REGISTRATION DOCUMENT - Bourbon

4NotesCONSOLIDATED FINANCIAL STATEMENTSto the consolidated financial statements5.3 WORKFORCE AND PAYROLLThe Group’s workforce was as follows:Workforce 2011 2010Onshore personnel 1,249 1,195Seamen 3,703 3,032- Offi cers 1,755 1,201- Crews and other 1,948 1,831TOTAL 4,952 4,227(in € millions) 12.31.2011 12.31.2011Personnel expenses 231.7 196.15.4 EVENTS AFTER THE BALANCE SHEETDATENone .5.5 RELATED PARTY TRANSACTIONSRelations with Sinopacific and its subsidiariesThe Chairman of the Board of Directors of BOURBON is a partnerin the naval construction company Sinopacifi c, through JaccarHoldings, a wholly owned subsidiary of Cana Tera SAS (formerlyJaccar SAS). Mr. Jacques d’Armand de Chateauvieux is also aDirector of Sinopacifi c. Ms. Lan Vo, a Director of BOURBON, is alsoa Director of Sinopacifi c.Through its subsidiaries, BOURBON acquired 18 vessels fromSinopacifi c and its subsidiaries for an aggregate amount of€245.2 million in 2011. As of December 31, 2011, there werecurrent orders for 15 vessels. Orders amounted to €430.8 millionwith prepayments generated of €286.6 million, fully covered byinstallment return guarantees granted by Cana Tera SAS jointly andseverally with Evergreen, through Sinopacifi c, as well as by bankguarantees.BOURBON, through its subsidiaries, entered into a frameworkagreement in 2010 with the companies Crownship Ltd. and ZhejiangShipbuilding Co. Ltd, subsidiaries of Sinopacifi c, for an order of62 vessels to be delivered between 2012 and 2014 for a total amountof around USD 1 billion (including four “SPA 80” offshore vesselsfrom the company Crown Heather Ltd. for USD 71.2 million). Thisorder has been reduced to 55 vessels as of December 31, 2011.As of December 31, 2011, there were current orders for 55 vessels.Orders amounted to €784.2 million with prepayments generated of€166.2 million, fully covered by installment return guarantees grantedby Sinopacifi c, as well as by bank guarantees.Relations with Piriou, West Atlantic Shipyardand SEASThe Chairman of the Board of Directors of BOURBON is indirectlyassociated with the Piriou naval construction company and itssubsidiaries West Atlantic Shipyard and SEAS, through JaccarHoldings, a wholly owned subsidiary of Cana Tera SAS (formerlyJaccar SAS). Mr. Jacques d’Armand de Chateauvieux is alsoa member of the Supervisory Board of the Piriou company.Mr. Christian Munier, a Director of BOURBON, is Chairman of theSupervisory Board of the Piriou company.Through its subsidiaries, BOURBON acquired 11 vessels fromthese three companies in 2011, for a total of €20.4 million. Asof December 31, 2011, there were current orders for 58 vessels.Orders amounted to €52.6 million with prepayments generated of€23.3 million. This includes four FSIV vessels on which BOURBONbenefi ts from the guarantee from the Piriou company with respectto the repayment of the fi rst or the fi rst two advances paid,depending on the vessel, for an amount of €5.6 million as ofDecember 31, 2011.Relations with Jaccar Holdings SAThe Chairman of the Board of Directors of BOURBON is alsoChairman of Jaccar Holdings SA. Jaccar Holdings SA invoicesBOURBON SA for services.For 2011, the amount (excluding taxes) of services to be billedincludes a fi xed portion of €0.4 million.Relations with Marine SASMr. Christian Lefèvre, Chief Executive Offi cer of BOURBON, isalso Chairman of Marine SAS. Marine SAS invoices BourbonManagement, a BOURBON subsidiary, for services.For 2011, the amount (excluding taxes) of services to be billedincludes a fi xed portion of €0.15 million .112BOURBON - 2011 Registration Document