Growth and financial discipline to serve the BOURBON 2015 Leadership Strategy plan

Video presentation by Jacques de Chateauvieux, Chairman of the Board of Directors, at BOURBON’s Combined Annual Shareholders’ Meeting 2012

Paris, June 11, 2012

• BOURBON focuses on offshore marine services, with the objective of the World No. 1 position in 20155. (2 min)

  Format : Windows Media Player / Flash ^*

• 2003-2009: 20% increase in shareholders' equity per year; 78% of investments financed by operations and the disposal of non-strategic assets. (1 min)

  Format : Windows Media Player / Flash ^*

• 2010-2011: 87% of investments financed by operations and the disposal of non-strategic assets, despite the decline of the offshore market and the delivery of a large number of new BOURBON vessels. (2 min)

  Format : Windows Media Player / Flash ^*

• Growth of the fleet based on financial discipline: operating debt only represents 36.5% of the market value of the assets. (3 min)

  Format : Windows Media Player / Flash ^*

• Record level of offshore activity for oil companies confirms the realistic nature of the 17% growth target in the BOURBON 2015 Leadership Strategy plan. (1 min)

  Format : Windows Media Player / Flash ^*

• 2012-2015: the majority of the investments, including the remaining €500 million to be committed to the BOURBON 2015 Leadership Strategy plan, will be financed from cash generated by operations. (2 min)

  Format : Windows Media Player / Flash ^*

• The expected growth in shareholder’s equity and return to the mean of the valuation indexes will boost BOURBON’s value. (1 min)

  Format : Windows Media Player / Flash ^*

^* Two types of broadcasts are available for this webcast:
- Windows Media Player Format for Windows platforms
- Flash Format for Apple, Linux, Android platforms