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Naviera Bourbon Tamaulipas

Paris, April 22, 2007

In February 2006, almost a year ago, BOURBON entered Mexico through the Naviera Bourbon Tamaulipas joint venture. One year later, the results are already highly satisfactory in a region that offers significant potential.This subsidiary, formed with Mexican ship operator Naviera Tamaulipas, has a fleet of 6 vessels: 3 PSV contributed by our partner? the San Rafael, the Pionero and the Bahia De Campeche?and 3 vessels contributed by BOURBON?the FSIV Castor and Pollux and the AHTS Bourbon Artemis, soon to be joined by a seventh vessel, the Xicalango, a GPA 670. It also manages a fleet of five small, older vessels owned by our partner. All these vessels are operating for Pemex, the Mexican state-owned oil company and the only one operating in this zone. The transfer of technology on the FSIV was completed very quickly, and the Mexicans have today integrated the complex management of the Bourbon Artemis and the anchor handling operations.

Bourbon Artemis

The Bourbon Artemis, a 120-ton AHTS in the Naviera Bourbon Tamaulipas fleet

A profitable alliance for both parties

"This alliance satisfies both parties", stresses Jean-Paul Droniou, in charge of America/Middle East development within Bourbon Offshore. "Thanks to this alliance, Naviera Taulipas has doubled both the number of its vessels and its revenues. On our side, thanks to the dynamic performance of our partner, we have rapidly entered a difficult market which, until now, was the private turf of the Americans. While the BOURBON logo now appears on all the vessels of the fleet, it is very important for us, given the local environment, to be able to present ourselves commercially under the banner of Naviera Bourbon Tamaulipas." The same level of satisfaction exists on the Mexican side: "Our partnership with BOURBON has significantly expanded our horizon", says Gerardo Sanchez, Managing Director of Naviera Bourbon Tamaulipas. "BOURBON is present in all offshore operations with high-tech vessels". Portrait de Gerardo Sanchez"It is an opportunity for us to benefit from this experience. Our seamen are very proud of serving on these vessels. France is highly respected in Mexico, and we share cultural similarities. Our joint venture was perceived very positively in the country and by our customer Pemex. We are benefiting from the excellent image of BOURBON?a modern fleet and recognized rigor in safety issues." Gerardo Sanchez, Managing Director of Naviera Bourbon Tamaulipas

Shared optimism

This breakthrough can be full of promise if the market develops favorably. "The offshore Cantarell field is reaching the end of production", explained Gaël Bodenes, Assistant Deputy CEO of the Offshore Division. "Oil exports are down even if the country's consumption rises. Mexico holds oil reserves in very deep waters, but the development of those fields requires enormous investments. The question is whether the country will invite foreign investors by changing the current laws, which right now do not allow production sharing agreements. If this happens, an amazing market will open for us in this country." This vision is shared by Gerardo Sanchez: "38% of the central government's receipts come from oil. Today, no one knows what path will be taken, but one thing's for sure?all the political players have an interest in developing the oil industry. Therefore, I am very optimistic about the future of Naviera Bourbon Tamaulipas."