The adjusted financial information is presented by Activity and by segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). The principles of internal reporting do not reflect the application of the new IFRS 10, IFRS 11 and IFRS 12, IAS 27 amended and IAS 28 amended. Consequently, joint ventures are still proportionately consolidated, as in previous years.

Half year 2014 market and operational highlights

• A high, stable oil price enabled continued investment in offshore activity by oil majors and national oil companies while cost reduction objectives and some project delays have slowed the demand for offshore vessels

• The global deepwater PSV fleet is facing overcapacity due to the high number of deliveries of new vessels coming from shipyards

• BOURBON is focused on operational excellence in execution:

  • Safety remains a strength at BOURBON, with TRIR (Total Recordable Incident Rate per million hours worked) of 0.61

  • Technical availability of 95.2% in the first half of 2014 follows the strong performance in 2013 of 94.5%

  • BOURBON is continuing its focus on cost control through its standardization policy

• Utilization rates excluding crewboats historically have been within an 87%-92% tunnel, in line with long-term expectations; during the 1^st half of 2014, the performance was in the lower part of this range

Half year 2014 results/additional highlights

• EBITDAR as a percent of revenues, compared with the 1^st half 2013, showed improvements in Shallow water and Subsea and stable performance in Deepwater, reflecting strong cost control overall despite high level of vessel deliveries and the negative impact of foreign exchange rates

• A decline in activity in the crewboat segment in West Africa had an impact on average utilization rates versus 1^st half 2013 and on EBITDA

• Revenues were mixed across regions compared with the first half of 2013, with Asia increasing 25% primarily due to the addition of new and larger vessels to the fleet , Americas down 5%, Europe & Mediterranean/Middle East and West Africa stable

• Average daily rates increased in most segments compared with the 1^st half of 2013 with delivery of larger or high end vessels in all segments and in the shallow water segment rates remained stable while increasing the fleet by 23%
  

MARINE SERVICES

Revenues increased 3%, a result which was impacted by the foreign exchange rates during the 1^st half 2014. BOURBON continued its current investment program, adding a significant number of vessels during a softening market. The reduction in EBIT was a combined result of the higher level of bareboat charter costs and the addition of provision for dry docks for these vessels.

Marine Services : Deepwater offshore vessels

The 1st half of 2014 saw the delivery of the new mid size deepwater PSV Bourbon Explorer with excellent feedback from customers. While the revenues were impacted by lower average utilization rates and underperforming technical availability on one side and the exchange rate on the other side, the cost control performance resulted in a stable EBITDAR margin of 38.8 %.
Deepwater segment remains a strong contributor to BOURBON cash generation, in a market where the impact of the large size PSV oversupply still has to be evaluated.

Marine Services : Shallow water offshore vessels

With 23% fleet growth and stable day rates compared to H1 2013, Shallow water revenues grow by 15,6% reflecting the impact of the weak dollar compared to the Euro.
Cost control and operational excellence lead to a cost increase limited to 11.3% which account for the good EBITDAR performance of €69.3 million, a 25.4% increase compared to last year. The increasing number of bareboated vessels have impacted, as expected, the EBITDA generation standing at €53.5 million, a 3.1% decrease compared with H1 2013.

Marine Services : Crewboat vessels

Despite an increase in the size of the fleet, the softer conditions in certain countries in the West Africa region contributed to the utilization rate dropping by 5 point and in combination with a weaker dollar, revenues declined by 5.5% also directly impacting the level of EBITDAR.

Subsea Services

Since last year, 2 vessels were transferred from Subsea Services to Marine Services and one has been sold, while two large Bourbon Evolution IMR vessels joined the fleet. Operationnal performance was stable, resulting in a good level of revenues, exchange rates permitting.
Good cost control within the activity lead to an improved EBITDAR margin. Capital gains on vessel sales and bareboat charter back more than offset the increase in bareboat charter costs, leading to strong EBITDA generation.
The market favors cost competitive solutions from IMR vessels, which translates into good demand for the new series of Bourbon Evolution still to be delivered.

Other

Using chartered vessels has two advantages for BOURBON: it makes it possible to meet client demands and generate contracts while new vessels are being built and added to the fleet. Using chartered vessels also enables BOURBON to offer vessels that are not part of its regular line of services when needed for global calls for tenders. Volatility of "Other" revenues is largely due to the variation in the number of chartered vessels during the period.

Net non-current assets increased due to the delivery of vessels that are not part of the vessel sale and bareboat charter agreements. Meanwhile, the decrease in assets held for sale reflects the continued progress of delivering vessels to ICBCL during the 1^st Half of 2014.

The reduction in gearing ratio (net debt/shareholders equity) since December 31, 2013 was relatively small, due to the payment of the dividend. The more significant reduction in this ratio is seen when comparing to the end of June 2013, when vessel sale proceeds began to impact net debt. This reduction was significant with a 27% reduction in the ratio from 1.53 to the current level of 1.12. thanks to total proceeds from the disposal of vessels of $US1.3 billion.

The two primary sources of cash generation for BOURBON are from the vessels in service as a ship operator and the sale of vessels as a ship owner. From these sources of cash, the stakeholders such as banks, government entities and shareholders receive a portion in the form of interest, taxes and dividends. Another use of cash is for the continued high level of investment in assets for the business and required working capital increases. These various uses of cash make the speed of debt reduction less rapid, though still significant.

The free cash flow generated through the combined vessel operator and vessel owner elements of the business has made a significant improvement since the beginning of the vessel sale and bareboat charter program, moving from a negative free cash flow position in H1 2013 to a strong positive free cash flow of close to €250 million at the end of H1 2014. This has enabled BOURBON to reduce its net debt significantly over this period.

OUTLOOK
Despite a stable level of oil prices for the past several years, oil & gas companies are expected to continue their cost reduction efforts and to be more selective in their investment decisions and more focused on existing well production. In addition, there is some uncertainty on the timeframe to execute projects.

On the other hand, the rig count is expected to continue to increase. Only a portion of the approximately 200 rigs under construction will be replacing older rigs, which is favorable for the demand of offshore vessels (OSV). A high contractor backlog through 2016 could also have a positive impact on demand for OSVs. On average, we anticipate a stable demand for offshore support vessels.

On the supply side, the high number of large PSVs coming out of the shipyards could negatively affect the spot market. This should have only a small impact on BOURBON, taking into account the high contractualization rate of its PSVs.

BOURBON is focusing on service execution with a strong commitment to cost reduction, thanks to the standardized fleet of 500 vessels.

MAJOR OPERATIONS AND HIGHLIGHTS

• Following the success of the public tender offer and taking into account the 16,226,089 shares tendered to the offer, JACCAR Holdings holds, in concert with Mach Invest International and its affiliates, 41,613,701 BOURBON shares, representing 55,81% of the share capital and theoretical voting rights of BOURBON and 58,13% of effective voting rights. JACCAR Holdings holds alone 35,639,941 shares in BOURBON, representing 47.80% of the share capital and theoretical voting rights of BOURBON and 49.78% of effective voting rights.

• The controlling shareholders will take the time it needs to study BOURBON`s options from 2015 onwards and therefore, new outlook for BOURBON following the current business plan will be presented during the 1^st half of 2015

• As an update on BOURBON`s sale of 51 vessels for up to US$1.5 billion to ICBCL the transfer of 43 vessels have been completed for a total proceeds of US$1.3 billion, including 4 vessels that have been transferred since July 1, 2014

• To date, the vessels transferred to ICBCL comprise 7 Deepwater vessels, 31 Shallow water vessels and 5 Subsea vessels

• The $US150 million agreement with Standard Chartered Bank for the sale of 6 vessels remains on track and the remaining 3 vessels are targeted to be transferred before the end of 2014

ADDITIONAL INFORMATION

• The accounts for the first half of 2014 were closed by the Board of Directors on Monday, August 25, 2014

• The accounts for the first half of 2014 underwent a limited examination by the statutory auditors

• BOURBON`s results will continue to be affected by the €/US$ exchange rate

FINANCIAL CALENDAR

APPENDIX I

Reconciliation of adjusted financial information with the consolidated financial statements

The adjustment items are the effects of the consolidation of joint ventures according to the equity method. At June 30, 2014 and for the comparative periods presented, adjustment elements are:

APPENDIX II

Simplified Consolidated Income Statement

** consolidated 2013 figures have been restated according to the implementation of the new accounting standards.

APPENDIX III

Simplified Consolidated Balance Sheet

** consolidated 2013 figures have been restated according to the implementation of the new accounting standards.

APPENDIX IV

Simplified Consolidated Cash Flow Statement

** consolidated 2013 figures have been restated according to the implementation of the new accounting standards.

APPENDIX V

Quarterly adjusted revenue breakdown

* effect of consolidation of joint ventures using the equity method.

** consolidated 2013 figures have been restated according to the implementation of the new accounting standards.

Quarterly average utilization rates for the BOURBON offshore fleet

Quarterly average daily rates for the BOURBON offshore fleet

Quarterly number of vessels (end of period)

* Vessels operated by BOURBON (including vessels owned or on bareboat charter).

Quarterly deliveries of vessels

Half-year adjusted revenue breakdown

* effect of consolidation of joint ventures using the equity method.

** consolidated 2013 figures have been restated according to the implementation of the new accounting standards.

Half-year average utilization rates for the BOURBON offshore fleet

Half-year average daily rates for the BOURBON offshore fleet

Half-year deliveries of vessels

Half-year expected deliveries of vessels

Breakdown of BOURBON adjusted revenues by geographical region

Half-year contractualization rates for the BOURBON offshore fleet (end of period)

Other key indicators

Quarterly breakdown

Half-yearly breakdown

_About BOURBON

Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 11,000 skilled employees. Through its 28 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

BOURBON provides two operating Activities (Marine Services and Subsea Services) and also protects the French coastline for the French Navy.

In the 1^st half of 2014, BOURBON`S revenue came to €642.6 million and the company operated a fleet of 501 vessels as of June 30, 2014. Under the "BOURBON 2015 Leadership Strategy" plan, the group has built a vast fleet of innovative, high-performance mass produced offshore vessels.

The latest action plan "Transforming for beyond", financially provides for the sale of existing vessels or those under construction totaling $2.5 billion and then chartering these bareboat vessels over a period of 10 years. The first part of the program involved a contract for 51 vessels worth $1.5 billion with ICBC Financial Leasing. Through the "Transforming for beyond" action plan, BOURBON intends to expand its strategic scope to new possibilities beyond 2015 ensuring the creation of future value growth.

Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment A.

_Contacts

BOURBON

Investor Relations, analysts, shareholders

James Fraser, CFA
+33 (0)4 91 13 35 45
james.fraser@bourbon-online.com

Corporate Communications

Christelle Loisel
+33 (0)1 40 13 86 06
christelle.loisel@bourbon-online.com

Media relations agency
Publicis Consultants

Jérôme Goaer
+33 (0)1 44 82 46 24
jerome.goaer@consultants.publicis.fr

Véronique Duhoux
+33 (0)1 44 82 46 33
veronique.duhoux@consultants.publicis.fr

Vilizara Lazarova
+33 (0)1 44 82 46 34
vilizara.lazarova@consultants.publicis.fr

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BOURBON via GlobeNewswire
HUG#1853251