Paris, February 3, 2016

BOURBON Annual & 4^th Quarter 2015 Revenues

Adjusted annual revenues increased 1.1% to €1,437 million at current rates, remained resilient during the prolonged oil industry downturn

• Regionally, adjusted revenues in 2015 in Africa continued to be resilient, steady versus the prior year and in the Americas, adjusted revenues increased almost 40% partly due to additional vessels in the fleet, while adjusted revenues in Asia continued to decline (-19%)
• Adjusted revenues were positively impacted by foreign exchange rates with an increase of 1.1% at current rates in 2015 compared with 2014, and decreased 8.6% at constant rates
• Average daily rates declined for the year in all segments of Marine Services, reflecting the impact of the difficult market conditions throughout the year
• Average utilization rates excluding crew boats in the 4^th quarter declined more than 10 points versus the prior year period; average utilization rates were steady versus the 3^rd quarter 2015

(*) 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) See page 2.

"In 2015, BOURBON achieved adjusted revenues of €1,437 million, showing resiliency despite a very difficult market", says Christian Lefèvre, Chief Executive Officer of BOURBON. "As the industry remains in this prolonged downturn, BOURBON remains focused on what it can control: safety, cost control initiatives and operational efficiency".
(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. Adjusted comparative figures are restated accordingly.

OPERATIONAL HIGHLIGHTS

• The focus on safety continues to place BOURBON's performance among the leaders in the sector, with a TRIR (Total Recordable Incident Rate per million hours worked) improving to 0.55
• BOURBON's proactive cost reduction campaign remains a priority which is reflected in the stacking of vessels during the year, enabling BOURBON to reduce vessel operating costs and drydock maintenance program; on December 31, 2015, there were 44 supply vessels stacked
• With the delivery of 16 vessels in 2015, BOURBON has reached the end of its newbuilding programs, and the associated large capital expenditures, with only 3 supply vessels remaining to be delivered in 2016
• The strategy of staying close to, and listening to its clients has enabled BOURBON to preserve its utilization rates, with average utilization rates in 2015 declining less than 5 points compared to the prior year for the Marine Services fleet of 488 vessels
• Average utilization rates in Subsea were strongly affected by the reduced activity, especially in Q4 2015 by reductions in activity in the Middle East and the monsoon season in Asia; the average utilization rate declined 19 points for the full year versus the prior year

MARINE SERVICES

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

Adjusted revenues increased slightly in 2015 versus the prior year due in part to a positive foreign exchange impact and additional vessels entering the fleet in Deepwater and Crew boat segments. 4^th quarter 2015 average utilization rates only declined slightly versus the 3^rd quarter 2015 and the full year average utilization rate declined less than 5 points, showing good resistance in a global market downturn.

Marine Services: Deepwater offshore vessels

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

The increase in adjusted annual revenues compared with 2014 was primarily due to the positive foreign currency effect and the average utilization rate increase in Africa, where more than half of the deepwater fleet is located.  During 2015, there were up to 10 vessels stacked at its maximum point, thus reducing the average utilization rate compared to the prior year. Compared to the 3^rd quarter, utilization rates increased due to stable activity and fewer vessels in drydock maintenance in the 4^th quarter.

Marine Services: Shallow water offshore vessels

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

Adjusted revenues for the year declined by only 1.3% compared with 2014 due to a combination of positive foreign exchange rate impacts and a better resistance in the shallow water market compared with the deepwater market. Up to 24 vessels were stacked during 2015, contributing to a nearly 10 point decline in average utilizations rate for the full year compared to the prior year. Overall, there was a slight increase in the average utilization rate compared with the 3^rd quarter, partly due to better performance of the maintenance program in the 4^th quarter of 2015.

Marine Services: Crew boat vessels

The Crew boat segment is resilient, especially in a time of market crisis, due to it being a cost effective alternative to the use of helicopters. Full year adjusted revenues in 2015 were stable versus the prior year, with the positive foreign exchange impact offsetting the reductions in average utilization rates and average daily rates. The larger impact of the market downturn was on the FSIVs with both average utilization rates and average daily 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).

Adjusted revenues for 2015 increased partly due to the positive foreign exchange impact offsetting the reduction in activity, most notably in the second half of the year. There were up to 10 Subsea vessels stacked during 2015, having a significant negative impact on the average utilization rate. Average daily rates for the year increased due to the mix effect of the larger new vessels that joined the fleet at the end of 2014 and in the first half of 2015.

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

In a deteriorating offshore oils services market, the demand for offshore service vessels is decreasing. BOURBON will strive to maintain a high utilization of its fleet in operation (excluding stacked vessels), relying on its worldwide commercial network. The group will continue to temporarily stack up to 20% of its vessels which have no anticipated activity in the medium term in order to reduce its operating costs.

It is in this context that BOURBON's strategy of operating a modern and standardized fleet for international clients, relying on a network of local partners is a factor of resilience and differentiation.

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 owned or on bareboat charter).

Quarterly deliveries of vessels

Yearly adjusted revenue breakdown

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

Yearly average utilization rates for the BOURBON offshore fleet

Yearly average daily rates for the BOURBON offshore fleet

Yearly deliveries of vessels

Breakdown of BOURBON adjusted revenues by geographical region

Other key indicators

Quarterly breakdown

Annual 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 28 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 the company operated a fleet of 511 vessels as of December 31, 2015. Under the "BOURBON 2015 Leadership Strategy" plan, the group has built a vast fleet of innovative, high-performance mass produced offshore 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

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