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2016-02-03

BOURBON: Annual & 4th Quarter 2015 Revenues

Paris, February 3, 2016

BOURBON Annual&4thQuarter 2015 RevenuesAdjusted 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 4thquarter declined
more than 10 points versus the prior year period; average utilization rates
were steady versus the 3rdquarter 2015

--------------------------------------------------------------------------------------------------------------
| 2015 figures are unaudited Quarter Full Year |
| |
| |
| |
| |
| |
| |
| |
|In € millions, unless otherwise noted |
| Q4 2015 Q4 2014 Var 2015/ Q3 2015 2015 2014 Var 2015/ |
| |
| (restated) 2014 (restated) 2014 |
| Operational indicators |
| Number of vessels (FTE)* 508.0 497.5 +2.1% 502.8 503.0 492.2 +2.2% |
| Number of vessels (end of period)** 511 505 +6 vessels 507 511 505 +6 vessels |
| Average utilization rate (%) 72.1% 81.7% -9.6 pts 73.7% 75.5% 81.0% -5.5 pts |
| Average daily rate (US$/day) 10,781 12,429 -13.3% 11,167 11,381 12,254 -7.1% |
--------------------------------------------------------------------------------------------------------------

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

------------------------------------------------------------------------------------------
| Adjusted Revenues |
|(a) |
| Marine Services 275.7 314.3 -12.3% 279.0 1,166.7 1,155.9 +0.9% |
| Deepwater offshore vessels 106.1 111.4 -4.7% 101.9 431.5 411.7 +4.8% |
| Shallow water offshore vessels 103.0 127.8 -19.4% 107.2 449.8 455.7 -1.3% |
| Crew boats 66.6 75.0 -11.3% 69.9 285.5 288.5 -1.0% |
| Subsea Services 53.3 67.6 -21.1% 61.0 252.3 244.2 +3.3% |
| Other 5.2 6.6 -21.8% 4.1 18.1 21.0 -13.8% |
| Total adjusted revenues 334.2 388.5 -14.0% 344.1 1,437.1 1,421.1 +1.1% |
| |
|(change at constant rates) |
| -17.5% -8.6% |
| IFRS 11 impact*** (26.1) (25.5) (23.8) (107.5) (74.7) |
| Group TOTAL 308.1 363.0 -15.1% 320.2 1,329.6 1,346.4 -1.2% |
------------------------------------------------------------------------------------------

(***) Effect of consolidation of jointly controlled companies using the equity
method.
(a) See page 2.

----------------------------------------------------------------------------------------------------------
| Average utilization rate (excl. Crew boats) 76.7% 87.5% -10.8 pts 76.0% 79.1% 87.7% -8.6 pts |
| Average daily rate (excl. Crew boats US$/d) 16,809 19,871 -15.4% 17,858 18,089 19,658 -8.0% |
----------------------------------------------------------------------------------------------------------

"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-------------------------------------------------------------------------------------------------------------
| Quarter Full Year |
| Q4 2015 Q4 2014 Var Q3 2015 2015 2014 Var |
| 2015/ 2015/ |
| (restated) (restated) |
| 2014 2014 |
| Adjusted Revenues 275.7 314.3 -12.3% 279.0 1,166.7 1,155.9 +0.9% |
|(in € millions) |
| Number of vessels (end of period)* 488 483 +5 vessels 484 488 483 +5 vessels |
| Average utilization rate 73.0% 81.7% -8.7 pts 74.1% 75.9% 80.8% -4.9 pts |
-------------------------------------------------------------------------------------------------------------

* 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. 4thquarter 2015 average
utilization rates only declined slightly versus the 3rdquarter 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------------------------------------------------------------------------------------------------------------
| Quarter Full Year |
| Q4 2015 Q4 2014 Var Q3 2015 2015 2014 Var |
| 2015/ 2015/ |
| (restated) (restated) |
| 2014 2014 |
| Adjusted Revenues 106.1 111.4 -4.7% 101.9 431.5 411.7 +4.8% |
|(in € millions) |
| Number of vessels (end of period)* 88 79 +9 vessels 86 88 79 +9 vessels |
| Average utilization rate 82.6% 85.8% -3.2 pts 79.8% 83.1% 86.9% -3.8 pts |
| Average daily rate (US$/day) 18,360 23,093 -20.5% 19,518 19,804 22,967 -13.8% |
------------------------------------------------------------------------------------------------------------

* 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 3rdquarter, utilization rates increased due to stable activity and fewer
vessels in drydock maintenance in the 4thquarter.

Marine Services: Shallow water offshore vessels------------------------------------------------------------------------------------------------------------
| Quarter Full Year |
| Q4 2015 Q4 2014 Var Q3 2015 2015 2014 Var |
| 2015/ 2015/ |
| (restated) (restated) |
| 2014 2014 |
| Adjusted Revenues 103.0 127.8 -19.4% 107.2 449.8 455.7 -1.3% |
|(in € millions) |
| Number of vessels (end of period)* 133 139 -6 vessels 134 133 139 -6 vessels |
| Average utilization rate 76.5% 89.1% -12.6 pts 75.5% 78.7% 88.6% -9.9 pts |
| Average daily rate (in US$/day) 12,205 14,452 -15.5% 12,880 13,137 14,177 -7.3% |
------------------------------------------------------------------------------------------------------------

* 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 3rdquarter, partly due to better performance of the
maintenance program in the 4thquarter of 2015.

Marine Services: Crew boat vessels----------------------------------------------------------------------------------------------------------
| Quarter Full Year |
| Q4 2015 Q4 2014 Var Q3 2015 2015 2014 Var |
| 2015/ 2015/ |
| (restated) (restated) |
| 2014 2014 |
| Adjusted Revenues 66.6 75.0 -11.3% 69.9 285.5 288.5 -1.0% |
|(in € millions) |
| Number of vessels (end of period) 267 265 +2 vessels 264 267 265 +2 vessels |
| Average utilization rate 68.0% 76.7% -8.7 pts 71.5% 72.3% 75.4% -3.1 pts |
| Average daily rate (in US$/day) 4,530 5,067 -10.6% 4,632 4,697 5,100 -7.9% |
----------------------------------------------------------------------------------------------------------

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----------------------------------------------------------------------------------------------------------
| Quarter Full Year |
| Q4 2015 Q4 2014 Var Q3 2015 2015 2014 Var |
| 2015/ 2015/ |
| (restated) (restated) |
| 2014 2014 |
| Adjusted Revenues 53.3 67.6 -21.1% 61.0 252.3 244.2 +3.3% |
|(in € millions) |
| Number of vessels (end of period)* 22 21 +1 vessel 22 22 21 +1 vessel |
| Average utilization rate 54.0% 82.8% -28.8 pts 64.3% 65.8% 85.0% -19.2 pts |
| Average daily rate (in US$/day) 47,232 48,063 -1.7% 47,657 48,365 47,470 +1.9% |
----------------------------------------------------------------------------------------------------------

* 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---------------------------------------------------------------------------------
| Quarter Full Year |
| Q4 2015 Q4 2014 Var Q3 2015 2015 2014 Var |
| 2015/ 2015/ |
| (restated) (restated) |
| 2014 2014 |
| Adjusted Revenues 5.2 6.6 -21.8% 4.1 18.1 21.0 -13.8% |
|(in € millions) |
---------------------------------------------------------------------------------

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.
OUTLOOKIn 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-----------------------------------------------------------------------
| 2015 Annual Results press release and presentation March 10, 2016 |
| 2016 1stQuarter financial information press release May 4, 2016 |
| Annual Shareholder's Meeting May 26, 2016 |
-----------------------------------------------------------------------

APPENDIXQuarterly adjusted revenue breakdown-------------------------------------------------------------------------------------------------------
| In millions of euros 2015 2014 |
| (restated) |
| Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 |
| Marine Services 275.7 279.0 299.8 312.2 314.3 289.8 277.5 274.3 |
| Deepwater offshore vessels 106.1 101.9 109.6 113.8 111.4 106.3 98.9 95.1 |
| Shallow water offshore vessels 103.0 107.2 116.1 123.5 127.8 112.9 108.3 106.6 |
| Crew boats 66.6 69.9 74.2 74.9 75.0 70.6 70.3 72.6 |
| Subsea Services 53.3 61.0 70.9 67.1 67.6 65.7 56.2 54.6 |
| Other 5.2 4.1 4.5 4.3 6.6 6.1 4.2 4.1 |
| Total adjusted revenues 334.2 344.1 375.2 383.6 388.5 361.7 337.9 333.0 |
| IFRS 11 impact* (26.1) (23.8) (30.1) (27.4) (25.5) (20.8) (15.3) (13.0) |
| TOTAL CONSOLIDATED 308.1 320.2 345.1 356.3 363.0 340.8 322.6 320.0 |
-------------------------------------------------------------------------------------------------------

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

Quarterly average utilization rates for the BOURBON offshore fleet----------------------------------------------------------------------------------------------
| In % 2015 2014 |
| Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 |
| Marine Services 73.0 74.1 77.4 79.2 81.7 79.4 80.0 82.4 |
| Deepwater offshore vessels 82.6 79.8 84.0 86.0 85.8 85.7 87.2 88.6 |
| Shallow water offshore vessels 76.5 75.5 78.3 84.5 89.1 86.6 87.8 91.2 |
| Crew boats 68.0 71.5 75.0 74.4 76.7 74.0 74.3 76.6 |
| Subsea Services 54.0 64.3 70.2 75.9 82.8 81.1 83.9 94.4 |
| "Total fleet excluding Crew boats" 76.7 76.0 79.5 84.3 87.5 85.8 87.3 90.6 |
| "Total fleet" average utilization rate 72.1 73.7 77.1 79.1 81.7 79.4 80.2 82.8 |
----------------------------------------------------------------------------------------------

Quarterly average daily rates for the BOURBON offshore fleet------------------------------------------------------------------------------------------------------------------------
| In US$/day 2015 2014 |
| Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 |
| Deepwater offshore vessels 18,360 19,518 20,286 21,942 23,093 23,887 23,219 22,839 |
| Shallow water offshore vessels 12,205 12,880 13,507 13,882 14,452 14,152 14,006 14,199 |
| Crew boats 4,530 4,632 4,732 4,934 5,067 5,113 5,197 5,323 |
| Subsea Services 47,232 47,657 48,847 50,118 48,063 50,992 46,868 45,407 |
| "Total fleet excluding Crew boats" average daily 16,809 17,858 18,640 19,301 19,871 20,247 19,588 19,497 |
| |
|rate |
------------------------------------------------------------------------------------------------------------------------

Quarterly number of vessels (end of period)-------------------------------------------------------------------------------
| In number of vessels* 2015 2014 |
| Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 |
| Marine Services 488 484 483 479 483 481 481 479 |
| Deepwater offshore vessels 88 86 82 79 79 75 74 73 |
| Shallow water offshore vessels 133 134 138 138 139 135 133 130 |
| Crew boats 267 264 263 262 265 271 274 276 |
| Subsea Services 22 22 22 21 21 19 19 18 |
| FLEET TOTAL 510 506 505 500 504 500 500 497 |
-------------------------------------------------------------------------------

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

Quarterly deliveries of vessels-----------------------------------------------------------------------
| In number of vessels 2015 2014 |
| Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 |
| Marine Services 5 6 4 0 10 5 8 12 |
| Deepwater offshore vessels 2 4 3 0 5 1 1 2 |
| Shallow water offshore vessels 0 0 0 0 4 2 3 6 |
| Crew boats 3 2 1 0 1 2 4 4 |
| Subsea Services 0 0 1 0 2 0 1 2 |
| FLEET TOTAL 5 6 5 0 12 5 9 14 |
-----------------------------------------------------------------------

Yearly adjusted revenue breakdown---------------------------------------------------------
| In millions of euros Full Year |
| 2015 2014 |
| (restated) |
| Marine Services 1,166.7 1,155.9 |
| Deepwater offshore vessels 431.5 411.7 |
| Shallow water offshore vessels 449.8 455.7 |
| Crew boats 285.5 288.5 |
| Subsea Services 252.3 244.2 |
| Other 18.1 21.0 |
| Total adjusted revenues 1,437.1 1,421.1 |
| IFRS 11 impact* (107.5) (74.7) |
| TOTAL CONSOLIDATED 1,329.6 1,346.4 |
---------------------------------------------------------

* Effect of consolidation of joint ventures using the equity method.
Yearly average utilization rates for the BOURBON offshore fleet--------------------------------------------------------
| In % Full Year |
| 2015 2014 |
| Marine Services 75.9 80.8 |
| Deepwater offshore vessels 83.1 86.9 |
| Shallow water 78.7 88.6 |
|offshore vessels |
| Crew boats 72.3 75.4 |
| Subsea Services 65.8 85.0 |
| "Total fleet excluding Crew boats" 79.1 87.7 |
| "Total fleet" average utilization rate 75.5 81.0 |
--------------------------------------------------------

Yearly average daily rates for the BOURBON offshore fleet---------------------------------------------------------------------------
| In US$/day Full Year |
| 2015 2014 |
| Deepwater offshore vessels 19,804 22,967 |
| Shallow water offshore vessels 13,137 14,177 |
| Crew boats 4,697 5,100 |
| Subsea Services 48,365 47,470 |
| "Total fleet excluding Crew boats" average daily rate 18,089 19,658 |
---------------------------------------------------------------------------

Yearly deliveries of vessels---------------------------------------------
| In number of vessels Full Year |
| 2015 2014 |
| Marine Services 15 35 |
| Deepwater Offshore vessels 9 9 |
| Shallow water Offshore 0 15 |
| Crew boats 6 11 |
| Subsea Services 1 5 |
| FLEET TOTAL 16 40 |
---------------------------------------------

Breakdown of BOURBON adjusted revenues by geographical region------------------------------------------------------------------------------------------
| In millions of euros 4thquarter Full Year |
| Q4 2015 Q4 2014 Change 2015 2014 Change |
| |
| (restated) (restated) |
| Africa 193.3 227.2 -14.9% 814.3 817.7 -0.4% |
| Europe&Mediterranean/Middle East 45.5 65.3 -30.3% 215.0 235.9 -8.8% |
| Americas 62.6 49.6 +26.2% 263.8 189.3 +39.3% |
| Asia 32.9 46.4 -29.1% 144.1 178.2 -19.2% |
------------------------------------------------------------------------------------------

Other key indicatorsQuarterly breakdown----------------------------------------------------------------------------------------------------------
| 2015 2014 |
| Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 |
| Average €/US$ exchange rate for the quarter (in €) 1.10 1.11 1.11 1.13 1.25 1.33 1.37 1.37 |
| €/US$ exchange rate at closing 1.09 1.12 1.12 1.08 1.21 1.26 1.37 1.38 |
| |
|(in €) |
| Average price of Brent for the quarter 44 50 62 54 76 102 110 108 |
| |
|(in US$/bbl) |
----------------------------------------------------------------------------------------------------------

Annual breakdown--------------------------------------------------------------
| Full Year |
| 2015 2014 |
| Average 12-month €/US$ exchange rate (in €) 1.11 1.33 |
| €/US$ exchange rate at closing (in €) 1.09 1.21 |
| Average 12-month price of Brent (in US$/bbl) 52 99 |
--------------------------------------------------------------

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

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

PDF version
http://hugin.info/159569/R/1983177/726738.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via Globenewswire

HUG#1983177

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