Groupe Bourbon is planning to transfer its towage business in 5 ports of regional importance, collectively representing less than 1.7% of its Maritime revenue.

Thus the harbour towage business in Calais, Cherbourg, Dieppe, Sète and Nouméa (New Caledonia) would be transferred, as of January 1st 2003, to the company Saint Victor whose managing director, Mr. Guy Chambon, is the representative of a Marseilles family of shipowners who have been actively involved in harbour and open-sea towage for more than 130 years.

Through its subsidiary Abeilles S.A., Groupe Bourbon, with a fleet of 79 tugboats and a 2001 turnover of 111 million euros, is a major figure in harbour towage worldwide.

Groupe Bourbon began, some four years ago, a large-scale fleet modernisation programme involving 21 new tugboats. The objective behind this programme is to provide top-quality services in line with international safety standards and with the cost and performance expectations of shipowners - clients.

The new Abeilles organisational plan precludes services in ports of regional importance.

This planned transfer was submitted to staff representatives in an extraordinary meeting of the works council on November 5th 2002, in the course of which it was confirmed that the transfer would have no effect on jobs and employment.

Marseilles, November 6th 2002

Press contact : Caroline Simon, 01 53 70 74 70, csimon@image7.fr

Contact for analysts and investors : Patrick Mangaud, 0140 13 86 09, patrick@mangaud.com