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2010 Results Information Meeting

March 16, 2011

B u i l d i n g t o g e t h e r a s e a o f t r u s t

• March 16, 2011

Jacques de Chateauvieux

• Jacques de Chateauvieux

Chairman of the Board of Directors

2

• !

+ 28% per year + 4% + 17% per year

Fleet growth

• €m

100 1000 2002 2009 2010 2015

Improvement in the

utilization rates and dayrates

Improvement in

fleet availability

10 Logarithmic scale 100

3

Horizon 2012 Plan BOURBON 2015 Plan

• "! #

BOURBON 2015

Cash

• perations

+ disposals CAPEX New debt Debt reimbursement Dividends

(incl minority interests)

Surplus cash

Plan Ordered Coming Decided Existing Coming

4

Horizon 2012 Plan BOURBON Plan 2015 BOURBON 2015

• "! #
• Non engaged investment
• Cash generated by

Cash

• perations

+ disposals CAPEX New debt Debt reimbursement Dividends

(incl minority interests)

Surplus cash

Coming Decided Existing 2015 Ordered

• Cash generated by
• Debt for the financing of

• $

Breakdown of revenues by segment and average age in 2010 Objective Growth of the fleet By segment

% # & % # '!

End 2007-End 2015 (8 years)

6

• Towards 0 accident
• Crew competency
• Effective management of

fuel consumption

• 95% availability rate
• Reduced operating costs
• End 2007-End 2015 (8 years)

Shallow Offshore Deepwater offshore Exploration/ Development Production/ Maintenance Crewboats

X 7 X 2 X 3 X 2

• ! ! !

'( '''

• )*&
• 1,2

1,4 1,6

7

Source: Energyfiles/Douglas Westwood, 2011

0,2 0,4 0,6 0,8 1 1,2

12/31/2005 12/31/2007 12/31/2009 2015

Laurent RENARD

"

Laurent RENARD Executive Vice President and Chief Financial Officer

9

20 40 60 80 100 120 1970 1975 1980 1985 1990 1995 2000 2005 2010

10 20 30 40 50 60 70 80 90 100

• !"#$

!"#$

2009 2010

• %

Fluctuations in Fluctuations in oil

• il prices

prices at at constant rate in 2010 constant rate in 2010 1970 1970-2010 2010

61 79

$ courant du jour $2010

1,0 1,1 1,2 1,3 1,4 1,5 1,6

& &"! "!

Current $ of the day

2009 2010

0,2 0,4 0,6 0,8 1 1,2 1,4 1,6 1,8 1970 1975 1980 1985 1990 1995 2000 2005 2010 Tx $/€

'(()*+ '(()*+, ,-++

• ++

1.39 1.33

10

In millions of euros

2010 2009

Change% 2010/ 2009

Number of owned vessels (end of period) 408 358

+14% Revenues

849.9 812.8 +4.6%

Gross operating income excluding capital gains 240.1 297.5

• 19.3%

% of revenues

28.2% 36.6%

• . .

% of revenues Capital gains

28.2% 0.9 36.6% 1.2

Gross operating income (EBITDA)

240.9 298.7

• 19.3%

Operating income (EBIT)

53.5 176.5

• 69.7%

Capital employed

EBITDA / average capital employed excl. installments

3 252 10,5% 3 258* 16,8%**

Gross capital expenditures** 659

743

11

* of which discontinued operations = 407 €m ** including discontinued operations

In millions of euros

2010 2009

Change% 2010/ 2009

Operating income (EBIT) 53.5 176.5

• 69.7%

Financial income Cost of net debt Other financial expenses and income (32.4) (54.5) 22.1 (34.3) (32.7) (1.5)

• . .

Operations held for sale 31.6 38.0

• 16.8%

Others (taxes, minority interests) (14.9) (8.7)

Net income 37.8 171.6

• 78%

Minority interests (1.4) 16.2

Net income, Group Share 39.2 155.4

• 74.8%

Net earnings per share in € 0.67 2.65

12

EBITDA:

Favorable market conditions for Marine Services in a context of fast growing fleet

EBIT:

• Depreciation for new vessels
• Non-recurring provisions (Brazil, Nigeria)
• . .

Financial income:

• Net indebteness’ cost increasing
• Unrealized gain on financial instruments

Net income:

Decline in line with the operational result

13

• /

+,-./0+12/ 3!

.0(

813 850 841

• 40

+

• 9

+55

Pro forma Pro forma 2009 2009 revenues revenues 2010 2010 revenues revenues Marine Services Subsea Services 2010 revenues 2010 revenues at at constant constant exchange rates exchange rates

• Fleet growth
• Difficult market
• Sharp decline in the use of chartered

vessels Other

813 850 841

change

14

605 660 127 150

• /

+17,5% +9%

1234353 463353

• .0(

77% 18% 5%

2009 2010 2009 2010

74% 16% 10% Marine Services Subsea Services Other (including chartered vessels, cement carrier)

• ++)
• ++

15

• /

4%# 5/

Marine services :

7 0 (8 109 .:

• 58,3

298,7

+4,0

.0(

• XX

Pro forma Pro forma EBITDA EBITDA 2009 2009 2010 2010 EBITDA EBITDA Marine Services Subsea Services Net capital gains 2010 2010 EBITDA EBITDA at at constant constant exchange rate exchange rate Change Other

240,9

+4,0

16

• XX

244

• /
• XX
• 58,3

240,9

• 120,5

.0(

2010 2010 EBITDA EBITDA

Other Depreciation new vessels Depreciation of fleet in operation as of January 1, 2009

• XX

Non-recurring provisions (Nigeria, Brazil)

2010 2010 EBIT EBIT

53,5

• 34
• 11

17

• 8,9
• 34

Increase of drydocks on existing fleet as of January 1, 2009

• 13

• (,

2010 2009

Change% 2010/ 2009 Number of owned vessels (end of period) Utilization rate 390 79.5% 343 83.0% +13.7%

• 3.5 pts

In millions of euros

Revenues 660.3 604.9 +9.2%

)6

. .

EBITDA excluding capital gains 182.1 240.4

• 24.3%

Capital gains 0.9 1.7 Gross operating income (EBITDA) % of revenues 182.9 27.7% 242.1 40.0%

• 24.4%

EBITDA/average capital employed excl. installments 9.8% 16.2%

18

► 58 new vessels, including 26 Bourbon Liberty vessels ► Unfavorable market: utilization rates and dayrates

2010 Marine Services Deep Offshore Number of owned vessels (end of period) Utilization rate 390 79.5% 69 90.3%

In millions of euros

Revenues 660.3 308.7

)6

009

►High utilization rate thanks to the high contractualization rate and

New

Revenues 660.3 308.7 Direct costs (406.6) (166.5) Gross operating margin 253.7 142.2 General and administrative costs (71.7) (33.5) EBITDA (excl. Capital gains) % of revenues 182.1 27.6% 108.6 35.2%

19

contractualization rate and limited growth of the fleet (+2 vessels) ►Dayrates down

2010 Marine Services Shallow Offshore Number of owned vessels (end of period) Utilization rate 390 79.5% 78 73.2%

In millions of euros

Revenues 660.3 151.7

)6

009

► Strong growth of the fleet + 26 Bourbon Liberty vessels

New

Revenues 660.3 151.7 Direct costs (406.6) (107.7) Gross operating margin 253.7 44.0 General and administrative costs (71.7) (16.5) EBITDA (excl. Capital gains) % of revenues 182.1 27.6% 27.5 18.1%

20

► 58 Bourbon Liberty vessels in operation at end of December ► Utilization rate greater than the competition, but affected by the introduction of new vessels and Brazil

2010 Marine Services Crewboats Number of owned vessels (end of period) Utilization rate 390 79.5% 243 78.2%

In millions of euros

Revenues 660.3 199.9

)6

9

30 new vessles Impact of Brazil on the

New

Revenues 660.3 199.9 Direct costs (406.6) (132.3) Gross operating margin 253.7 67.6 General and administrative costs (71.7) (21.7) EBITDA (excl. Capital gains) % of revenues 182.1 27.6% 45.9 23.0%

21

Impact of Brazil on the utilization rate Steady dayrates

2010 2009

Change% 2010/ 2009 Number of owned vessels (end of period) Utilization rate 17 88.5% 14 88.1% +21.4% +0.4 pts

In millions of euros

Revenues 149.6 127.3 +17.5% EBITDA excluding capital gains 52.8 48.8 +8.2%

6(6 7 8

. .

EBITDA excluding capital gains 52.8 48.8 +8.2% Capital gains

• (0.1)

Gross operating income (EBITDA) % of revenues 52.8 35.3% 48.7 38.2% +8.3% EBITDA/average capital employed excl. installments 13.7% 15.0%

3 new IMR vessels delivered in 2010 Improved performance in 2010

22

2010 Number of owned vessels (end of period) Utilization rate 17 88.5%

In millions of euros

Revenues 149.6

6(6

5 ;5

High utilization rate

New

Revenues 149.6 Direct costs (80.6) Gross operating margin 69.0 General and administrative costs (16.2) EBITDA (excl. Capital gains) % of revenues 52.8 35.3%

Steady dayrates

23

• /

Number of vessels Uilization rate

Marine Services Subsea Services

Deep Shallow Crewboats IMR

69 90.3% 78 73.2%

• 78
• 73.2

% 243 78.2% 17 88.5%

24

Revenues (€m) EBITDA exc capital gains (€m) EBITDA exc c.gains / Revenues

90.3% 73.2% % 78.2% 88.5% 308.7 108.6 35.2% 151.7 27.5 18.1% 199.9 45.9 23.0% 149.6 52.8 35.3%

In millions of euros

Year-end 2010 Year-end 2009 Offshore Activity 3,005 2,615

Incl offshore fleet in operation 2,310 1,860 Incl offshore fleet under construction 695 755

Bulk Activity 50 400

. <-++

6& '& *&

Bulk Activity 50 400 Other 40 120 WCR 160 125

CAPITAL EMPLOYED 3,255 3,260

Shareholders’ equity* 1,490 1,510 Net debt 1,765 1,750

CAPITAL EMPLOYED 3,255 3,260

25

* inc provisions

Investments of $2 billion planned for B2015 – 25% firmly committed as of

December 31, 2010

Payments largely staggered upon delivery:

− To be paid for Horizon 2012

€ 280 m

• 2

− To be paid for Horizon 2012

€ 280 m

− Already paid for BOURBON 2015

$ 100 m

At the end of March 2011, payment will have been received for the disposals

planned for BOURBON 2015:

− Bulk activity

€ 423 m

− Vietnam sugar

€ 34 m

− Other

€ 48 m

26

(

. <-++

( * &

• 536
• 248

+ 659 1,750 1, 765

.0(

+ 87 + 53

Net debt year-end 2009 Net debt year-end 2010 Disposals Cash generated by

• perations

Dividends Investments

27

Other

. <-++

9& !'

Unrealized CG fleet

1,468 2,268 + 800

Book value fleet 2,310 Shipbrokers’value 3,110

.0(

Shareholders’ equity as of 12/31/2010 Adjusted shareholders’ equity

Gearing 1,2 Market Cap Shareholders’equity 1,5 Adjusted gearing 0,8 Market Cap Adjusted SE 0,9

Unrealized CG 800

28

(

. <-++

1,765 60 1,468 700 1,005

.0(

1,005

29

Net debt as of December 31, 2010 Shareholders’ equity as of December 31, 2010 Installments on vessels under construction Net operating debt

Reimbursement of existing long-term debt = €1.698m

4( &

. <-++

. 0(

49 .(=*

600 800

' ( 3!

• :,,'; 73'(*<

30

200 400

2011 2012 2013 2014 2015 and beyond

.0(

Net cash as of December 31, 2009 (68.9) Net cash flow from operating activities 247.6 Net cash flow from investing activities (131.5)

• f which property, plant and equipment

(633.5)

7 '%

• ++
• f which property, plant and equipment

(633.5)

Net cash flow from financing activities (inc. Foreign exchange impact) (108.3)

• f which dividends paid to BOURBON shareholders

(52.9)

Net cash as of December 31, 2010 (61.1) Change in net cash 7.8

31

Proposal to distribute a dividend of € 0.90 Proposition to distribute 1 bonus share for every 10 shares held

• &(=4&&8

6% >. <- 0. -++ Shareholder breakdown Geographic breakdown

32

?

• @*A

B( *@A ( @<A ,9 ,9

• *@*A

C( : A

France Benelux England Switzerland US Other

Shareholder breakdown Geographic breakdown

3. +)A

Under unfavorable market conditions BOURBON is pursuing its stong growth, securing the financing of its invesments and proving

Resilient financial performance

7

Resilient financial performance Uniquely positioned strategy High potential with expected market upturn

33

Gaël BODENES

76

Gaël BODENES Executive Vice-President and Chief Operating Officer

34

$ 6 >&

2.21 2.28 1.14 2.00

Objective 2011

LTIR 0.00 TRIR 0.70

0 0.

35

2006 2007 2008 2009 2010

0,64

1.12 0.65 0.26 1.14 0.22 0.07 0.05 0.75 1.00 0.64

TRIR Objective by year TRIR: total recordable incidents per one million hours worked, based on 24 hours/day LTIR: total recordable accidents with work stoppage per one million hours worked, based on 24 hours/day

$

:0

• 8,350 persons as of 12/31/2010
• 1,550 new employees incorporated in 2010

Europe 36% Asie + Océanie 14% Afrique 34% Amérique 16%

• 70 nationalities

36

14%

• Breakdown by activity

Marine Services Subsea Services Divers

36%

11% 3%

81 % seagoing personnel 19% onshore personnel

30% 34%

86%

Deep water Offshore Shallow water Offshore Crewboats

$

Suriname Indonesia

3,8% 40,5%

OTHERS MARINE NATIONALE SAIPEM SHELL

37

New operating subsidiaries New Subsea Services operating regions New Marine Services operating regions

Brazil South Africa Australia Tanzania

24,3% 8,1% 5,3% 5,0% 5,0% 4,2% 3,8%

PETROBRAS CHEVRON BP EXXON TOTAL

$

2010 deliveries In number of vessels Deep water Offshore 2 Shallow water offshore 26 Crewboats 30

Bourbon Gulf Star in Qatar

Delivery of 61 vessels in 2010

38

Total Marine services 58 Total Subsea Services 3

Surfer 18000 for Congo

Low exposure in deepwater offshore Strong growth in Shallow offshore

Surfer 18000 pour le Congo

$

B00 0 <-++

American continent 53 vessels Mediterranean North Sea: 8 vessels France : 8 vessels

39

South East Asia 25 vessels West Africa 290 vessels 53 vessels Mediterranean Middle East- India 23 vessels

Operating vessels Average age Vessels on

• rder

TOTAL Total Marine Services 390 5,4 78 468 Deepwater offshore vessels 69 6,6 7 76 Shallow water offshore vessels 78 4,1 48 126

$

' 0. <-++

vessels 78 4,1 48 126 Crewboats vessels 243 5,6 23 266 Total Subsea Services 17 4 10 27 TOTAL Fleet 407 5,4 88 495 ROV 13 3,5 1 14

40

Examples of new Marine Services contracts :

• Egypt : 2 PSV on middle-term (Hess)
• Malaysia : 2 PSV on long-term (BHP)
• Gabon : 2 Bourbon Liberty on long-term (Perenco)
• Angola : 2 PSV on long-term (Total)
• Turkey : 3 PSV on long-term (Exxon)
• Assistance and salvage: 8 assistance operations conducted
• ..9.

Abeille Bourbon

• Assistance and salvage: 8 assistance operations conducted

Examples of new Subsea Services contracts :

• Australia (Asia area) : Bourbon Oceanteam 104 on long-term (TS Marine)
• Saudi Arabia: Bourbon Supporter on long-term (Argas)
• North Sea: Bourbon Enterprise on long-term (Fluor)

41

Bourbon Oceanteam 104

• /-++

Marine Services Subsea Services

Deep water Offshore Shallow water

• ffshore

Crewboats Number of vessels

69 78 243 17 Artabaze

Number of vessels

69 78 243 17

Utilization rate

90.3% 73.2% 78.2% 88.5%

Average dayrates

$ 19,370 $ 12,397 $ 4,073 $ 32,589

Availability rate

96.5% 93.6% 91.5% 91.9%

42

! 9'& '* 4&!'

18 9

14000 16000 18000 20000 22000 20 30 40 50 60 70 80 90 100 Average dayrates in $ Utilization rate in %

2009 2010

Utilization rate 43

• 2 vessels delivered in 2010: low exposure
• Repositioning of 7 vessels in H2 2010
• A segment characterized by oversupply capacity

(mainly for AHTS), the strategy is to maximize utilization rate while optimizing rates

12000 14000 10 20

H1 2010 H2 2010

Utilization rate

90.7% 89.5%

Average dayrates

$ 19,725 $ 18,935

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Average dayrates (in $)

( 9 9 !!'* 6 !'

18 9

11000 11500 12000 12500 13000 13500 14000 40 60 80 100 Utilization rate

2009 2010

Average dayrates in $ Utilization rate in % 44 10000 10500 11000 20

H1 2010 H2 2010

Utilization rate

74.0% 72.7%

Average dayrates

$ 12,488 $ 12,332

• 26 vessels delivered in 2010: 50% of the growth of

the shallow water fleet

• Utilization rate has been affected by vessels

mobilization

• In a replacement market, the approach is to give

priority to < 1 year contracts until rates improve

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Utilization rate Average dayrates (in $)

'&' !,? 7( !'

18 9

4000 5000 6000 30 40 50 60 70 80 90 100

2009 2010

Average dayrates in $ Utilization rate in % 45 2000 3000 10 20 30

H1 2010 H2 2010

Utilization rate

77.3% 79.1%

Average dayrates

$ 4,079 $4,070

• BOURBON: 30 crewboats delivered in 2010
• The target is to improve utilization rates while

maintaining rates

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010

Utilization rate Average dayrates (in $)

@&' 6(6!'

18 9

20000 25000 30000 35000 40000 30 40 50 60 70 80 90 100

2009 2010

Average dayrates in $ Utilization rate in % 46 10000 15000 20000 10 20 30

H1 2010 H2 2010

Utilization rate

85.4% 91.3%

Average dayrates

$ 33,328 $ 31,961

• 3 vessels delivered in 2010
• The objective is to prioritize utilization rates and

integrated services by developing new geographical areas

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Utilization rate Average dayrates (in $)

Low exposure in the deepwater offshore segment: 2 vessels delivered in a

competitive market

Shallow water offshore market demand for newer vessels contributed to the

success of the Liberty vessels

Subsea activity development: new geographical areas and reinforcement of

support activity for contractors

• The high quality services provided to customers ensure good crewboat segment

development in competition with helicopters

Today's objective is to focus on and manage contract duration in order to be

fully prepared for when day-rates improve again.

47

$ &'

:- D0 -++

Africa Slight slowdown in the deepwater market but bid tenders activity picks up substantially at year end Shallow water activity driven by the demand from contractors (maintenance and installation of new fields) North Sea Vessels overcapacity persists in 2010. Activity should recovered during 2011 Spring. Mediterranean Middle-East/ Med: Steady activity. Drilling activity starts in the Black Sea, and deepwater offshore activity in the Red Sea

48

Middle-East/ India India: Steady activity with a recovery of construction / maintenance activity Middle East: activity picks up American Continent US GOM: activity decreased dramatically after Macondo field salvage Brazil: good activity allows US GOM and North Sea to keep balance Mexico: Start-up of deepwater offshore Asia Growth in deepwater offshore, particularly in Australia, Indonesia and Malaysia Acceleration in the replacement rate of old shallow water vessels

4&'

9

Deepwater drilling rigs

200 250 300 rigs 2010 2011

2009

7 ! 3& 0 &'

49 50 100 150 200 In number of rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Drilling rigs 12/31/2010 Existing

253

Under contract

221

Under construction

57

Utilization rate Q4 2010

83%

*Average quarterly growth of platforms under contract in% Source: ODS Petrodata

4&'

9 6 ! &

400 500 600 f units

Floating units in operation (FPSO)

50 100 200 300 2009 2010 2011 2012 2013 2014 2015 Number of u

Surface units 12/31/2010 Existing 332 Under construction 140

Source : Infield / BOURBON January 2011

300 400 500 f rigs

6 '

9

Shallow water drilling rigs under contract

Growth recovers in exploration / development

2009 2010 2011 100 200 300 Number of rigs 51

Drilling rigs 12/31/201 Existing 471 Under contract 331 Under construction 47 Utilization rate in Q4 2010 64%

*Average quarterly growth of platforms under contracts in % Source: ODS Petrodata

3000 4000 5000 6000

300 400 500

6('

9

Subsea well heads Installations Subsea well heads Maintenance

6 ! 6(

Well heads > 10 years

1000 2000 3000

100 200

52

Source : Infield, February2011

Well heads:

• under service in 2010: 4002
• to install by 2015: 1814

Source : Infield, February2011

45% growth by 2015

• f well heads over 10 years old

'! '* 4&

7'

40 60 80 100 120 140 160 180 Number of vess els delivered

Global Global fleet fleet: 1,403 1,403 vessels vessels Future Future deliveries deliveries

263 on

• rder

Of which 11% > 25 years old

Current fleet 53

PSV > 2 000 DWT AHTS > 10 000 BHP

20 2008 2009 2010 2011 2012 2013+ N

Source : ODS Petrodata / BOURBON March 2011

Growing market

263 vessels on order including 60 PSV ordered in 2010 Strong delivery until 2012 Beginning 2011, BOURBON orders12 deepwater PSV: first one to be delivered by 2013

1,140

BOURBON deliveries

20 40 60 80 100 120 140 160 180 Number of vessels delivered

'! ' & ' 6

7'

Global Global fleet fleet: 1,774 1,774 vessels vessels Future Future deliveries deliveries

168

• n order

Of which 43% > 25 years

• ld

Current fleet 1,606 vessels

2008 2009 2010 2011 2012 2013 54

PSV < 2 000 DWT AHTS < 10 000 BHP

The demand for more reliable high-performance vessels is growing, driving the trend

towards replacing old vessels

43% of the existing fleet is more than 25 years old Few vessels on order Mid-2010 BOURBON orders: 20 Liberty AHTS 300 – 10 Liberty PSV 100 L

Source : ODS Petrodata / BOURBON March 2011

BOURBON deliveries

The investment announced by Oil companies is creating a favorable

momentum:

• Deepwater offshore: growth in investments of more than 11 % in 2011
• Shallow water offshore: growing trends towards replacement
• Subsea: deepwater offshore production increase and ageing of existing

subsea equipment

A$

BOURBON focus on offshore oil and gas services is now a reality

through:

• an active operational management per segment
• a managed investment strategy per segment and timely

55

Christian LEFÈVRE

!

Christian LEFÈVRE Chief Executive Officer

56

In 2010, our utilization rates withstood a stress case: a troublesome

market burdened with an overcapacity of vessels. This validates BOURBON’s strategy: !

– Clients have become are more demanding,

showing a preference for modern and high- performance vessels. This means a faster replacement rate.

57 Modern vessel Old vessel

replacement rate.

– The unique specifications of the Bourbon

Liberty vessels (diesel electric– DP2) are now in demand.

– BOURBON has little exposure to the large

AHTS market.

By 2015, a full range of 600 innovative and high-performance

vessels for exacting clients worldwide

17% growth in Offshore from 2011 to 2015, by additional capital

investment of $2 billion in new vessels

Increase from 8,500 to 12,000 employees, all determined to

A&6!

Increase from 8,500 to 12,000 employees, all determined to

ensure optimal safety of operations

Improve profitability by 2015:

− A fleet availability rate rising to 95 % − A target operating cost reduction of 4% at constant rates (excluding

inflation)

58

B6 )4 )44A64 @A"" )C7

'&!D&

6B 66 E6"7 FA )C7

6 regions Subsea Activity

59

A G&

LOGISTIC MANAGER CONTRACT MANAGER Single Provides local services to vessel

Direct client-vessel relationship

OPERATION MANAGER

60

Manages the vessel MANAGER CLIENT Single contact point Manages the contract

Priority

34 Contract Managers each managing an average of 6 vessels 20 Operations Managers each managing an average of 9 vessels

(

• Operational safety

Aligning our operational procedures with the new vessel/crew/shipowner assessment system put in place by clients OCIMF (Offshore Companies International Marine Forum): 81 members to date

Qualification of crews

Rigorous management of crew competences Individualized training programs

Availability of vessels Cost reduction

Regional inventories of full equipments Strengthen onshore support teams Innovative maintenance by « plug and play » Make the benefits of standardisation systematic:

• Training & Maintenance

Action plan to reduce fuel consumption, in partnership with our clients

61

& 6

Safety of client personnel:

– 2,065,119 persons transported in 2010 – 1 accident with work stoppage (LTI) during transfer vessel/plaftorm

Safety of BOURBON personnel

– Supply vessel – IMR: a mature activity

62

– Supply vessel – IMR: a mature activity

• 18 780 000 hours worked in 2010
• 0 accidents with work stoppage (LTI)

– Crewboat: a highly exposed activity, small vessels

• perated on the open sea, substantial vessel motion
• 10 512 000 hours worked in 2010
• 2 accidents with work stoppage (LTI)

Safety Campaign in progress: objective 0 accidents

BOURBON AHTS and PSV simulators in Marseille and Singapore (since

June 2008)

7 '&

9(8 .E(

Positions BOURBON employees Employees trained Have received training 380 47% 390 62% Captain 180

63

390 62% 308 56% Chief Officer Deck Officer 243 174

In 2010, 76 Officers were qualified in DP (Dynamic Positioning) 137 Engine Officers underwent a training session with our propulsion equipment

suppliers

7 '&

9(8 .E

Position BOURBON employees Pilots trained 180 709 Crewboats Pilots 298 42% of Crewboat Pilots have been trained on a simulator

8 BOURBON simulators deployed in 2010 (Angola, Brazil, Cameroon,

Congo, France, Gabon, Indonesia, Nigeria)

64 Crewboat simulator au Nigeria Crewboat simulator au Congo

7 '&

Technical training center in Nigeria

Position BOURBON employees Employees trained 180 323 Crewboats Engineers 137 42% of Crewboat Engineers have been trained in our « BOURBON training centers»

Technical training of Crewboat Engineers

Technical training center in Nigeria

65 Motorization module Air conditioning module → → → → Electricity module↑ ↑ ↑ ↑

• 2010 availability rate

H1 2010: 91.9% H2 2010: 93.8%

50% of capital expenditures earmarked for spare propulsion equipment has

been invested and deployed to operating regions

Technical response teams – 70% complete

(

2010: 92.8%

⇒ ⇒ ⇒ ⇒

Objective 2015: 95%

Technical response teams – 70% complete Frame agreements with strategic suppliers completed (propulsion engines,

thrusters, cranes, winches, DP)

66

(

(A( & ! ↓ ↓ ↓ ↓ → → → → (B'H

67

(B'H )GI & ! & J ← ← ← ← ↓ ↓ ↓ ↓

Series Series Number Number

Deep offshore PSV

Diesel-electric DPII 18 + 12 =

30

Shallow offshore AHTS 54 + 20 =

74

7

SPP 35 GPA 670

69 ⇒ ⇒ ⇒ ⇒ ,(! &&

Shallow offshore AHTS

Diesel-electric DPII

74

Shallow offshore PSV Diesel-electric DPII 22 +10 =

32

Maxi Utility Diesel-electric DPII

20

68 Bourbon Liberty 300 Bourbon Liberty 010 Bourbon Liberty 100L Bourbon Liberty 200 Bourbon Liberty 100

7

=.9 9

BOURBON invests in the training of regional crews.

External and internal training programs (Reference Captains, Supervisors, Chief Engineers)

– 33 % crewboats 100% operated by regional crews – 39 % Supply vessels (AHTS & PSV) 100% operated by regional crews

69

Nigerian crew of the Bourbon Leda Norwegian crew of the Bourbon Surf Indonesian crew of the Surfer 1845

7

=.9 9

International crew of the Bourbon Trieste – IMR supply International crew of the AHTS Luzolo

70

French crew of the Argonaute antipollution vessel Thai crew of the Bourbon Morrakot AHTS from the serie Bourbon Liberty Bourbon Trieste – IMR supply International crew of the AHTS Luzolo Anchor operation in Angola

Attestation of the results by the Statutory Auditors, calculated

• n the following basis:

Vessel fleet on a like-for-like basis

7 K (L2010-2015G &! (,/

Crews

Vessel fleet on a like-for-like basis Direct operating costs (index base 100 in 2010) Adjusted by weighted inflation

71

Other Maintenance

Global consumption of oil and gas will increase, driven by China and India The decline in output from existing fields is real Drilling new wells is the only economical solution for replacing offshore

reserves

• *

'9..(. 9

The oil companies have announced they are stepping up exploration

programs starting in 2011

Offshore drilling is done at greater depths, and the wells themselves are

deeper, which is beneficial for the marine services sector

More and more subsea fields are being developed, generating needs for

inspection, maintenance and repair

72

Our operational strategy is clear and is

validated by our clients *

Operational Safety Qualification of crews

BOURBON has the right structure to deliver

The organization and the processes needed

to improve performance are in place

Progress is already evident

73

Vessel availability crews Cost reduction

The growth of the fleet: 451 vessels at year-end 2011 The increase in utilization rates (already evident in January and * In 2011, BOURBON, which now focuses on offshore oil and gas services, will be favorably affected by: The increase in utilization rates (already evident in January and February 2011) The gradual increase in charter rates in the second half of 2011 (anticipating the market)

74

&& &&

75

6'& (

.<-++

In millions of euros Dec 31, 2010

• Dec. 31,

2009 Dec 31, 2010 Dec 31, 2009 ASSETS LIABILITIES Shareholders’s equity 1.468 1.487 Net property, plant and equipment 3.077 3.096 Financial debt > 1 year 1.504 1.450 Other non-current assets 81 78 Other non-current liabilities 96 63 TOTAL NON TOTAL NON-CURRENT ASSETS CURRENT ASSETS 3.158 3.174 TOTAL NON TOTAL NON-CURRENT CURRENT LIABILITIES LIABILITIES 1.600 1.513 LIABILITIES LIABILITIES Other current assets 423 435 Financial debt < 1 year 472 453 Cash and cash equivalents 210 153 Other current liabilities 266 309 TOTAL CURRENT ASSETS TOTAL CURRENT ASSETS 633 588 TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES 738 762 Non Non-current assets held for sale current assets held for sale 15

• Liabilities on non

Liabilities on non-current assets current assets held for sale held for sale

• TOTAL ASSETS

TOTAL ASSETS 3.806 3.7 62 TOTAL LIABILITIES TOTAL LIABILITIES 3.806 3.762 Net debt* Net debt* 1.765 Capital employed Capital employed 3.252 *incl companies treated under IFRS5

76

Deep water

• ffshore

vessels Shallow water

• ffshore

vessels

3&

Deliveries H1 2011 Deliveries H2 2011 Deliveries 2012 Deliveries 2013

• 2015

TOTAL 2 € 47m 2 € 66m 2 € 48m 1 € 14m 7 € 175m 10 € 112m 8 € 89m 24 € 342m 6 € 83m 48 € 626m

Number of vessels Value €m (excl. financial expense)

Crew boats vessels IMR vessels

77

15 € 37m 5 €10m 3 € 6m

• 23

€ 53m 1 € 46m 1 € 46m 4 € 184m 4 € 184m 10 € 460m 28 € 242m 16 € 211m 33 € 580m 11 € 281m 88 € 1 314m

(

(0-"<"-++

Contractualisation rate Average residual term of firm contracts Average residual term including

• ptions

Deepwater offshore fleet 78.3% 16.7 months 28.9 months

DM

Shallow water offshore fleet 61.5% 11.9 months 16.6 months Crewboats fleet 72.4% Na Na Subsea fleet 76.5% 15.2 months 24.7 months

• /-++

Marine Services Subsea Services

Deepwater Offshore Shallow water Offshore Crewboats Per Half Year Per Half Year H2 H1 H2 H1 H2 H1 H2 H1 Number of vessels

69 64 78 67 243 237 17 15 Artabaze

D5

Number of vessels

69 64 78 67 243 237 17 15

Utilization rate

89.5% 90.7% 72.7% 74.0% 79.1% 77.3% 91.3% 85.4%

Average dayrates

$ 18,935 $ 19,725 $ 12,332 $ 12,488 $ 4,070 $ 4,079 $ 31,961 $ 33,328

Availability rate

97.1% 95.9% 93.4% 93.9% 92.6% 90.4% 94.9% 88.6%

This document may contain information other than historical information, which constitutes estimated, provisional data concerning the financial position, results and strategy of BOURBON. These projections are based

• n assumptions that may prove to be incorrect and depend on risk factors

including, but not limited to: foreign exchange fluctuations, fluctuations in

4 '

including, but not limited to: foreign exchange fluctuations, fluctuations in

• il and natural gas prices, changes in oil companies investment policies

in the exploration and production sector, the growth in competing fleets, which saturates the market, the impossibility of predicting specific client demands, political instability in certain activity zones, ecological considerations and general economic conditions. BOURBON assumes no liability for updating the provisional information based on new information in light of future events or any other reason.

80