BOURBON Annual & 4th Quarter 2014 Revenues: Adjusted Annual revenues increased 6.7% to €1,385 million at constant rates

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• The Shallow water segment had very good performance (+18.7%), and became the largest contributor to adjusted annual revenues at €446 million


• Deepwater segment and Subsea were impacted by difficult market conditions in the 4^th quarter, with less annual growth at +3.0% and +3.1%, respectively


• Strong adjusted annual revenue growth of 18.0% in Asia


• The average utilization rate in Shallow water remained high during the 4^th quarter at 89.1%


• Average utilization rates in the 4^th quarter declined versus the prior year period in Deepwater to 85.8% (-4.3 pts) and in Subsea to 82.8% (-6.4 pts), reflecting more difficult market conditions


• The Euro/US Dollar exchange rate had a negative impact on revenues in the 1^st half of the year and a positive impact during the 2^nd half; adjusted annual revenue growth at current rates was 5.6% compared with +6.7% at constant rates

"In 2014, BOURBON achieved adjusted revenues of €1,385 million, a solid growth of 6.7%, during a more difficult market towards the end of the year", says Christian Lefèvre, Chief Executive Officer of BOURBON. "In this environment, the good performance of the Shallow water segment demonstrates the validity of the strategy to operate modern, standardized vessels. Today, with a strong fleet and reduced financial debt, BOURBON is well equipped to get through this period".

(a) Consolidated revenues for the 4^th quarter and full year 2014 were established for the first time according to the new accounting standards IFRS 10, IFRS 11 and IFRS 12 relating to consolidation which became mandatory as of January 1, 2014. Specifically, joint ventures on which BOURBON has joint control are now consolidated using the equity method which replaces the proportionate consolidation method. Comparative figures are restated accordingly.
The adjusted financial information is presented by Activity and by segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). The principles of internal reporting do not reflect the application of the new IFRS 10, IFRS 11 and IFRS 12. Consequently, joint ventures are still proportionately consolidated, as in previous years.