New contract for GROUPE BOURBON in Brazilian deep-sea offshore business

Paris, July 23^rd 2002

Through its subsidiary, Delba Maritima, Groupe Bourbon has just announced the signature of a two-year contract with Petrobras, the Brazilian state oil company, concerning the anchor-handling tug supply vessel Havila Crown (AHTS, type UT 722L).

The Havila Crown, delivered in March 2001, is the first supply vessel belonging to Island Offshore II, the Norwegian corporation in which Groupe Bourbon took a 51% shareholding last May. Two other AHTS vessels of the same type are currently under construction and scheduled for delivery to this corporation in January and March 2003.

The ship is being operated by the Norwegian business Havila Supply ASA, a minority shareholder of Island Offshore II. Groupe Bourbon has owned a 25 % stake in Havila since May 2002.

This contract, for an overall sum of 15 M€, illustrates the growth strategy adopted by
Groupe Bourbon in the deep-sea offshore maritime services business, a market generally fuelled by medium-term contracts.

Havila Crown — UT 722L
AHTS of 18 000 HP, 201 ton BP,
500 ton winch —2 750 tons DWT —
Dynamic positioning

Press contact : Adeline Challon 01 53 70 74 81, achallon@image7.fr
Company contact : Patrick Mangaud, 01 40 13 86 09, pmangaud@groupe-bourbon.com