Paris, August 3, 2016

BOURBON 2^nd Quarter and 1^st Half 2016 Revenues

The impact of the oil market cycle reaching its bottom is felt in Bourbon 1st Half 2016 adjusted revenues of €599.2 million, a 21.0% decline year on year and 11.7% reduction compared to 2^nd half 2015 (both at current rates)

BOURBON is the most resilient OSV company in the market and has been impacted, however less and later, by the deep reduction in the level of activity of the oil companies following the sharp and sudden reduction of the oil price. Therefore the performance during 2016 is and will reflect the full impact of the down cycle, as illustrated by the quarter on quarter reduction of BOURBON adjusted revenues.

The evaluation of performances segment by segment shows that:

• The bottom of the market in the Subsea segment was reached in Q1 2016, and it is anticipated that the improvement in utilization rates in the second quarter will continue in the quarters to come
• The bottom of the market has been in Q2 2016 for the Crew boat segment; reduced helicopter activity for cost savings purposes and the increase of activity in production of existing fields are expected to improve the use of crew boats going forward
• In the segments Deep and Shallow water, BOURBON anticipates the bottom of the market in Q3 2016, due to the late cyclical nature of this business.

With average utilization rates that for several years remained around 8 to 12 points above most of its competitors, BOURBON strongly benefits from the preference of customers for its performances in safety, reliability and positive impacts on customers' own costs. BOURBON also has a specific advantage in its access to markets through long established local partnerships and from the diversification of its revenues among the four different segments of the market.

"More than ever, BOURBON is focusing on what the teams control: safety, reliability, cost control and improved efficiency to the customers benefit", says Jacques de Chateauvieux, Chairman and Chief Executive Officer of BOURBON Corporation. "While the world's largest oil field services company thinks the crude oil market has bottomed, BOURBON is ready to benefit in the first place from the market recovery when it will materialize".

BOURBON anticipates the low point of adjusted revenues in Q3 2016, with a possible improvement at the end of 2016.

BOURBON has continued its cash preservation strategy with proactive stacking of vessels whenever appropriate. At the end of June 2016, 67 supply vessels were stacked, representing 27% of the supply fleet. Looking forward to full year 2016 adjusted revenues, BOURBON now anticipates a full year adjusted revenue reduction in the order of magnitude experienced year on year during the first semester and a slight decrease in adjusted EBITDAR/revenues margin.

(*) FTE: Full Time Equivalent.
(**) Vessels operated by BOURBON (including vessels owned or on bareboat charter).

(***) Effect of consolidation of jointly controlled companies using the equity method.

(a) Adjusted data:
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). As of January 1, 2015, the internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method.

MARINE SERVICES

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

Adjusted revenues decreased in all segments in the 1^st half 2016 as market conditions continued to decline. This is reflected in the 10.9 point decline in the average utilization rate compared to the year ago period. The small increase in the fleet does not compensate for the reduction in average daily rates and average utilization rates.

Marine Services: Deepwater offshore vessels

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

Upon entry into the fleet, the Bourbon Arctic has earned praise from clients for safety, cost effectiveness and reliability and is currently on charter into the 4^th quarter of this year. Overall, global market conditions continue to put downward pressure on the average daily rate and the average utilization rate. Almost half of BOURBON's deepwater fleet is located in West Africa, where average utilization rates for the 1^st half 2016 remained stable compared with the year ago period and sequentially. Up to 17 vessels were stacked in Q2.

Marine Services: Shallow water offshore vessels

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

Adjusted revenues in the 1^st half 2016 declined significantly due to market forces having a proportionally greater impact on the shallow water market compared with the deepwater market, with the most significant decline being seen in West Africa. BOURBON therefore chose to take further proactive cost reduction measures by stacking additional vessels. Up to 46 vessels were stacked in the 2^nd quarter of this year.

Marine Services: Crew boat vessels

The Crew boat segment remains the most resilient among the Marine Services segments due to it being a cost effective alternative to the use of helicopters. 1^st half 2016 adjusted revenues declined versus the prior year reflecting the difficult conditions faced in the market. The larger impact of the market downturn was on the FSIVs with average utilization rates declining more for these vessels than for the smaller crew boats in the fleet.

Subsea Services

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

Lower adjusted revenues compared with the prior year are due to the market conditions and their effect upon the average daily rate and average utilization rate. There were up to 8 Subsea vessels stacked during the 2^nd quarter 2016, having a significant negative impact on the average utilization rate compared with the year ago period. There were fewer stacked vessels than in the prior quarter and this helps explain the slight increase in the average utilization rate and higher adjusted revenues compared with the prior quarter.

Other

Activities included are those that do not fit into either Marine Services or Subsea Services. Making up the majority of the total are earnings from such items as miscellaneous ship management activities, logistics as well as from the cement carrier Endeavor.

OUTLOOK

The largest oil & gas companies' CEO's express the view that even if the harsh downturn is not yet over, there are some signs of improvement. The drastic reduction of the level of investments of oil & gas companies over the past couple years has resulted in persistently low prices and a large oversupply of vessels in the offshore services market. Rather than to focus on additional cost cutting campaigns, clients are now thinking of the future. While recovery will take slightly more time to impact the offshore service vessel industry due to its late cyclical nature, this provides some optimism in the industry.

ADDITIONAL INFORMATION

• BOURBON's results will continue to be influenced by the €/US$ exchange rate

FINANCIAL CALENDAR

APPENDIX

Quarterly adjusted revenue breakdown

* Effect of consolidation of joint ventures using the equity method.

Quarterly average utilization rates for the BOURBON offshore fleet

Quarterly average daily rates for the BOURBON offshore fleet

Quarterly number of vessels (end of period)

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

Quarterly deliveries of vessels

Half Year adjusted revenue breakdown

* Effect of consolidation of joint ventures using the equity method.

Half Year average utilization rates for the BOURBON offshore fleet

Half Year average daily rates for the BOURBON offshore fleet

Half Year deliveries of vessels

Breakdown of BOURBON adjusted revenues by geographical region

Breakdown of BOURBON adjusted revenues by geographical region

Other key indicators

Quarterly breakdown

Half-yearly breakdown

About BOURBON

Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 11,000 skilled employees. Through its 34 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.

In 2015, BOURBON'S revenue came to €1,329.6 million and as of June 30, 2016, the company operated a fleet of 513 vessels.

Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.

Contacts

BOURBON

Investor Relations, analysts, shareholders
James Fraser, CFA
+33 491 133 545
james.fraser@bourbon-online.com

Corporate Communications
Christelle Loisel
+33 491 136 732
christelle.loisel@bourbon-online.com

Media relations agency
Publicis Consultants

Vilizara Lazarova
+33 144 824 634
vilizara.lazarova@consultants.publicis.fr