REGISTRATION DOCUMENT - Bourbon

7Trademarks,OTHER LEGAL AND FINANCIAL INFORMATIONlicenses, patents, real properties, plant and equipmentTRADEMARKS, LICENSES, PATENTS, REAL PROPERTIES, PLANTAND EQUIPMENT1 TRADEMARKS, LICENSES, PATENTSThe BOURBON Company has fi led its logo, including the graphic features. It has also protected its trademarks, i.e. BOURBON, BourbonOffshore and Les Abeilles, for the products and services concerned.BOURBON has also registered the brand “Under the fl ag of excellence” with the INPI (National Industrial Property Institute).2 REAL PROPERTIES, PLANT AND EQUIPMENTThe fl eet of vessels constitutes the major portion of the Group’s property, plant and equipment. The vessels (including those under construction)account for nearly 99% of the net property, plant and equipment as of December 31, 2011. For 2011, the average utilization rate for the fl eetin service was 84.2%. In 2011, the breakdown of the fl eet was as follows:Marine ServicesDeepwater OffshoreShallow waterSubsea ServicesCrewboatsoffshorePer half yearH 1 2011 H 2 2011 H 1 2011 H 2 2011 H 1 2011 H 2 2011 H 1 2011 H 2 2011Number of vessels (end of period) 70 70 85 91 251 257 17 18Utilization rate (1) 87. 50% 92. 10% 87. 50% 87. 50% 80. 80% 80. 90% 94. 20% 92. 70%Average daily rates (US dollar) $ 18, 994 $ 20, 163 $ 12, 821 $ 12, 872 $ 4, 319 $ 4, 380 $ 32, 117 $ 34, 030Availability rate 93. 80% 93. 90% 94. 40% 95. 70% 91. 90% 90. 30% 96. 70% 96. 70%As of December 31, 2011, the fl eet breaks down as follows:Position as of December 31, 2011 Operating vessels Average age Average utilization rate (%) (1)Marine ServicesDeepwater offshore vessels 70 7.5 89.8%Shallow water offshore vessels 91 3.9 87.5%Crewboats 257 5.8 80.9%Total Marine Services 418 5.7 83.8%Subsea ServicesIMR vessels 18 4.8 93.2%TOTAL VESSELS 436 5.6(1) Utilization rate: over a period, number of days generating income divided by the number of calendar days.BOURBON also has twelve ROVs with an average age of less thanfour years and a cement carrier delivered in 2009.As of December 31, 2011, over 67% of offshore supply vessels wereunder long-term contracts, with the average residual duration ofcontracts for these vessels at 14.5 months.BOURBON’ s fl eet of offshore support vessels (excluding crewboats)is valued at the end of each year by independent ship brokers,all with extensive knowledge of the markets in which our vesselsoperate. Transactions involving vessels with characteristics as similaras possible are taken into account by the brokers. Certain specifi csmay also be taken into account, such as:3 the country in which the vessel was built (opening or closingaccess to certain markets);3 degree of proximity to an operating zone targeted by thepurchaser, as well as the condition and age of the vessel.The statutory auditors rely on this data for impairment of assets tests.Based on the market values provided at December 31, 2011 andthe net book value of offshore support vessels on this date, theunrealized capital gains stand at almost €1 billion.As indicated in the notes to the consolidated fi nancial statements,maintenance operations are performed on all our vessels at regularintervals according to a multi-year plan for compliance with theclassifi cation requirements of international agreements or regulations.Thus every vessel involves two components:3 a vessel component;3 an “overhaul” component, representing the cost of an overhaul.Treatment of the “overhaul” component is also explained in note 1.5.6of the notes to the consolidated fi nancial statements. A summary ofBOURBON’s property, plant and equipment and the main expensesrelated thereto (amortization and losses in value) is included innote 3.3 of the notes to the consolidated fi nancial statements. Inaddition, in section 4.2, the management report describes theenvironmental risks and BOURBON’s approach to them.(1) In the industry, "long term" applies to commitments over six months. In practice, “long-term” contracts have terms of between two and three years, andsometimes include options to extend them for an additional one or two years.162BOURBON - 2011 Registration Document