SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

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BOURBON : Press Release "BOURBON 2013 Full Year Results"

PARIS, March 5, 2014 /PRNewswire/ --

BOURBON Full Year 2013: Net Income Group share up 174% to €115 million

Increased operating margin[1] and capital gains generated €575.7 million EBITDA, up 41.7% compared to 2012

  • EBITDAR[2] (excluding capital gains) reached €450.3 million (+17.6%), an increase of 2.1 pts to 34.3% of revenues
  • Positive free cash flow generation of €449.7 million for the year, including vessel sales
  • Net debt reduced by €449.4 million compared with June 30, 2013, to €1,741.1 million
  • Foreign exchange rate movements negatively impacted full year results by approximately €53 million
  • Shallow water operating margin increased by 4.3 pts to 31.5% of revenues with 100 Bourbon Liberty series vessels in operation
  • Targeting revenue growth of 8-10% and a slight improvement of the EBITDAR/Revenues ratio in 2014
  • Proposed dividend payment of €1.00 per share to shareholders, a 34% increase compared with 2012

    [1] Operating margin = EBITDAR (excluding capital gains) / revenues

    [2] EBITDAR = EBITDA excluding capital gains and before bareboat charter costs

                                                    inc. H2
    In millions of euros, except as                 2013 / H2
    noted                           H2 2013 H2 2012 2012      H1 2013
    Revenues                        664.1   618.9   +7.3%     647.9
    EBITDAR (excluding capital
    gains)                          227.3   202.2   +12.4%    223.0
                     % of revenues   34.2%   32.7%  +1.6 pts   34.4%
    EBITDA (excluding capital
    gains)                          217.6   201.6   +7.9%     219.6
    EBITDA                          354.7   225.4   +57.4%    221.0
    EBIT (operating income)         210.5   97.8    +115.3%   92.1
    Net income                      112.5   27.9    +302.8%   30.9
    Net income (Group share)        100.5   24.9    +303.2%   14.4
    Number of vessels (end of                       +27
    period) *                       485     458     vessels   472
    Average utilization rate excl.
    Crewboats                       90.0%   91.0%   -1.0 pts  89.0%
    Average daily rate excl.
    Crewboats (in US$/d)            19,459  19,018  +2.3%     19,431


* Vessels operated by BOURBON (including vessels owned or on bareboat charter)

Table continued:

                                                    inc. 2013
    In millions of euros, except as
    noted                           2013    2012    / 2012
    Revenues                        1,311.9 1,186.9 +10.5%
    EBITDAR (excluding capital
    gains)                          450.3   383.0   +17.6%
                      % of revenues   34.3%   32.3%  +2.1 pts
    EBITDA (excluding capital
    gains)                          437.2   382.4   +14.3%
    EBITDA                          575.7   406.2   +41.7%
    EBIT (operating income)         302.6   161.6   +87.3%
    Net income                      143.4   53.2    +169.5%
    Net income (Group share)        115.0   41.9    +174.0%
    Number of vessels (end of                       +27
    period) *                       485     458     vessels
    Average utilization rate excl.
    Crewboats                       89.5%   90.4%   -0.9 pts
    Average daily rate excl.
    Crewboats (in US$/d)            19,447  18,743  +3.8%


* Vessels operated by BOURBON (including vessels owned or on bareboat charter)

"2013 revenues of more than €1.3 billion and a net income Group share of €115.0 million, a complete range of 485 vessels with an average age of 6.2 years and the broad geographical reach of its activities makes BOURBON a leader in the offshore marine services industry", says Christian Lefèvre, Chief Executive Officer of BOURBON. "2013 was highlighted by the entry into service of 38 new vessels, an increase in the contractualization rate of the fleet and a significant improvement in operational performance."

2013 market and operational highlights

  • Strong activity in both deep and shallow water markets with a high, stable oil price
  • Focus on operational excellence in execution:
    • Safety continued to improve at BOURBON, with TRIR (Total Recordable Incident Rate per million hours worked) of 0.48, a significant achievement compared to 2012
    • Technical availability reached 95.5% in the second half of 2013 to bring the annual technical availability up to 94.5%
    • The operating cost index declined by 2.5 points from 2012 levels to 104 in 2013 (2010 base = 100)
    • Stable contractualization rate of the BOURBON fleet
  • Average daily rates increased for the full year across all segments

Full year 2013 results highlights

  • EBITDAR (before capital gains) as a percent of revenues (operating margin) increased by more than 2 points to 34.3%, partly due to the benefits of our focus on operational excellence
  • EBITDA of €575.7 million (+41.7%) include bareboat charter costs of €13.1 million and capital gains of €138.5 million
  • Return on average capital employed (ROACE: EBIT / average capital employed excluding installments) increased to 9.8% compared to 5.8% in 2012. In the future, this ratio will be impacted negatively by the increase in the bareboat charter costs and the reduction of capital gains generation, and positively by the sharp reduction of capital employed following vessels disposal
  • Revenues increased across all regions compared with 2012, with Asia having the largest geographic increase in revenues for the 2nd consecutive year, with a combination of new vessels in service and growth in activity in the region
  • The majority of the vessel sales were done at the end of the year. The cost of financial debt remained at the same level as 2012 (€73 million). Other financial costs consist mainly of foreign exchange losses, 65% of which are unrealized at year end.

MARINE SERVICES

                                                 inc. H2
                                                 2013 /

                                 H2 2013 H2 2012 H2 2012 H1 2013
    Number of vessels (end of                    +27
    period) *                    466     439     vessels 452
                                                 -1.8
    Average utilization rate     82.9%   84.7%   pts     83.2%
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                 inc. H2
                                                 2013/

    In millions of euros         H2 2013 H2 2012 H2 2012 H1 2013
    Revenues                     537.4   511.8   +5.0%   527.3
    Direct costs & General and
    administrative costs         (361.2) (350.2) +3.1%   (351.4)
    EBITDAR (excluding capital
    gains)                       176.2   161.5   +9.1%   175.9
    EBITDAR (excluding capital                   +1.2
    gains) / Revenues            32.8%   31.6%   pts     33.4%


Table continued:

                                                inc. 2013
                                                /

                                2013    2012    2012
    Number of vessels (end of                   +27
    period) *                   466     439     vessels
    Average utilization rate    83.0%   83.9%   -0.9 pts
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                inc.
                                                2013/

    In millions of euros        2013    2012    2012
    Revenues                    1,064.7 972.2   +9.5%
    Direct costs & General and
    administrative costs        (712.6) (668.1) +6.7%
    EBITDAR (excluding capital
    gains)                      352.0   304.1   +15.8%
    EBITDAR (excluding capital
    gains) / Revenues           33.1%   31.3%   +1.8 pts


Operating margin increased almost 2 points versus 2012 as the benefits of the focus on operational excellence began to materialize. Combined with increases in the fleet size and only a slight decline in overall utilization rates, this enabled a 15.8% increase in EBITDAR. The reduced utilization rate was partly due to the movement of vessels between regions, offset by improved average daily rates, most notably in the Deepwater and Crewboat segments.

Marine Services indicators by segment

Deepwater offshore vessels

                                                 inc.
                                                 H2
                                                 2013 /

                                                 H2
                                 H2 2013 H2 2012 2012   H1 2013
    Number of vessels (end of                    no
    period) *                    72      72      change 73
                                                 -1.8
    Average utilization rate     89.4%   91.2%   pts    88.4%
    Average daily rate (in
    US$/day)                     22,482  20,955  +7.3%  21,789
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                 inc.
                                                 H2
                                                 2013

                                                 /H2
    In millions of euros         H2 2013 H2 2012 2012   H1 2013
    Revenues                     196.3   185.8   +5.7%  195.3
    Direct costs & General and
    administrative costs         (125.5) (117.1) +7.2%  (119.8)
    EBITDAR (excluding capital
    gains)                       70.7    68.7    +3.0%  75.5
    EBITDAR (excluding capital                   -0.9
    gains) / Revenues            36.0%   37.0%   pts    38.7%


Table continued:

                                                   inc.
                                                   2013 /

                                   2013    2012    2012
    Number of vessels (end of                      no
    period) *                      72      72      change
                                                   -2,7
    Average utilization rate       88.9%   91.6%   pts
    Average daily rate (in
    US$/day)                       22,156  20,683  +7.1%
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                   inc.
                                                   2013/

    In millions of euros           2013    2012    2012
    Revenues                       391.6   360.8   +8.5%
    Direct costs & General and
    administrative costs           (245.3) (229.3) +7.0%
    EBITDAR (excluding capital
    gains)                         146.2   131.5   +11.2%
    EBITDAR (excluding capital                     +0.9
    gains) / Revenues              37.3%   36.4%   pts


There was strong demand for deepwater PSV due in part to the large number of exploration and production projects. EBITDAR increased 11.2% while the fleet size remained stable. There was a mixed effect of higher average daily rates (strong summer in the North Sea market, renewal of contracts on some medium and large PSVs and a mix effect) and an increase in vessel mobilization time, the latter of which had an adverse impact on both direct costs and utilization rates. These partially offsetting impacts therefore enabled the operating margin to increase by almost a full point. During the year, BOURBON took delivery of the first of its Bourbon Explorer 500 series PSVs, further expanding BOURBON's offer to clients of standardized, safe and reliable vessels.

Shallow water offshore vessels

                                                inc. H2
                                                2013 /

                                H2 2013 H2 2012 H2 2012 H1 2013
    Number of vessels (end of                   +20
    period) *                   122     102     vessels 109
                                                -0.9
    Average utilization rate    90.2%   91.3%   pts     89.4%
    Average daily rate (in
    US$/day)                    13,877  14,281  -2.8%   14,078
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                inc. H2
                                                2013/

    In millions of euros        H2 2013 H2 2012 H2 2012 H1 2013
    Revenues                    193.0   182.8   +5.6%   182.9
    Direct costs & General and
    administrative costs        (129.8) (131.6) -1.3%   (127.7)
    EBITDAR (excluding capital
    gains)                      63.2    51.3    +23.3%  55.2
    EBITDAR (excluding capital                  +4.7
    gains) / Revenues           32.7%   28.0%   pts     30.2%


Table continued:

                                                 inc.
                                                 2013 /

                                 2013    2012    2012
    Number of vessels (end of                    +20
    period) *                    122     102     vessels
                                                 -0.1
    Average utilization rate     89.8%   89.9%   pts
    Average daily rate (in
    US$/day)                     13,978  13,918  +0.4%
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                 inc.
                                                 2013 /

    In millions of euros         2013    2012    2012
    Revenues                     376.0   336.7   +11.7%
    Direct costs & General and
    administrative costs         (257.5) (245.1) +5.1%
    EBITDAR (excluding capital
    gains)                       118.4   91.6    +29.4%
    EBITDAR (excluding capital                   +4.3
    gains) / Revenues            31.5%   27.2%   pts



Higher shallow water activity was supported by the delivery of new generation jack-up rigs into the market and the continued replacement of older support vessels by newer vessels. There was a significant improvement in operating margin compared with 2012 reflecting the focus on operational excellence and cost control despite a 20% increase in the size of the fleet, while there was also a geographic mix effect due to the end of the Australian contracts which had higher direct costs than other regions. Additionally, direct costs continue seeing the benefits of BOURBON's strategy of building standardized vessels in series, with the 100th Bourbon Liberty series vessel having been delivered in 2013. With broadly stable average daily rates and utilization rates compared with 2012, the strong improvement in operating margin combined with the larger fleet size resulted in an almost 30% increase in EBITDAR versus the prior year.

Crewboats

                                                    inc. H2
                                                    2013 /
                                    H2 2013 H2 2012 H2 2012   H1 2013
    Number of vessels (end of                       +7
    period)                         272     265     vessels   270
    Average utilization rate        78.0%   80.5%   -2.5 pts  79.3%
    Average daily rate (in US$/day) 5,270   4,968   +6.1%     5,083

                                                    inc. H2
                                                    2013/
    In millions of euros            H2 2013 H2 2012 H2 2012   H1 2013
    Revenues                        148.1   143.2   +3.4%     149.1
    Direct costs & General and
    administrative costs            (105.9) (101.6) +4.2%     (103.9)
    EBITDAR (excluding capital
    gains)                          42.2    41.6    +1.5%     45.1
    EBITDAR (excluding capital
    gains) / Revenues               28.5%   29.0%   -0.5 pts  30.3%


Table continued:

                                                          inc. 2013
                                                          /
                                          2013    2012    2012
                                                          +7
    Number of vessels (end of period)     272     265     vessels
    Average utilization rate              78.7%   79.6%   -0.9 pts
    Average daily rate (in US$/day)       5,198   4,852   +7.1%

                                                          inc.
                                                          2013/

    In millions of euros                  2013    2012    2012
    Revenues                              297.2   274.8   +8.2%
    Direct costs & General and
    administrative costs                  (209.8) (193.7) +8.3%
    EBITDAR (excluding capital gains)     87.3    81.1    +7.7%
    EBITDAR (excluding capital gains)
    / Revenues                            29.4%   29.5%   -0.1 pt



Operating margin excluding capital gains were stable for the year at almost 30% and were benefited by the net addition of 7 new vessels, with 14 new vessels delivered during the year that are larger, on average, than the vessels that left the fleet. The higher utilization rates and average daily rates on the larger vessels helped to contribute to an almost 8% increase in EBITDAR. On a global level, there has been improved demand for the larger crewboats, particularly the FSIVs (DP2). Geographically, the market in West Africa has become increasingly more competitive and BOURBON has been diversifying its reach with the addition of vessels in the Middle East and the Caribbean Sea.

SUBSEA SERVICES

                                                  inc.
                                                  H2
                                                  2013 /
                                                  H2
                                  H2 2013 H2 2012 2012   H1 2013
    Number of vessels (end of                     no
    period) *                     18      18      change 19
                                                  +2.8
    Average utilization rate      91.3%   88.5%   pts    89.2%
    Average daily rate (in
    US$/day)                      42,226  39,037  +8.2%  40,262
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                  inc.
                                                  H2
                                                  2013/
                                                  H2
    In millions of euros          H2 2013 H2 2012 2012   H1 2013
    Revenues                      114.3   97.9    +16.8% 109.0
    Direct costs & General and
    administrative costs          (65.6)  (59.8)  +9.7%  (63.8)
    EBITDAR (excluding capital
    gains)                        48.7    38.1    +27.9% 45.1
    EBITDAR (excluding capital                    +3.7
    gains) / Revenues             42.6%   38.9%   pts    41.4%



Table continued:

                                                   inc.
                                                   2013 /
                                   2013    2012    2012
    Number of vessels (end of                      no
    period) *                      18      18      change
                                                   +2.1
    Average utilization rate       90.2%   88.1%   pts
    Average daily rate (in
    US$/day)                       41,190  38,497  +7.0%
    * Vessels operated by BOURBON (including vessels owned or on bareboat
    charter)
                                                   inc.
                                                   2013/

    In millions of euros           2013    2012    2012
    Revenues                       223.3   190.0   +17.5%
    Direct costs & General and
    administrative costs           (129.5) (117.1) +10.6%
    EBITDAR (excluding capital
    gains)                         93.8    73.0    +28.6%
    EBITDAR (excluding capital                     +3.6
    gains) / Revenues              42.0%   38.4%   pts


In Subsea, there was continued good performance, cost control and the benefit of new, larger vessels entering the fleet, all combining to result in an increase in operating margin (excluding capital gains) of 3.6 points, continuing the increase in margins seen over the past year to 42%. With the new vessels delivered being part of the Group's strategy of building standardized vessels in series, cost benefits will continue to be more prevalent. 2013 marked the start of Subsea activity in Asia (3 vessels out of the fleet of 18 ships). Combined with increases in both average daily rates and utilization rates, this resulted in a 28.6% increase EBITDAR compared with 2012. Activity continued to see strength from the growth in number of wellhead installations during the year, with the market expecting an increase in installations by more than 10% over the period 2013-2017. Subsea IMR (inspection, maintenance and repair) demand outlook is further supported by the aging subsea equipment, where there are 5,000 installed wellheads with an average age of over 10 years.

OTHER

                                                    inc. H2
                                                    2013/
    In millions of euros            H2 2013 H2 2012 H2 2012   H1 2013
    Revenues                        12.3    9.3     +33.4%    11.6
    Direct costs & General and
    administrative costs            (9.9)   (6.6)   +49.5%    (9.6)
    EBITDAR (excluding capital
    gains)                          2.4     2.6     -7.5%     2.0
    EBITDAR (excluding capital
    gains) / Revenues               19.7%   28.4%   -8.7 pts  17.5%



Table continued:

                                                  inc.
                                                  2013/
    In millions of euros            2013   2012   2012
    Revenues                        24.0   24.7   -2.8%
    Direct costs & General and
    administrative costs            (19.5) (18.8) +4.0%
    EBITDAR (excluding capital
    gains)                          4.5    5.9    -24.3%
    EBITDAR (excluding capital
    gains) / Revenues               18.6%  23.9%  -5.3 pts


Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts while new vessels are being built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels that are not part of its regular line of services when needed for global calls for tenders. Volatility of "Other" revenues is largely due to the variation in the number of chartered vessels during the period.


OUTLOOK

The demand for offshore vessels is supported by the high level of spending in the offshore oil & gas sector.

In deepwater offshore, average spending over the next three years is expected to grow by approximately 10% per year but delays of some projects and a decrease in utilization rates of deepwater floating rigs, combined with the expected deliveries of new vessels, could affect prices in this segment. This is expected to have minimal impact on BOURBON whose 19 PSVs under construction will be delivered through 2015.

In the shallow water market, vessel demand growth is driven by the steady spending in the oil & gas sector, notably by activities aimed at maintaining production of existing fields. Demand is driven by the high utilization rates for jack-up drilling rigs and by the renewal of the jack-up fleet BOURBON has 12 Liberty series vessels under construction and combined with the existing fleet, is in a good position for the continued growth in the sector.

The Subsea services market is buoyed by the growing number of subsea wellheads and the development of new deepwater oil fields. 3 of the 5 vessels in the Bourbon Evolution 800 series that will be delivered in 2014 are already contracted.

The majority of deliveries for vessels currently on order are expected in 2014. From now on, new orders for vessels will be executed as opportunities arise and will not impact revenues before 2016.

ACTIVE FLEET MANAGEMENT

The US$2.5 billion of asset disposals with bareboat charter for 10 years is well under way.

Out of the US$1.65 billion sales already signed with ICBL Leasing and Standard Chartered Bank, US$925 million have been received as of March 5th 2014, corresponding to the effective sale of 36 vessels.


CHANGE IN BOURBON CONSOLIDATION SCOPE

As of January 1, 2013, certain companies that were previously consolidated proportionally have been fully consolidated. The impact of this change in consolidation scope is not significant for the Group. Consequently, and in accordance with regulations, no pro forma financial statements have been established for the current period.

For information, the table below shows comparative information:

    In millions of euros                  2013         2012*
    Revenues                            1,311.9      1,226.6
    EBITDA                                575.7        428.5
    EBIT                                  302.6        178.4
    Net income (Group share)              115.0         40.6
    * restated


ADDITIONAL INFORMATION

  • The 2013 financial statements were closed by the Board of Directors on March 3, 2014
  • The auditing procedures have been completed and the audit report relating to certification is in the process of being issued
  • While there was some hedging activity in the first half of 2013, since the beginning of the 3rd quarter of this year, BOURBON no longer has any hedging in place. At constant exchange rates, 4th quarter 2013 revenues rose 9.3% compared with the same period last year while revenues for full year 2013 rose 13.1% compared with 2012
  • BOURBON's results will continue to be affected by foreign exchange rate movements, notably the €/US Dollar exchange rate
  • At the next Annual General Meeting, The Board will propose a dividend payment to shareholders of €1.00 per share, with an ex-dividend date of May 29, 2014 and a payment date of June 3, 2014
  • In January 2014, BOURBON placed an order for one large Norwegian built AHTS that is expected to be delivered in early 2016

FINANCIAL CALENDAR

  • 2014 1st Quarter Revenues press release April 30, 2014
  • Shareholders' Meeting May 20, 2014
  • 2014 1st Half Results press release and presentation September 3, 2014

APPENDIX I

Simplified Income Statement

                                                    inc. H2
                                                    2013 /
    In millions of euros (except
    per share data)                 H2 2013 H2 2012 H2 2012   H1 2013

    Revenues                        664.1   618.9   +7.3%     647.9
    Direct costs                    (363.4) (355.4) +2.2%     (356.3)
    General & Administrative costs  (73.4)  (61.3)  +19.7%    (68.6)
    EBITDAR excluding capital gains 227.3   202.2   +12.4%    223.0
    Bareboat charter costs          (9.7)   (0.6)             (3.4)
    EBITDA excluding capital gains  217.6   201.6   +7.9%     219.6
    Capital gains                   137.2   23.8              1.4
    Gross operating income EBITDA   354.7   225.4   +57.4%    221.0

    Depreciation, Amortization &
    Provisions                      (144.2) (127.6) +13.0%    (128.9)
    Operating income (EBIT)         210.5   97.8    +115.3%   92.1

    Financial profit/loss           (91.5)  (54.7)  +67.2%    (44.1)
    Income tax                      (10.4)  (15.1)  -31.4%    (17.1)
    Income on equity interests sold 3.9     -                 -
    Income from discontinued
    operations                      -       -                 -
    Net Income                      112.5   27.9              30.9

    Minority interests              (12.0)  (3.0)             (16.5)
    Net income (Group share)        100.5   24.9              14.4

    Earnings per share              -       -       -         -
    Weighted average number of
    shares outstanding              -       -       -         -




Table continued:

                                                          inc. 2013
    In millions of euros (except
    per share data)                 2013       2012       / 2012

    Revenues                        1,311.9    1,186.9    +10.5%
    Direct costs                    (719.7)    (684.1)    +5.2%
    General & Administrative costs  (141.9)    (119.8)    +18.5%
    EBITDAR excluding capital gains 450.3      383.0      +17.6%
    Bareboat charter costs          (13.1)     (0.6)
    EBITDA excluding capital gains  437.2      382.4      +14.3%
    Capital gains                   138.5      23.8
    Gross operating income EBITDA   575.7      406.2      +41.7%

    Depreciation, Amortization &
    Provisions                      (273.1)    (244.6)    +11.7%
    Operating income (EBIT)         302.6      161.6      +87.3%

    Financial profit/loss           (135.6)    (87.0)     +55.9%
    Income tax                      (27.5)     (22.2)     +23.7%
    Income on equity interests sold 3.9        -
    Income from discontinued
    operations                      -          0.8
    Net Income                      143.4      53.2       +169.5%

    Minority interests              (28.4)     (11.3)
    Net income (Group share)        115.0      41.9       +174.0%

    Earnings per share              1.61       0.59
    Weighted average number of
    shares outstanding              71,580,591 71,573,786



APPENDIX II

Simplified Consolidated Balance Sheet

    In millions of euros        12/31/2013 12/31/2012

    Net property, plant and
    equipment                   2,538.0    3,326.6
    Other non-current assets    121.5      105.8

    TOTAL NON-CURRENT ASSETS    2,659.5    3,432.4

    Cash on hand and in banks   779.4      195.2
    Other currents assets       497.5      481.1

    TOTAL CURRENT ASSETS        1,276.9    676.3

    Non-current assets held for
    sale                        498.5      -

    TOTAL ASSETS                4,434.8    4,108.8



Table continued:

                                12/31/2013 12/31/2012

    Shareholders' equity        1,484.8    1,411.8

    Financial debt > 1 year     1,351.6    1,745.0
    Other non-current
    liabilities                 124.1      141.2

    TOTAL NON-CURRENT
    LIABILITIES                 1,475.7    1,886.2

    Financial debt < 1 year     1,169.0    510.7
    Other current liabilities   305.4      300.1

    TOTAL CURRENT LIABILITIES   1,474.3    810.8

    Liabilities directly
    associated with non-current
    assets classified as held
    for sale                    -          -

    TOTAL LIABILITIES           2,950.0    2,697.0
    TOTAL LIABILITIES &
    SHAREHOLDERS' EQUITY        4,434.8    4,108.8


APPENDIX III

Simplified Consolidated Cash Flow Statement


    In millions of euros
                                                                       2013    2012

    Cash flow from operating activities

    consolidated net income (loss)                                     143.4   53.2
    non-cash adjustments                                               340.1   297.3
    Other adjustments to cash flow from operating activities           (143.0) (3.8)

    Net cash flow from operating activities (A)                        340.6   346.7

    Cash flow from investing activities

    acquisition of property, plant and equipment and intangible assets (455.7) (375.7)
    sale of property, plant and equipment and intangible assets        564.8   55.8
    other cash flow from investing activities                          13.1    (4.7)

    Net Cash flow used in investing activities (B)                     122.3   (324.6)

    Cash flow from financing activities

    net increase (decrease) in borrowings                              (244.2) 182.4
    dividends paid to shareholders of the group                        (53.4)  (53.3)
    cost of net debt                                                   (73.0)  (71.9)
    other cash flow from financing activities                          (12.0)  2.0

    Net Cash flow used in financing activities (C)                     (382.5) 59.1

    Impact from the change in exchange rates (D)                       (8.3)   0.3
    Change in net cash (A) + (B) + (C) + (D)                           72.0    81.6

    Net cash at beginning of period                                    37.5    (44.0)
    Change in net cash                                                 72.0    81.6
    Net cash at end of period                                          109.5   37.5

    Free cash flow*                                                    449.7   26.8


*cash from operating activities less cash used for acquisition of property, plant and equipment and intangible assets plus cash received from the sale of property, plant and equipment and intangible assets

APPENDIX IV

Quarterly revenue breakdown

    In millions of euros         2013
                                 Q4    Q3    Q2    Q1
    Marine Services              270.3 267.0 268.7 258.5
    Deepwater offshore vessels   95.7  100.6 102.3 93.0
    Shallow water offshore
    vessels                      100.0 93.0  90.1  92.8
    Crewboats                    74.7  73.4  76.3  72.8
    Subsea Services              55.4  58.9  57.3  51.6
    Other                        5.8   6.5   6.7   4.9
    GROUP TOTAL                  331.6 332.4 332.8 315.1


Table continued:

    In millions of euros         2012
                                 Q4    Q3    Q2    Q1
    Marine Services              257.2 254.5 238.4 222.1
    Deepwater offshore vessels   92.6  93.2  88.5  86.5
    Shallow water offshore
    vessels                      91.1  91.7  83.4  70.5
    Crewboats                    73.5  69.7  66.4  65.1
    Subsea Services              51.4  46.5  46.4  45.7
    Other                        4.2   5.1   5.2   10.2
    GROUP TOTAL                  312.8 306.1 290.0 278.0


Quarterly average utilization rates for the BOURBON offshore fleet

    In %                         2013
                                 Q4    Q3    Q2    Q1
    Marine Services              83.3  82.4  82.4  83.9
    Deepwater offshore vessels   90.1  88.8  90.0  86.6
    Shallow water offshore
    vessels                      90.2  90.2  89.1  89.8
    Crewboats                    78.4  77.5  77.7  80.8
    Subsea Services              89.2  93.6  88.0  90.6
    "Total fleet excluding
    Crewboats"                   90.1  90.0  89.3  88.7
    "Total fleet" average
    utilization rate             83.5  82.9  82.6  84.2


Table continued:

    In %                         2012
                                 Q4    Q3    Q2    Q1
    Marine Services              86.0  83.4  83.9  83.7
    Deepwater offshore vessels   90.2  92.1  91.3  92.5
    Shallow water offshore
    vessels                      92.2  90.3  92.5  84.3
    Crewboats                    82.5  78.4  78.6  81.0
    Subsea Services              91.7  85.2  89.7  85.7
    "Total fleet excluding
    Crewboats"                   91.4  90.5  91.8  87.6
    "Total fleet" average
    utilization rate             86.2  83.5  84.0  83.7


Quarterly average daily rates for the BOURBON offshore fleet

    In US$/day                    2013
                                  Q4     Q3     Q2     Q1
    Deepwater offshore vessels    22,241 22,683 22,092 21,392
    Shallow water offshore
    vessels                       14,013 13,728 13,850 14,315
    Crewboats                     5,309  5,204  5,122  5,034
    Subsea Services               43,120 41,331 40,644 40,405
    "Total fleet excluding
    Crewboats" average daily rate 19,329 19,573 19,458 19,427


Table continued:

    In US$/day                    2012
                                  Q4     Q3     Q2     Q1
    Deepwater offshore vessels    21,074 20,702 20,480 20,011
    Shallow water offshore
    vessels                       14,257 14,308 13,773 13,290
    Crewboats                     4,987  4,923  4,763  4,447
    Subsea Services               39,064 38,991 38,018 38,181
    "Total fleet excluding
    Crewboats" average daily rate 19,097 18,883 18,526 18,309


Quarterly deliveries of vessels

    In number of vessels          2013
                                  Q4   Q3   Q2   Q1
    Marine Services               10   9    9    9
    Deepwater offshore vessels    1    0    1    1
    Shallow water offshore
    vessels                       5    8    4    3
    Crewboats                     4    1    4    5
    Subsea Services               0    0    0    1
    FLEET TOTAL                   10   9    9    10


Table continued:

    In number of vessels          2012
                                  Q4   Q3   Q2   Q1
    Marine Services               5    13   6    8
    Deepwater offshore vessels    1    0    2    0
    Shallow water offshore
    vessels                       1    4    1    3
    Crewboats                     3    9    3    5
    Subsea Services               0    1    0    0
    FLEET TOTAL                   5    14   6    8


Yearly revenue breakdown

    In millions of euros           Full Year
                                   2013          2012
    Marine Services                1,064.7       972.2
    Deepwater offshore vessels     391.6         360,8
    Shallow water offshore vessels 376.0         336.7
    Crewboats                      297.2         274.8
    Subsea Services                223.3         190.0
    Other                          24.0          24.7
    GROUP TOTAL                    1,311.9       1,186.9


Yearly average utilization rates for the BOURBON offshore fleet

    In %                            Full Year
                                    2013          2012
    Marine Services                 83.0          83.9
    Deepwater offshore vessels      88.9          91.6
    Shallow water offshore vessels  89.8          89.9
    Crewboats                       78.7          79.6
    Subsea Services                 90.2          88.1
    "Total fleet excluding
    Crewboats"                      89.5          90.4
    "Total fleet" average
    utilization rate                83.3          84.1


Yearly average daily rates for the BOURBON offshore fleet

    In US$/day                          Full Year
                                        2013        2012
    Deepwater offshore vessels          22,156      20,683
    Shallow water offshore vessels      13,978      13,918
    Crewboats                           5,198       4,852
    Subsea Services                     41,190      38,497
    "Total fleet excluding Crewboats"
    average daily rate                  19,447      18,743


Yearly deliveries of vessels

    In number of vessels        Full Year
                                2013        2012
    Marine Services             37          32
    Deepwater Offshore vessels  3           3
    Shallow water Offshore      20          9
    Crewboats                   14          20
    Subsea Services             1           1
    FLEET TOTAL                 38          33


Breakdown of BOURBON revenues by geographical region

    In millions of euros     4th quarter
                             Q4 2013     Q4 2012 Change
    Africa                   186.1       188.2   -1.1%
    Europe &
    Mediterranean/Middle
    East                     56.7        54.9    +3.2%
    Americas                 46.7        36.0    +29.8%
    Asia                     42.0        33.6    +25.0%


Table continued:

    In millions of euros     Full Year
                             2013      2012   Change
    Africa                   750.4     729.2  +2.9%
    Europe &
    Mediterranean/Middle
    East                     228.0     201.1  +13.4%
    Americas                 187.5     146.3  +28.2%
    Asia                     145.9     110.3  +32.3%


Other key indicators

Quarterly breakdown

                                        2013
                                        Q4   Q3   Q2   Q1
    Average EUR/US$ exchange rate for
    the quarter (in EUR)                1.36 1.32 1.31 1.32
    EUR/US$ exchange rate at closing
    (in EUR)                            1.38 1.35 1.31 1.28
    Average price of Brent for the
    quarter (in US$/bbl)                109  110  102  112


Table continued:

                                        2012
                                        Q4   Q3   Q2   Q1
    Average EUR/US$ exchange rate for
    the quarter (in EUR)                1.30 1.25 1.28 1.31
    EUR/US$ exchange rate at closing
    (in EUR)                            1.32 1.29 1.26 1.34
    Average price of Brent for the
    quarter (in US$/bbl)                110  109  108  119


Annual breakdown

                                             Full Year
                                             2013       2012
    Average nine month EUR/US$ exchange rate
    in (EUR)                                 1.33       1.28
    EUR/US$ exchange rate at closing (in
    EUR)                                     1.38       1.32
    Average nine month price of Brent (in
    US$/bbl)                                 109        112


About BOURBON

As a leader in offshore marine services, BOURBON offers the most demanding oil & gas companies a comprehensive range of surface and subsea marine services for offshore oil & gas fields and wind farms. This offer is based on an extensive range of latest-generation vessels and the expertise of more than 11,000 competent professionals. The  group provides local service through its 27 operating subsidiaries, close to clients and their operations, and it guarantees the highest standards of service quality and safety worldwide.

BOURBON has two Activities, Marine Services (Offshore installation supply, towage, anchor handling and positioning, personnel transport) and Subsea Services (Subsea inspection, maintenance and repair, offshore operations engineering, supervision and management) and also protects the French coastline for the French Navy.

In 2013, BOURBON posted revenues of €1.312 billion and as of December 31, 2013, it operated a fleet of 485 vessels. Under its "BOURBON 2015 Leadership Strategy" plan, the Group is investing in a large fleet of innovative and high-performance offshore vessels built-in series.

The latest action plan "Transforming for beyond" in its financial aspect aims at the sale and bareboat chartering for 10 years of US$2.5 billion of new or existing vessels. Through "Transforming for beyond", BOURBON wants to enlarge the scope of achievable strategies beyond 2015 and be ready to deliver growth and value creation further.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD, in the SBF 120 and CAC Mid 60 index.


CONTACTS

PR Agency : Publicis Consultants
Jérôme Goaer +33(0)1-44-82-46-24 - [email protected]
Véronique Duhoux +33(0)1-44-82-46-33 - [email protected]
Vilizara Lazarova +33(0)1-44-82-46-34 -  [email protected] 

BOURBON
Investors - Analysts - Shareholders Relations
James Fraser, CFA +33(0)4 91 13 35 45 [email protected] 
Communication Department
Christelle Loisel +33(0)1-40-13-86-06 [email protected] 
http://www.bourbon-online.com


SOURCE BOURBON

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