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2015-04-29

BOURBON: Press Release : Resilient adjusted revenues in 1st Quarter 2015: €383.6 million, an increase of 15.2% year on year at current rates

Paris, April 29, 2015

Resilient adjusted revenues in 1stQuarter 2015: €383.6 million, an increase of 15.2% year on year at current rates''Following the quick and sharp drop in oil prices in late 2014, the low Brent
price environment continued during the 1stquarter 2015 and market conditions
remained difficult, while BOURBON's resiliency factors aided its
performance,"says Christian Lefèvre, Chief Executive Officer of BOURBON
. "BOURBON has proactively responded to both the customers' requirements for
lowering their cost of operation and to the impact of reduced utilization
rates on BOURBON operating costs. A number of general agreements have been
concluded with key customers on the basis of reciprocity: lower daily rates
with better contract coverage and access to market.

This action plan provides BOURBON with higher visibility on its fleet
utilization and allows proper planning of stacking/unstacking of vessels in
the different regions where it operates, when needed. Proper and temporary
stacking of vessels considerably reduces cash operating costs, which in turn
reduces the impact of lower activity on adjusted EBITDAR/revenues margin
.

There was also a quick and sharp drop of the euro and other currencies against
the US dollar and this favorable foreign exchange rate environment positively
impacts BOURBON's adjusted revenues, which will translate into additional
adjusted EBITDAR generation in our Euro denominated accounts. Compared with
the same period in 2014, the adjusted revenues increase in the 1stquarter
2015 benefitted from the foreign currency appreciation but was flat at
constant exchange rates despite the increase in fleet size."

Christian Lefèvre also points out that

"The resilience of 1stquarter adjusted revenues at constant rates reflects the
continued demand for BOURBON's modern, efficient, standardized vessels. While
the current oil price environment continues to impact the activity of oil&gas
companies' capital spending plans, BOURBON is also continuing to focus on its
own cost reductions efforts and vessel efficiency to deliver the best service
possible to its clients
."

Market impacts on BOURBON performance are reflected by the adjusted revenues
reduction when compared to Q4 2014 at constant rates (-5.6%) stemming mainly
from:

* Average utilization rate excluding crew boats declining by 3.2 points to
84.3%
* Average daily rate excluding crew boats declining 2.9% and marginal
increase in fleet size
* No impact yet of favorable conditions made to customers

-------------------------------------------------------------------------------------------------
| In € millions, except as noted Quarter |
| Q1 2015 Q1 2014 V 2015/2014 Q4 2014 |
| |
| (restated) (restated) |
| Operational indicators |
| Number of vessels (FTE)* 500.0 483.9 +3.3% 497.5 |
| Number of vessels (end of period)** 501 498 +3 vessels 505 |
| Average utilization rate (excl. crew boats, in %) 84.3% 90.6% -6.3 pts 87.5% |
| Average daily rate (excl. crew boats, in US$/d) 19,301 19,497 -1.0% 19,871 |
| Adjusted Revenues |
|a |
| Marine Services 312.2 274.3 +13.8% 314.3 |
| Deepwater offshore vessels 113.8 95.1 +19.7% 111.4 |
| Shallow water offshore vessels 123.5 106.6 +15.8% 127.8 |
| Crew boats 74.9 72.6 +3.2% 75.0 |
| Subsea Services 67.1 54.6 +22.8% 67.6 |
| Other 4.3 4.1 +5.8% 6.6 |
| Total adjusted revenues 383.6 333.0 +15.2% 388.5 |
| |
|(change at constant rate) +1.6% -5.6% |
| IFRS 11 impact*** (27.4) (13.0) (25.5) |
| Group TOTAL 356.3 320.0 +11.3% 363.0 |
-------------------------------------------------------------------------------------------------

(*) 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

(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.

MARINE SERVICES--------------------------------------------------------------------------------
| Quarter |
| Q1 2015 Q1 2014 V Q4 2014 |
| 2015/ |
| (restated) (restated) |
| 2014 |
| Adjusted Revenues 312.2 274.3 +13.8% 314.3 |
|(in € millions) |
| Number of vessels (end of period)* 479 479 No change 483 |
| Average utilization rate 79.2% 82.4% -3.2 pts 81.7% |
--------------------------------------------------------------------------------

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

All segments had a reduction in activity during the 1stquarter. Average daily
rates were down slightly year on year with declines in all Marine Services
segments. The increase in adjusted revenues year on year was mostly due to
improved foreign exchange rates. Utilization rates declined in all segments
compared with Q1 2014, as market conditions continued to put pressure on
utilization rates, particularly in the North Sea and Asia, while Brazil
showed relative strength.

Marine Services: Deepwater offshore vessels--------------------------------------------------------------------------------
| Quarter |
| Q1 2015 Q1 2014 V Q4 2014 |
| 2015/ |
| (restated) (restated) |
| 2014 |
| Adjusted Revenues 113.8 95.1 +19.7% 111.4 |
|(in € millions) |
| Number of vessels (end of period)* 79 73 +6 vessels 79 |
| Average utilization rate 86.0% 88.6% -2.6 pts 85.8% |
| Average daily rate (US$/day) 21,942 22,839 -3.9% 23,093 |
--------------------------------------------------------------------------------

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

The higher adjusted revenues compared with the same quarter last year were
aided by an increase in the fleet by 6 vessels and improved foreign exchange
rates. These helped somewhat to offset the decline in average utilization
rates and averages daily rates. Almost all regions were affected by the
current market conditions, most notably in Asia and the North Sea. In Brazil,
both average utilization rates and average daily rates increased as a result
of new contracts signed during the quarter. The slight increase in sequential
average utilization rates was primarily due to reduced maintenance in the
1stquarter 2015.
Marine Services: Shallow water offshore vessels--------------------------------------------------------------------------------
| Quarter |
| Q1 2015 Q1 2014 V Q4 2014 |
| 2015/ |
| (restated) (restated) |
| 2014 |
| Adjusted Revenues 123.5 106.6 +15.8% 127.8 |
|(in € millions) |
| Number of vessels (end of period)* 138 130 +8 vessels 139 |
| Average utilization rate 84.5% 91.2% -6.7 pts 89.1% |
| Average daily rate (in US$/day) 13,882 14,199 -2.2% 14,452 |
--------------------------------------------------------------------------------

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

Compared with the 1stquarter of the prior year, the shallow water segment had
declines in both average daily rates and average utilization rates, which
were offset by the strong foreign exchange rate impacts and a larger fleet.
Asia showed the weakest market during the quarter relative to the other
regions, and average utilization rates declined in all regions, due to weak
market conditions.

Marine Services: Crew boat vessels--------------------------------------------------------------------------------
| Quarter |
| Q1 2015 Q1 2014 V Q4 2014 |
| 2015/ |
| (restated) (restated) |
| 2014 |
| Adjusted Revenues 74.9 72.6 +3.2% 75.0 |
|(in € millions) ...

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