Bourbon Reports Earnings for First Half

Bourbon reported strong growth in business in the first half of 2007, particuarly a 29.7% increase in revenues (38.5% at constant exchange rates.

In light of the project to sell the port towing business disclosed on 19 July 2007 and in accordance with IFRS, the classification of port towing as "activities intended for sale" means that revenue figures are provided exclusive of port towing operations.

Coastline protection operations (Les Abeilles International) are now integrated in the Offshore Division. Bourbon revenues and financial statements for the first half of the year therefore take into account these measures, which have also been factored into pro forma data.

Bourbon revenues (excluding port towing) in the first half of 2007 amounted to EUR371.0 million, up by 29.7% compared to the same period in 2006 (+38.5% at a like-for-like exchange rate).

Business in the first half of the year was unchanged in spite of the impact of competition at Le Havre (-32.5%) given overall growth in activity at the port. In contrast, operations in Marseille-Fos suffered from the strike by port operatives in March and lower oil traffic than the previous year in the second quarter.

OFFSHORE DIVISION

With revenues of EUR231.4 million over the first half of the year, the Offshore Division posted 28.3% growth (+36% at a constant exchange rate) compared to the first half of 2006 on a highly buoyant market.

New vessels regularly came into service over the last twelve months including 15 new units in the last half-year (8 supply and 7 crew boats) enabling Bourbon to consolidate its position by offering its clients the excellence of new generation vessels.

It should, however, be noted that a proportion of revenues is still generated by chartered vessels and that operations to protect the French coastline have been incorporated in the Offshore Division in which three units already work for the French navy.

In line with its strategy, Bourbon has consolidated its presence in regions where the group has a long history of operations.

In Africa sustained growth has continued, in particular in Angola and Nigeria, where Bourbon posted growth of 33% and 26% in the first half of 2007 compared to the same period the year before.

In Europe and in the Mediterranean, revenues rose by 24% compared to the first half of 2006. Growth was focused primarily in the North Sea, where 3 supply vessels entered service (one AHTS and two PSVs) and where charter rates were also high.

The development of new facilities in line with the Horizon 2010 strategic plan is also bearing fruit.

Growth in Asia reflects the drive by Bourbon Offshore in this region.

Very recent development efforts and new facilities in Thailand and India have made this region a relay for expansion with 35.2% growth compared to the previous quarter.

BULK DIVISION

Revenues from the first half of 2007 posted by the Bulk Division amounted to EUR117.4 million, up by 42.9% compared to the same period the year before (+54.5% at a constant exchange rate).

In the first half of 2007 the reference average freight rate (Baltic Supramax Index) rose to USD 36 450 per day compared to USD 18 000 per day on average in the first half of 2006.

The index rose by 35% compared to the average rate in the second half of 2006.

Tonnage transported in the first half of 2007 amounted to 8.23 million tons (compared to 7.69 million tons in the first half of 2006), i.e. an increase of 7.0%.

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