The complete presentation “First half 2011 results”

1. www.bourbon-online.com
Building together a sea of trust
B
2011 First half results
Information Meeting
August 31, 2011
CORPORATE

2. Laurent RENARD
Financial Results
Executive Vice President – Finance & Administration
2

3. H1 2010
BOURBON
Context
77
111
1.33 1.32
82
H2 2010 H1 2011 H1 2010 H2 2010 H1 2011
1.40
3

4. In millions of euros H1 2011 H2 2010 H1 2010
Proforma
Change
H1 2011
H1 2010
Number of owned vessels (end of period) 424 408 389 +9%
Revenues 482.7 443.6 406.4 +18.8%
Gross Operating Income (EBITDA)
% of revenues
142.1
29.4%
119.1
26.8%
121.9
30.0%
+16.6%
Operating Income (EBIT) 43.1 17.6 35.9 +19.9%
Capital employed
Ann. EBITDA/ average capital employed excl.
Installments
3 294
11.1%
3 252
9.7%
3 560
11.0%
Gross Capital Expenditures 175 318 341
BOURBON
Income statement
4

5. In millions of euros H1 2011 H2 2010
H1 2010
Proforma
Change
H1 2011
H1 2010
Operating Income (EBIT) 43.1 17.6 35.9 +19.9%
Financial Income
 Cost of net debt
 Other financial expenses and income
(62.7)
(30.2)
(32.6)
(38.0)
(28.4)
(9.5)
5.5
(26.1)
31.6
Net income from discontinued activities 0.5 21.2 10.4
Others (6.7) (4.8) (10.1)
Net Income (25.9) (4.0) 41.8
Minority interests (4.5) (2.1) 0.7
Net Income, Group Share (21.4) (1.8) 41.0
BOURBON
Income statement
5

6.  Financial income is impacted by:
 foreign exchange differences from currency flows;
 changes in the mark-to-market values of balance sheet items in foreign currencies.
 Exemple of the Accounts Receivable line item
 Foreign exchange differences from flows
Funds received for the half year at the average rate for the period (€1 = $1.40) from receivables
billed previously at the average rate for the quarter preceding receipt of the funds (€1 = $1.34)
Loss incurred = 6 cents on Accounts Receivable inflows
 Change in valuations of the Accounts Receivable line item on the balance
sheet
– As of January 1:
cancellation of the unrealized gain recognized on December 31 of the previous year
or 2 cents on accounts receivable as of December 31
– As of June 30:
valuation at the June 30 exchange rate (€1 = $1.45) of the accounts receivable line
item; comparison with the rate on the billing date (average rate for the quarter
€1 = $1.43)
Unrealized loss = 2 cents on accounts receivable as of June 30
Income statement
Financial income –Exchange difference
6

7. 3
-12,7
14,3
-9,8
-15,7
-40
-30
-20
-10
0
10
20
30
40
H1 2009 H2 2009 H1 2010 H2 2010 H1 2011
Income statement
Financial income 2009-2011
Foreign exchange differences
In millions of euros
Foreign exchange differences
realized
In millions of euros
Σ 2009-2011 = -21 M€
[4% of operating cash]
► « Flow » and « Balance sheet » impact not always the same
► Total effect limited in terms of Shareholders’ equity
-5,1
18,2
2,6 2,2
-14,9
3
-12,7
14,3
-9,8
-15,7
-40
-30
-20
-10
0
10
20
30
40
H1 2009 H2 2009 H1 2010 H2 2010 H1 2011
Realized
Unrealized
7

8. -1,8
(22,8)
0,9
-21,4
23
(20,7)
BOURBON
Net Income, Group Share
Net Income, Group Share - H1 2011 vs H2 2010
EBITDA Foreign
exchange
differences
Discontinued
operations
Other
Net Income, Group
Share
H2 2010
Net Income,
Group Share
H1 2011
23
In millions of euros
(17.0)
Unrealized
(5.8)
Realized
8

9. 345
376
H2 2010 H1 2011
82 82
H2 2010 H1 2011
315
376
H1 2010 H1 2011
68 82
H1 2010 H1 2011
BOURBON
Revenues
9
+21,3%
+19,3%
SUBSEA SERVICES
In millions of euros
MARINE SERVICES
+9,0%
+19,7%
+7,4%
Subsea Services +
Marine Services
Change
previous year
Change
Previous half year

10. 0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 H1 2011
EBITDA/Revenues EBIT/Revenues EBITDA/ACE (exc. Installments)
BOURBON
EBITDA + 16,6%
Improvement in profitability after the low points of late 2010
10
BOURBON former Offshore Division BOURBON

11. Titre
Sous-titre
H1 2011 H2 2010 H1 2010
Change
H1 2011
H1 2010
Number of owned vessels (end of period)
Utilization rate
406
83.4%
390
79.8%
373
79.3%
+8.8%
+4.1 pts
In millions of euros
Revenues 376.1 345.1 315.2 +19.3%
EBITDA excluding capital gains 99.9 86.6 95.4 +4.7%
Capital gains 0.1 0.9 -
Gross Operating Income (EBITDA)
% of revenues
100.0
26.6%
87.5
25.4%
95.4
30.3%
+4.8%
Ann. EBITDA/ average capital employed excl.
Installments
9.6% 8.8% 10.5%
Marine Services
Income statement
 Regular growth in fleet
 Continuous improvement in utilization rates
 On the road to profitability after the low point of H2 2010
11

12. H1 2011 H2 2010 H1 2010
Change
H1 2011
H1 2010
Number of owned vessels (end of period)
Utilization rate
70
87.5%
69
89.5%
69
90.7%
+1.4%
-3.2 pts
In millions of euros
Revenues 149.2 155.0 153.7 -2.9%
Direct costs (83.4) (86.0) (80.5) +3.6%
Gross operating margin 65.8 69.0 73.2 -10.1%
General and administrative costs (17.0) (17.8) (15.7) +8.2%
EBITDA (excl. Capital gains)
% of revenues
48.8
32.7%
51.2
33.0%
57.5
37.4%
-15.1%
Marine Services
Deepwater Offshore vessels
12
 Only one addition to the fleet
 High number of Classification drydock periods
 Slight decrease in utilization rates

13. H1 2011 H2 2010 H1 2010
Change
H1 2011
H1 2010
Number of owned vessels (end of period)
Utilization rate
85
87.5%
78
72.7%
67
74.0%
+26.9%
+13.5 pts
In millions of euros
Revenues 113.3 85.1 66.7 +70.0%
Direct costs (72.0) (62.9) (44.8) +60.5%
Gross operating margin 41.4 22.2 21.8 +89.4%
General and administrative costs (12.9) (9.7) (6.8) +89.5%
EBITDA (excl. Capital gains)
% of revenues
28.4
25.1%
12.5
14.7%
15.0
22.5%
+89.4%
Marine Services
Shallow water vessels
13
 Massive addition of Bourbon Liberty vessels to the fleet
 Commercial success + better use in Brazil
 Improved profitability

14. H1 2011 H2 2010 H1 2010
Change
H1 2011
H1 2010
Number of owned vessels (end of period)
Utilization rate
251
80.8%
243
79.1%
237
77.3%
+5.9%
+3.5 pts
In millions of euros
Revenues 113.6 105.1 94.8 +19.8%
Direct costs (78.0) (70.1) (62.2) +25.4%
Gross operating margin 35.6 35.0 32.6 +9.0%
General and administrative costs (12.9) (12.0) (9.7) +33.5%
EBITDA (excl. Capital gains)
% of revenues
22.6
19.9%
23.0
21.9%
22.9
24.2%
-1.3%
Marine Services
Crewboats
14
 Fleet continues to grow
 New engine substitution program impacting costs

15. H1 2011 H2 2010 H1 2010
Change
H1 2011
H1 2010
Number of owned vessels (end of period)
Utilization rate
17
94.2%
17
91.3%
15
85.4%
+13.3%
+8.8 pts
In millions of euros
Revenues 82.4 81.7 67.9 +21.3%
Direct costs (38.7) (44.4) (36.2) +6.9%
Gross operating margin 43.7 37.3 31.7 +37.7%
General and administrative costs (9.4) (9.3) (6.9) +35.2%
EBITDA (excl. Capital gains) 34.3 28.0 24.8 +38.4%
Gross operating income (EBITDA)
% of revenues
34.6
42.0%
28.0
34.2%
24.8
36.5%
+39.5%
Ann. EBITDA/ average capital employed excl.
Installments
16.3% 13.9% 14.1%
Subsea Services
Income statement
15
 Two large vessels added to the fleet
 Excellent utilization rate, up sharply
 Improved profitability despite the price of the $

16. In millions of euros June 30,
2011
Dec. 31,
2010
Fleet in operation 2,373 2,340
Fleet under construction 726 700
Discontinued operations - 15
Other 63 40
Working capital 132 160
CAPITAL EMPLOYED 3,294 3,255
Shareholders’ equity* 1,393 1,490
Net debt 1,901 1,765
CAPITAL EMPLOYED 3,294 3,255
Balance sheet
June 30, 2011
Steady capital employed
* Inc. provisions
16

17. Balance sheet
June 30, 2011
Capital expenditures under control
 As of June 30 2011, 37% of BOURBON’S 2015 CAPEX not yet
committed
 Payment of CAPEX 25 % during construction
75 % on delivery
 Significant decrease in CAPEX paid out in the first half
17

18. Net debt
June 30 , 2011
- 49
-64
+ 175
+ 53
1 ,765
1, 901
In millions of euros
Net debt
year-end
2010
Net debt as
of June 30,
2011
Disposals
Cash
generated by
operations
Dividends Investments
+ 21
Other
18

19. Operational net debt
June 30, 2011
Net debt as of
June 30, 2011
1 ,901
Shareholders’ equity
as of June 30, 2011
Vessels under
construction
installments
Net operating
debt
1, 368
726
1 ,175
In millions of euros
19

20.  Operating results up
 Net income impacted by change in the €uro/dollar parity
 The new financial strategy will gradually have a positive
effect on cash flows
Conclusion
20

21. Gaël BODENES
Activities
Execu&ve
Vice-­‐President
and
Chief
Opera&ng
Officer
21

22. Key factors
Safety is everyone’s priority
TRIR
Objec*ve
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
0,64
Safety Performance 1st half 2011
1,06
18.3 million hours
worked in H1 2011
2.21
2.28
1.12
0.65
0.26
1.14
0.22
0.07 0.05
0.75
1.00
2.00
0.71
0.70
0.06
0.64
2011 Objectives
LTIR 0.00
TRIR 0.70
22

23. Key factors
Change in workforce
 610 new employees incorporated in H1 2011
 Distribution of employees
 More emphasis on training in H1 2011 compared to H1 2010:
 Supply vessels: 384 training programs (+ 106%)
 Crewboats: 447 training programs (+ 127%)
 Surfer simulator started up in Indonesia
71
nationalities
Europe
35%
Africa
34%
Americ
a 16%
South
East
Asia
15%
83%
17%
Navigants
Sédentaires
Seagoing personnel
Onshore personnel
23

24. Key factors
Client Portfolio
24
6 seismic support vessels
Contract: 5 years
Shipyard: Grandweld in Dubaï
Delivery: from year-end 2012
New client: CGGVeritas
21,0%
10,0%
4,0%
4,0%
7,0%
4,0%
6,0%
3,0%
35,0%
OTHERS
MARINE
NATIONALE
SAIPEM
SHELL
PETROBRAS
CHEVRON
BP
EXXON
TOTAL

25. Key factors
Change in the fleet
H1 2011 deliveries
in number of
vessels
Deepwater Offshore 1
Shallow water Offshore 8
Crewboats 12
Total Marine services 21
Total Subsea Services 0
21 vessels delivered
in the first half of 2011
1rst Bourbon Evolution 800 on
the way to Angola
Trials of the 1st Surfer 14000 in
Cherbourg
25

26. Key factors
Position of the fleet as of June 30, 2011
South East Asia
33 vessels
West Africa
298 vessels
American Continent
52 vessels Mediterranean
Middle East - India
23 vessels
North Sea: 9 vessels
France: 8 vessels
+ 1
=
=
+ 8
- 1
+ 8
Change in number of vessels between 12/31/2010 and 06/30/2011
26

27. Operating
vessels
Average age
Vessels on
order
TOTAL
Total Marine Services 406 5.7 105 511
Deepwater Offshore vessels 70 7 26 96
Shallow water Offshore
vessels
85 4.2 51 136
Crewboats 251 5.8 28 279
Total Subsea Services 17 4.5 10 27
TOTAL Fleet 423 5.6 115 538
ROV 11 3.5 1 12
Key factors
Fleet as of June 2011
27

28.  Exemples of new Marine Services contracts:
- North Sea: 1 Large PSV on medium-term (Statoil)
- Angola: 2 PSV on long-term (BP)
- Sakhaline: 4 Bourbon Liberty on medium-term (Gazflot)
- Mexico: 1 AHTS on long-term (PEMEX)
- Thailand: 1 Bourbon Liberty on short-term (Chevron)
 Assistance and Salvage: 4 assistance operations conducted
 Exemples of new Subsea Services contrats:
- North Sea: 1 MPSV in wind farm on middle-term (Bard)
- Nigeria: 2 MPSV on medium-term (Subsea 7)
- Ghana: 1 MPSV on short-term (Tullow)
- Angola: Medium-term extension of an MPSV (BP, block 18/31)
Activity
Commercial development
Bourbon Bison
Bourbon Enterprise at Fluor, wind farm market
Abeille Languedoc towing the Union Neptune
off Oleron island
28

29. Activity
Key data H1 2011
Marine Services
Subsea
Services
Deepwater
Offshore
Shallow water
Offshore
Crewboats
Number of operating
vessels
as of 06/30/2011
70 85 251 17
Utilization rate 87.5% 87.5% 80.8% 94.2%
Average daily rates $ 18,994 $ 12,821 $ 4,319 $ 32,117
Availability rate 93.8% 94.4 % 91.9% 96.7%
Artabaze
29

30. Availability of vessels
Objective 2015
95%
Availability rate
Crewboats
91.9 %
Availability rate
Supplies + IMR vessels
94.4 %
H1 2011
Classification drydock in series on BOURBON technical base in Congo
30

31. 15000
17000
19000
21000
50
60
70
80
90
100
Utilization rates slightly down
Deepwater offshore Segment
Utilization rates and average daily rates
 1 vessel delivered in H1 2011 and 4 classification
drydocks anticipated
 Activity improving for PSV but overcapacity
continues for AHTS
 The strategy is still to maximize utilization rates at
appropriate prices
H2 2010 H1 2011
Utilization rates 89.5% 87.5%
Average daily
rates
$ 18,935 $ 18,994
Average daily rates in $Utilization rates in %
Q1 Q2 Q3 Q4 Q1 Q2
2010
Utilization rate
Average daily rates (in $)
2011
31

32. 10000
11000
12000
13000
14000
50
60
70
80
90
100
Sharp increase in utilization rates: + 14.8%
Shallow water offshore segment
Utilization rates and average daily rates
H2 2010 H1 2011
Utilization rates 72.7% 87.5%
Average daily
rates
$ 12,332 $ 12,821
 8 vessels delivered in H1 2011
 Daily rates are slightly improving
 In a replacement market, the strategy is to aim for
< 1 year contracts and to optimize rates
Average daily rates in $Utilization rates in %
Q1 Q2 Q3 Q4 Q1 Q2
Utilization rate
Average daily rates (in $)
2010 2011
32

33. 3000
3500
4000
4500
5000
50
60
70
80
90
100
Business remains steady
Crewboats segment
Utilization rate and average daily rates
H1 2011 H2 2010
Utilization rates 80.8% 79.1%
Average daily
rates
$ 4,319 $ 4,070
 12 vessels delivered in H1 2011
 Business steady with a recovery of the FSIV
business (fast supply intervention vessels)
 The objective is to increase the utilization rates at
appropriate prices
Utilization rates in % Average daily rates in $
Q1 Q2 Q3 Q4 Q1 Q2
2010 2011
Utilization rate
Average daily rates (in $)
33

34. 30000
31000
32000
33000
34000
50
60
70
80
90
100
A good performance with a high utilization rate at 94.2%
Subsea Services Activity
Utilization rate and average daily rates
H2 2010 H1 2011
Utilization rate 91.3% 94.2%
Average daily
rates
$ 31,961 $ 32,117
 No vessels delivered in H1 2011
 Daily rates on track and a high utilization rate
 The objective is still to focus on integrated services
while developing the activity in new geographical
areas
Utilization rate
in %
Average daily rates in $
Q1 Q2 Q3 Q4 Q1 Q2
2010 2011
Utilization rate
Average daily rates (in $)
34

35. Key developments
1st half 2011 market and outlook
American Continent
Africa
Mediterranean /
Middle East / India
Asia
Persistent AHTS overcapacity
but encouraging prospects with
an increase in long-term
contracts and new projects .
North Sea
Med: Business recovers, especially in
Egypt.
Business steady in Middle East and
India, but invitations to tender
recovered substantially at the end of
the period.
Development of deepwater
offshore with an especially
strong demand for PSV.
In shallow water, substitutions
continue.
Substantial recovery of
Deepwater Offshore activity.
Steady market in shallow
water with an increase in
substitutions.
Brazil: Deepwater offshore
activity booming, but tensions
over rates while operating costs
are high.
Mexico: Pemex replaces its
shallow water fleet with modern
vessels.
35

36. 0
50
100
150
200
250
300
2010 2011
Numberofrigsundercontract
Deepwater Offshore demand
Drivers
36
Deepwater drilling rigs
Source: ODS Petrodata 2011
Q1 Q2 Q1 Q2
a Q1 Q2 Q1 Q2
Under contrat 214 221 225 234
Existing 237 242 260 267
H1 2010 H2 2010 H1 2011
1 7 30
Drilling rigs ordered
Source: Infield Systems Limited, Subsea 11 Stand C5 /
Simmons & Company presentation 2011
Investments by the oil companies in
deepwater Offshore 2011 - 2015
Global forecasts:
US $ 469 billion
Deepwater Offshore:
US $ 188 billion
Activity
2010 2011
Shallow
water
Offshore
60%
Deepwater
Offshore
40%
Of which
16% North
Sea /
Europe
+9 rigs
+7 rigs
Shallow water
60%
Deep
Offshore
40%
Of which 16%
North Sea /
Europe

37. 0
100
200
300
400
500
2010 2011
Numberofrigsundercontract
Shallow water Offshore demand
Drivers
37
Shallow water drilling rigs under contract
Source: ODS Petrodata 2011
a Q1 Q2 Q1 Q2
Under contract 335 344 329 351
Existing 458 461 477 477
Q1 Q2 Q1 Q2
H1 2010 H2 2010 H1 2011
1 19 31
Drilling rigs ordered
Source: Infield Systems Limited, Subsea 11 Stand C5 /
Simmons & Company presentation 2011
Global forecasts:
US $469 billion
Shallow water
Offshore:
US $281 billion
Shallow
water
Offshore
60%
Deepwatyer
Offshore
40%
Of which
16% North
Sea /
Europe
Investments by the oil companies in shallow
water Offshore 2011 - 2015
Activity
2010 2011
+22 rigs
+9 rigs
Shallow
Offshore
60%
Deep Offshore
40%
Of which 16%
North Sea /
Europe

38. Subsea demand
Drivers
Source : ODS Petrodata
Steady growth in Subsea activities
Well heads 06/30/2011
Under service 4,066
To install by 2015 1,903
+
47%
by
2015
+45
%
by
2015
Source : Infield, BOURBON,July 2011
Laying infrastructure in deep water
An all-time first
Operation to neutralize a water
injection well from the Bourbon
Emerald
38

39. Deepwater Offshore Offer
Global fleet
PSV > 2,000 DWT
AHTS > 10,000 BHP
Total fleet worldwide:
1,490 vessels
321 on
order
Of which 126
> 25 years old
Current fleet
1,169
 321 vessels on order of which 79 vessels ordered in H1 2011 (72% PSV)
 Orders by BOURBON account for 8% of all orders worldwide
 New orders by BOURBON in H1 2011: 20 deepwater offshore PSV deliverable from
2013
Source : ODS Petrodata / BOURBON Juin 30, 2011
0
20
40
60
80
100
120
2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 2013 S2 2014 S1 2014 S2
Deliveriesinnumberofvessels
BOURBON deliveries
Future deliveries
PSV > 2,00 DWT
AHTS > 10,000 BHP
H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014
39

40. Shallow water Offshore Offer
Global Fleet
Total fleet worldwide 1,813 vessels
PSV < 2,000 DWT
AHTS < 10,000 BHP
166
on order
Of which 676
> 25 years
old
Current Fleet
1,647
 The low utilization rate of vessels more than 25 years old confirms the increasing
demand by clients for new vessels
 166 vessels on order of which 22 vessels ordered in H1 2011
 Orders by BOURBON account for 30% of all orders worldwide
 New orders by BOURBON in H1 2011: 5 PSV Bourbon Liberty 150 and 6 seismic
support vessels
Source : ODS Petrodata / BOURBON June 30, 2011Source : ODS Petrodata / BOURBON June 30, 2011
0
20
40
60
80
100
120
2011 S1 2011 S2 2012 S1 2012 S2 2013 S1 2013 S2
Deliveriesinnumberofvessels
BOURBON deliveries
Future deliveries
PSV < 2,000 DWT
AHTS < 10,000 BHP
74%
44%
0%
50%
100%
1
Utilization rate
(> 30 days’ contracts)
>
25 years
old
H1 2011 H2 2011 H1 2012 H2 2012 H1 2013 H2 2013
40
<
25 years
old

41.  Our business is starting to reflect the capital expenditures
announced by the oil companies:
- Deepwater offshore and shallow water: drilling activity picks up along with new
rig orders
- Subsea: increase in deepwater offshore production and aging of subsea
installations
 Our operational objective is to contract ordered vessels and to
maintain a high availability rate for the fleet
 Our commercial objective is to benefit from the growth of charter
rates on the market while maintaining a high vessel utilization rate.
OUTLOOK
41

42. Christian LEFÈVRE
………..
Strategy & Outlook
Chief
Execu&ve
Officer
42

43.  After a downturn lasting since late 2008, a market reversal occurred in 2011 for
modern vessels
– More pronounced for PSV and IMR vessels
– Already significant for small and mid-sized AHTS
– Not yet evident for large AHTS
 BOURBON approaches this new market turnaround in a favorable position with:
– a modern new fleet
– high productive for clients
– benefiting from the series effect
 One illustration of this market reversal is the gradual increase in the utilization
rates of modern vessels by the industry, as a prelude to the improvement in
daily rates BOURBON is expecting by late 2011 and in 2012
A market reversal
benefiting modern fleets
43

44.  The demand by clients for more reliable, more economical and more efficient vessels is
resulting in a wide and growing discrepancy between utilization rates by the modern
versus the old fleet industry.
 Our « product » offering (diesel electric, DPII, liquid mud capacity) leads to high utilization
rates.
50
60
70
80
90
100
1Q
06
2Q
06
3Q
06
4Q
06
1Q
07
2Q
07
3Q
07
4Q
07
1Q
08
2Q
08
3Q
08
4Q
08
1Q
09
2Q
09
3Q
09
4Q
09
1Q
10
2Q
10
3Q
10
4Q
10
1Q
11
2Q
11
Construit à partir de 2005 Construit jusqu'en 1991 Flotte AHTS/PSV BOURBON
A market reversal
benefiting modern fleets
AHTS/PSV fleet industry
BOURBON AHTS / PSV fleet
Old fleet industry
(more than 20 years old)
Modern fleet industry
(less than 6 years old)
Source : ODS Petrodata / BOURBON July 2011
Utilization rate as a %
44

45. Estimates of investments by the oil
companies raised for 2011-2015
 3% additional growth, or 15% growth in Exploration & Production investments in 2011
 Oil company expenditures by region for the period 2011-2015
Capex includes EPIC & Drilling
Source : Infield Systems Limited, Subsea 11 Stand C5 / Simmons & Company présentation 2011
Total CAPEX :
US $469b
45
North America:
South America:
Africa:
Middle East:
Asia:

46.  Drilling rigs as of June 30 2011
 Order books of the offshore construction companies
Source : Company presentations and press releases / ODS Petrodata
Petroleum contractors are the first to benefit from
the increase in investments by the offshore oil &
gas sector
Scope:
Technip: subsea and offshore segments
Saipem: offshore engineering, construction & drilling
Currency:
Saipem and Technip: in millions of euros
Cameron, FMC Technologies and Subsea 7: in millions of dollars
* Before partnership of Acergy S.A. & Subsea 7 Inc.
** Partnership of Acergy S.A. & Subsea 7 Inc. completed
DEEP WATER SHALLOW WATER
Number of drilling rigs under contract 234 351
Number of drilling rigs under construction 69 71
46

47. BOURBON gears up to improve its
performance
Safety in operations Qualification of crews
Availability of vessels Cost-cutting
Aligning our procedures to the demands of our clients Skills management / Training
Diesel-electric Propulsion
Fleet standardization – Fuel consumption managementInnovative maintenance through standard
exchange
Asia: AHTS simulator briefing room
PSV Luiana : « Safety Champion »
ESSO Angola March 2011
47

48. Strong capacity to grow and generate EBITDA
 Through another increase in vessel utilization rates, particularly in Marine
Services
 Through an increase in charter rates expected by year-end 2011 and in 2012
(increase already marked in the deepwater offshore PSV segment)
 Through growth in the fleet (115 vessels on order for delivery before the end of
2014), including:
– 27 vessels to be delivered by year-end 2011
– 40 vessels to be delivered in 2012
 Through a 4% reduction in operating costs at constant rates (excluding
inflation) over the period 2011-2015
BOURBON Outlook
48

49. July 1 2011 2012 20142013 2015
20 PSV
15 PSV
B.Liberty 150
10 IMR Bourbon Evolution
6 Seismic
support
4 PSV Large
2 AHTS 120T
20 AHTS B.Liberty 300
26 Crewboats
49
2 Crewboats
10 AHTS B. Liberty 200
BOURBON
2015
Leadership
Strategy
Plan
87 vessels
Horizon
2012 Plan
28 vessels
Total to be delivered: 115
63%
37%
Budget : €1,5 bn
Employed Non employed
Deepwater
Shallow
Subsea
Crewboats
BOURBON 2015 Leadership
Strategy investment is 63%
complete

50.  Utilization rates:
– At the top of the cycle in 2008, our average utilization rates were 91.5% (83.8% in H1
2011)
– In 2012, a 2% improvement in average utilization rates would represent an
improvement in EBITDA of €20 million
 Average daily rates:
– Historically, the average daily rates for long-term contracts between the bottom and
the top of the cycle go from single to double
– In 2012, a 10% increase in the average daily rates on 50% of the BOURBON fleet
would produce an increase in EBITDA of €50 million
BOURBON Outlook
Strong capacity to grow and generate EBITDA
50

51.  Positive market reversal in 2011 and outlook confirmed for an increase in
investments by the oil companies
 The order books of offshore drilling and construction contractors are filling up
faster
 BOURBON is poised to be the first company to benefit from this positive new
economic cycle thanks to its modern high performance fleet and its global
network.
 In our OSV industry, the utilization rates of modern fleets are increasing; prices
are good and are expected to increase in late 2011 and in 2012. The increase in
the rates charged for deepwater offshore is already marked.
BOURBON has a strong capacity to grow and generate EBITDA looking forward.
Outlook
Conclusion
51

52. APPENDICES
52

53. Simplified Balance sheet
June 30, 2011
In millions of euros
June 30,
2011
Dec 31,
2010
June 30,
2011
Dec 31,
2010
ASSETS LIABILITIES
Shareholders’s equity 1,368 1,468
Net property, plant and equipment 3,139 3,077 Financial debt > 1 year 1,434 1,504
Other non-current assets 84 81 Other non-current liabilities 84 96
3,223 3,158 1,518 1,600
Other current assets 477 423 Financial debt < 1 year 628 472
Cash and cash equivalents 161 210 Other current liabilities 347 266
638 633 975 738
- 15 - 0
3,861 3,805 3,861 3,805
1,901
3,294
53
*incl companies treated under IFRS5

54. En millions d’euros H1 2011
Cash at beginning of period (61.1)
Net cash flow from operating activities 64.0
Net cash flow from investing activities (121.5)
of which property, plant and equipment
of which proceeds from disposals
(165.8)
(46.8)
Net cash flow from financing activities (inc. Foreign exchange impact) (101.1)
of which dividends paid to BOURBON shareholders (53.2)
Net cash as of June 30 (219.7)
Change in net cash (158.7)
BOURBON–
Cash flow statement
54

55. BOURBON
Key data – 1rst half 2011
55
Number of vessels
Utilization rate
Revenues (€m)
EBITDA exc capital gains (€m)
EBITDA exc capital gains /
Revenues
Marine Services
Subsea
Services
Deep Shallow Crewboats IMR
70
87.5%
85
87.5%
• 78
• 73,2%
251
80.8%
17
94.2%
149.2
48.8
32.7%
113.3
28.4
25.1%
113.6
22.6
19.9%
82.4
34.3
41.6%

56. BOURBON
Contractualisation as of 06/30/2011
56
Contractualisation
rate
Average residual
term of firm
contracts
Average residual
term including
options
Deepwater offshore fleet 84.3% 15.5 months 28.2 months
Shallow water offshore fleet 47.1% 11.0 months 14.4 months
Crewboats fleet 68.1% Na Na
Subsea fleet 66.7% 14.9 months 21.9 months

57. Activity
Key data H1 2011
57
Marine Services
Subsea
Services
Deepwater
Offshore
Shallow water
Offshore
Crewboats
Per Half Year Per Half Year
H2 2010 H1 2011 H2 2010 H1 2011 H2 2010 H1 2011 H2 2010 H1 2011
Number of vessels 69 70 78 85 243 251 17 17
Utilization rate 89.5% 87.5% 72.7% 87.5% 79.1% 80.8% 91.3% 94.2%
Average dayrates $ 18,935 $ 18,994 $ 12,332 $ 12,821 $ 4,070 $ 4,319 $ 31,961 $ 32,117
Availability rate 97.1% 93.8% 93.4% 94.4% 92.6% 91.9% 94.9% 96.7%
Artabaze

58. Deep water
Offshore
vessels
Shallow water
Ooffshore
vessels
Crewboats
vessels
IMR vessels
Expected deliveries
58
Deliveries
H2 2011
Deliveries
2012
Deliveries
2013
Deliveries
2014  2015
TOTAL
2
€ 64m
3
€ 79m
6
€ 114m
15
€ 305m
26
€ 562m
8
€ 89m
22
€ 282m
21
€ 246m
-
-
51
€ 617m
15
€ 33m
11
€ 30m
2
€ 15m
-
-
28
€ 78m
2
€ 92m
4
€ 184m
4
€ 184m
-
-
10
€ 460m
27
€ 278m
40
€ 575m
33
€ 559m
15
€ 305m
115
€ 1,717m
Number of vessels
Value €m (excl.
financial expense

59. 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
on assumptions that may prove to be incorrect and depend on risk factors
including, but not limited to: foreign exchange fluctuations, fluctuations in
oil 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.
Disclaimer
59