REGISTRATION DOCUMENT - Bourbon

3RiskMANAGEMENT REPORTfactorsRigorous operating standards, designed to deliver a totally safeand high quality service to offshore oil and gas clients, represent abenchmark for skills validation and training programs deployed onboard the vessels and in the BOURBON Training Centers. Theseprograms have been established in the different operating regionsand are equipped with simulators (simulators for AHTS anchorhandling operations at oil platforms, loading-unloading by PSVtypesupply vessels, dynamic positioning simulators, subsea robotoperations, and simulators for piloting crewboats).A particular focus is placed on the integration of the many newrecruits to ensure that they have the skills required for offshoreand help them gain command of BOURBON standards and theequipment available to them.The active personnel development policy, driven by the organization’srapid growth, has led to the promotion of many employees whoare given support as they take up their new posts. For their part,confi rmed offi cers are supported in the management of complexsituations and coordination of international crews with appropriatetraining.A combination of personnel review procedures and businesscontinuity and succession plans means that BOURBON can conducteffective manpower planning for key roles and for the developmentof its offi cers, managers and experts.There is also a strong focus on strengthening the culture of highqualitycustomer service. A dedicated training program has beenestablished for staff primarily involved in the “customer satisfactionchain” (captains, contract managers, operations managers, logisticsmanagers).BOURBON makes every effort to develop the commitment of all itsemployees by listening carefully and providing appropriate mentoring,offering a personal training and development policy, and recognizingindividual contributions.BOURBON’s continued success is, in the main, dependent upon itscapacity to attract, motivate and/or hold onto qualifi ed personnelwith the required skills and experience. Diffi culties in attracting,training, motivating and/or holding on to a suffi cient number ofqualifi ed personnel to fulfi ll client’s demands and to meet changesin their requirements as well as changes in technology, could impacton BOURBON’s operating expenses and operating margins, as wellas on the quality of its services and its outlook.4.2 RISKS ASSOCIATED WITH BOURBON’SACTIVITYNon-compliance by BOURBON of regulations applicableto its businesses could potentially affect the Group in theconduct of its activities with certain clients or in certaingeographical regions.BOURBON’s activities mainly involve the marine and shippingsectors, which are highly regulated. The Group is also subject to aconsiderable number of environmental laws and regulations.The regulatory framework applicable to marine activities are set bythe laws and decrees of the vessel’s operating fl ag country and of theneighboring coast country.The national rules are generally related to a set of conventions,drafted under the auspices of the International Maritime Organization(IMO), which has been given a mandate by the UN to deal withsubjects specifi c to maritime activity.The main international standards are listed below:3 the International Convention for the Safety of Life at Sea (SOLAS)mainly contains the technical provisions to be observed for thedesign, construction and fi tting-out of vessels;3 the Convention on Standards of Training, Certifi cation andWatchkeeping for Seafarers (STCW) lists the requirements forqualifying crews;3 the International Convention for the Prevention of Pollutionfrom Ships (MARPOL) lists all the factors concerning pollutionprevention, both from the vessel and from its cargo;3 the Convention on the International Regulations for PreventingCollisions at Sea (COLREG), which defi nes the rules of navigation.These conventions refer to codes and directives drawn up by theIMO, supplemented by resolutions issued by specialized committees.3 The ISM (International Safety Management) Code is central andit defi nes the fundamentals for safety management for marineshipowners and operators, on board the vessels and at offi ceson shore.3 The ISPS (International Ship and Port Facility Security) Codeprescribes responsibilities to shipping companies and the coastStates regarding security on board and on shore.3 Rules for the transport of dangerous goods are primarily coveredin the IMDG (International Maritime Dangerous Goods) Codewhich contains information on precautions to be taken forpacking, onboard stowing, handling, loading and unloading.The domain of marine employment is also covered by conventionsdrawn up by the International Labor Organization.The great majority of nations adhere to these conventions but theysometimes incorporate their own specifi c regulations, particularlyfor small vessels. Individual States are responsible for applyingconventions and stopping infractions.Controlling the implementation of the regulations and adherence tothem by shipping companies is generally delegated by governmentsto independent organizations and classifi cation societies. Theirsphere of infl uence covers the audit of organizations, monitoringconstruction and periodic visits to vessels in operation. The mainclassifi cation societies are members of the International Associationof Classifi cation Societies (IACS), which monitors the harmonizationof their rules and actions. Delegations of power to classifi cationsocieties are covered by formal agreements with individual States.BOURBON makes every effort to scrupulously adhere to theprevailing regulations and it tries wherever possible to take initiativesto improve its organization and methods in order to anticipatethe rigorous standards laid down by the authorities. BOURBONconstantly monitors the situation and keeps up-to-date regulatoryinformation at head offi ce and on board the vessels.40BOURBON - 2011 Registration Document