BOURBON Beams Over 'Very Satisfactory' 2007 Financial Performance

"Financial performance in 2007 was very satisfactory," declares Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON. "2007 was a pivotal year for the group -- and the success of the 2003 to 2007 plan confirms the value of our strategy and our capacity to achieve the ambitious targets we have set ourselves. It also saw the launch of the Horizon 2012 plan that we are embarking on with confidence thanks to the investments already made and the faith shown in us by our clients."

For BOURBON the year 2007 was characterized by the company's good performance in both its Divisions and by substantial capital gains on disposals. The year marked the end of the 2003-2007 plan, whose initial objectives have been exceeded.

Revenues were up by 26.5% at 769.7 million euros. Gross operating income (EBITDA) came to 309.7 million euros, up 26.4%, and included capital gains of 47.6 million euros on vessels sold compared with 19.7 million in 2006. The revenue margin was 40.2%. Operating income (EBIT) of 214.2 million euros was 34.8% higher.

Net income group share for the year amounted to 390.8 million euros and included capital gains on disposals of 229 million euros.

The year also saw a large investment program, with 668 million euros invested in 2007, following on from the 438.1 million euros invested in 2006.

Revenues of the Offshore Division for 2007 totaled 484.5 million euros, up 21.9% compared with 2006.

The very satisfactory increase in revenues is due in particular to a rise in the number of vessels in operation (13 supply vessels and 24 crewboats in 2007). Revenues from vessels chartered to meet the needs of clients totaled 41 million euros in 2007 versus 21 million euros in 2006.

On the other hand, the rise was limited by the cessation of the Bourbon Dolphin and Athena activity and the sale of older vessels.

Gross operating income (EBITDA) totaled 214.9 million euros (24.7 million euros of which were from capital gains) versus 195.8 million euros in 2006 (19 million euros of which were from capital gains).


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