REGISTRATION DOCUMENT - Bourbon

MANAGEMENT REPORT3Results2.2.1.3 Crewboats2011 2010Variation2011/2010Number of vessels owned (end of period) 257 243 +14 vesselsUtilization rate 80.9% 78.20% +2.7 pts(in € millions) 2011 2010Variation2011/2010Revenues 233.0 199.9 +16.6%Direct costs (158.2) (132.3) +19.6%Operating margin 74.8 67.6 +10.7%General & Administrative costs (24.4) (21.7) +12.6%EBITDA 50.5 46.1 +9.4%As a % of revenues 21.7% 23.1%In 2011, revenues from crewboats amounted to €233.0 million, up16.6% due to the expansion of the fl eet (+14 units) and a rise in dailyrates. EBITDA hit €50.5 million, up just 9.4% due to higher coststhan in the fi rst half.2.2.2 Subsea Services2011 2010Variation2011/2010Number of vessels owned (end of period) 18 17 +1 vesselUtilization rate 93.2% 88.5% +4.7 pts(in € millions) 2011 2010Variation2011/2010Revenues 172.8 149.6 +15.5%Direct costs (87.5) (80.6) +8.6%Operating margin 85.3 69 +23.6%General & Administrative costs (18.1) (16.2) +11.6%EBITDA 67.5 52.8 +27.9%As a % of revenues 39.1% 35.3%In 2011, revenues from Subsea Services amounted to €172.8 million,up 15.5% on the previous year, due to the full year contribution ofthe largest vessel in the fl eet as well as the hike in utilization rateswhich reached an annual average of 93.2%. EBITDA rose by 27.9%to €67.5 million due to the rise in revenues, a high utilization rate andthe contribution of integrated services contracts including 2 ROVsfrom the BOURBON fl eet.2.3 “OTHER”(in € millions) 2011 2010Variation2011/2010Revenues 42.3 40.0 +5.8%Direct costs (29.6) (33.3) -11.0%Operating margin 12.7 6.7 +89.4%General & Administrative costs (1.3) (1.4) -8.3%EBITDA 11.3 5.2 +116.3%As a % of revenues 26.8% 13.1%BOURBON - 2011 Registration Document 19