REGISTRATION DOCUMENT - Bourbon

CONSOLIDATED FINANCIAL STATEMENTS4Notes to the consolidated financial statements% of control of capital helddirectly or indirectly% of capital interest helddirectly or indirectly2011 2010 2011 2010CountrySopade (Sté Participation Développement SAS) 100.00 100.00 100.00 100.00 France(Reunion)Sunor 100.00 100.00 100.00 100.00 FranceTenor(3)100.00(3)100.00 FranceThermidor (ex.-Babor) 100.00 100.00 100.00 100.00 FranceToesa 100.00 100.00 100.00 100.00 Uruguay(1) Merged into Bourbon Offshore (ex Holding).(2) Merged into Bourbon Maritime.(3) Merged into Saint Nikolas (ex Setaf).(4) Merged into Bourbon Ships AS.5.7.2 List of proportionately consolidated companies% of control of capital helddirectly or indirectly% of capital interest helddirectly or indirectly2011 2010 2011 2010CountryBourbon Gulf 49.00 49.00 49.00 49.00 QatarEPD (Yangzhou) Electronic Power Design, Co, Ltd 50.00 50.00 50.00 50.00 ChinaEPD Horizon Pte Ltd 50.00 0.00 50.00 0.00 SingaporeEPD Singapore Services Pte Ltd 50.00 0.00 50.00 0.00 SingaporeEPD Asia Group Ltd 50.00 50.00 50.00 50.00 United StatesNavegacion Costa Fuera 49.00 49.00 49.00 49.00 MexicoNaviera Bourbon Tamaulipas 49.00 49.00 49.00 49.00 MexicoOceanteam Bourbon 101 AS 50.00 50.00 50.00 50.00 NorwayOceanteam Bourbon 4 AS 50.00 50.00 50.00 50.00 NorwayServicios y Apoyos Maritimos 49.00 49.00 49.00 49.00 MexicoSonasurf (Angola) – Companhia de Serviços Maritimos, LDA 50.00 50.00 50.00 50.00 AngolaSouthern Transformers & Magnetics 50.00 50.00 50.00 50.00 United States5.7.3 List of companies consolidated using the equity method% of control of capital helddirectly or indirectly% of capital interest helddirectly or indirectly2011 2010 2011 2010CountryBourbon Marine Services Manila Inc. 24.98 24.98 24.98 24.98 PhilippinesJackson Offshore LLC 24.50 24.50 24.50 24.50 United StatesBOURBON - 2011 Registration Document 121