BOURBON Announces Quarterly Financial Results

Third quarter 2007 revenues for BOURBON rose 35% over the same period in 2006 to total $294.3m. This growth was driven by higher revenues in all BOURBON divisions. Over the first 9 months of this year, revenues were up 31.5% at current exchange rates (40.2% at constant exchange rates). Over the third quarter of 2007, revenues generated by the Offshore Division rose 24.3% over the same period in 2006 (31.1% at constant exchange rates). This growth is explained by the integration over the last 12 months of 32 new vessels in the Bourbon Offshore fleet, 8 of which were delivered in the third quarter. Revenues recorded by vessels operating under external charters totaled $19.7m for this quarter. These vessels traditionally generate lower margins than owned vessels. Two economic factors should be noted over this quarter: an average exchange rate of $1.37 for 1 euro (compared with $1.27 over the same period in 2006) an average Brent price of $75 / barrel (up from $70 over the same period last year). Africa, the geographical area in which BOURBON has historically operated, recorded strong growth (+25.7% over the 3rd quarter of 2006), primarily driven by the steady growth in operations in Angola, Nigeria and Congo. Europe and the Med/Middle East region rose 8.2% over the same quarter in 2006. This growth was essentially based on the emergence of the Middle East, with the commissioning of 2 new anchor handling tug supply (AHTS) vessels in this quarter. The growth in Asia, a new operational zone for BOURBON, was driven by the commissioning of 8 new vessels over the last 12 months. Third quarter 2007 revenues recorded by the Bulk Division totaled $97m, an increase of more than 60% over the same period in 2006 (72.9% at constant exchange rates). Because of its long-term contract policy, the Bulk Division did not fully benefit from the high cargo spot prices recorded this quarter. Cargo tonnages shipped also increased to 4.47 million tons, up from 4.11 million tons over the same period in 2006. Finally, on September 28, 2007, the Bulk Division took delivery of the Thermidor, a new 53,500 ton bulk cargo Supramax vessel, which immediately began operations under very favorable conditions. After consultation with the organizations representing the employees, the intention to sell the port towing activity was confirmed and a preliminary sale agreement was signed with Grupo Boluda on October 1, 2007. In the third quarter of 2007, BOURBON exercised the final put for the sale of Vindémia. Other sales of non-strategic operations were also completed for a total of $13.2m. During the quarter, BOURBON ordered a series of 10 Supramax vessels (deadweight of 58,000 tons) and 4 Panamax vessels (74,500 tons deadweight). On September 10, 2007, Pleyel Investissements, controlled by Monnoyeur SAS, acquired over 5% of the capital of BOURBON and held 2,770,140 shares on that date, representing 5.02% of the capital. During the fourth quarter, the Offshore Division business should continue to benefit from a favorable market context and the scheduled deliveries of new vessels. The Nantor, a bulk carrier with a deadweight of 49,000 tons, will be sold in December 2007. The Bulk Division should also benefit from the positive outlook in the Baltic Supramax Index expected in the fourth quarter. BOURBON's revenues will continue to be impacted by changes in the euro/dollar parity.