BOURBON Buys Out Brazilian Subsidary

BOURBON and Delba Maritima Navegação signed takeover agreements for the Brazilian company on December 29, 2009. BOURBON is now the 100% owner of its subsidiary.

This acquisition was made at the request of BOURBON’s historic partner in the joint-venture, who wished to withdraw from Delba Maritima Navegação. BOURBON is taking this opportunity to consolidate its medium and long-term position in Brazil. In a spirit of continuity, the operational management and organization of the subsidiary remain unchanged.

"Through its Brazilian subsidiary, BOURBON can now offer the full breadth of its services locally and the Group is thus in an excellent position to respond to the requirements of the Brazilian market," said Christian Lefèvre, Executive Vice President of BOURBON, in charge of Operations.

"With a production of 2 million barrels per day in 2009, over 12 billion barrels of proven reserves, and an investment program of US $105 billion over 5 years announced by our client Petrobras, we plan to seize new commercial opportunities and consolidate investments to meet the challenge of Brazilian growth, both in continental and deepwater offshore."