BOURBON Third Quarter 2014: revenues up 5.7% year on year

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Paris, November 5, 2014

• 3^rd quarter revenues increased by 5.7% as fleet growth and higher average daily rates were partially offset by lower utilization rates.
   
• Average daily rates increased in almost all segments and regions, owing in part to newer, larger vessels having higher day rates and also improved rates on some contract renewals and extensions.
   
• Utilization rates had mixed results across regions, with Asia and West Africa being adversely affected by increased supply of vessels and reduced activity, respectively.
   
• Cost reduction programs by oil companies had an overall impact on all segments.

“In the short term, we are entering a period in which the market will be more complex, taking into account cost reductions by clients and the decrease in the price of oil per barrel”, says Christian Lefèvre, Chief Executive Officer of BOURBON. “In this context, BOURBON remains focused on excellence in client service execution and on continued cost control. However, structurally the supply and demand for oil & gas will require recovery in the level of investment in the future.”

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