REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Results2.2.1.1 Deepwater offshore vessels2011 2010Variation2011/2010Number of vessels owned (end of period) 70 69 +1 vesselUtilization rate 89.8% 90.3% -0.5 pt(in € millions) 2011 2010Variation2011/2010Revenues 318.4 308.7 +3.2%Direct costs (174.4) (166.5) +4.8%Operating margin 144.0 142.1 +1.3%General & Administrative costs (33.4) (33.5) -0.3%EBITDA 110.6 108.3 +2.1%As a % of revenues 34.7% 35.1%In 2011, revenues from deepwater offshore vessels amountedto €318.4 million and accounted for 40% of total Marine ServicesActivity. In accordance with the strategy and taking account of therisk of overcapacity on this segment, BOURBON only took deliveryof one vessel in 2011.Due to its long-term contract policy, the utilization rate remained highat 89.8%.EBITDA amounted to €110.6 million, i.e. half of all Marine Servicesbusiness.2.2.1.2 Shallow water offshore vessels2011 2010Variation2011/2010Number of vessels owned (end of period) 91 78 +13 vesselsUtilization rate 87.5% 73.2% +14.3 pts(in € millions) 2011 2010Variation2011/2010Revenues 241.5 151.7 +59.1%Direct costs (156.2) (107.7) +44.9%Operating margin 85.3 44 +93.9%General & Administrative costs (25.3) (16.5) +53.8%EBITDA 60.3 28.5 +111.8%As a % of revenues 25.0% 18.8%In 2011, revenues from shallow water offshore vessels amounted to€241.5 million, rising sharply (+59.1%) year-on-year due to:3 the expansion of the fl eet by 15 units, mainly Bourbon Libertysupply vessels;3 a sharp rise in the average utilization rate (+14.3 points) due to thefull-time deployment of the fl eet in Brazil;3 a sharp upturn in offshore construction business in West Africa;3 the beginnings of a general improvement in daily rates.EBITDA more than doubled at €60.3 million.18BOURBON - 2011 Registration Document