tricomarine group (Norway), Hallin – Superior Energy Services(Singapore), Canyon – Helix ESG (USA).6. MAIN MARKET TRENDSCurrent projections for oil and gas demand are for an increase of31% in the period 2009 to 2035 (source: International EnergyAgency WEO 2011). Crude has maintained prices at above US$100per barrel (with the average price for 2011 reaching a record highof US$111/barrel). In this environment, exploration and productionexpenditure by oil companies is forecast to increase (source: DouglasWestwood) across all operating zones.In West Africa, BOURBON’ s leading region in terms of revenues,these investments will be concentrated chiefl y in deepwater andultra-deepwater offshore (with signifi cant discoveries of new fi elds).Shallow water offshoreActivity in this market has remained stable. Many drilling rigs weredelivered in 2011 or are on order. To meet oil operators’ “riskmanagement” requirements, the phenomenon of replacing oldervessels, now considered to be obsolete, by more modern vesselsis set to accelerate. Of the 106 shallow water offshore vessels onorder worldwide, 41% concern BOURBON. The average age ofBOURBON’ s shallow water offshore fl eet is 3.9 years in a global fl eetestimated at in excess of 1,700 units, 39% of which are over 25years old (source: ODS Petrodata / BOURBON).Deepwater OffshoreWith sustained demand for offshore marine services in most regionsin which BOURBON has a presence, the Group invests primarilyin high-growth markets (Asia, India, Africa and South America). Ofthe 342 vessels on order worldwide, 7% concern BOURBON. Theaverage age of BOURBON’ s deepwater offshore fl eet is 7.5 years ina global fl eet estimated at in excess of 1,200 units, 10% of which areover 25 years old (source: ODS Petrodata / BOURBON).14BOURBON - 2011 Registration Document