The Maritime branch registered a turnover of €404M, an increase of 14.2% (25% at fixed exchange rate). This growth comes principally from business in marine services for deepwater offshore fields, the group’s strategic development axis.

- Offshore : Offshore turnover reached € 187M, an impressive bound of 39.6%. Without shifts in exchange rates, this development would have been 53%, but a major part of this business is invoiced in US dollars.

- Bourbon Offshore Norway (ex-Havila), within the consolidation perimeter since the second quarter of 2003, accounted for a turnover of €20.5M. The Offshore division is thus continuing its development along the lines targeted in the business plan for 2003-2007.

- Towage & Assistance: Harbor business remained stable in 2003 and the drop in turnover corresponds to that of the "little ports", transferred on January 1st 2003.

- Bulk Transport: Throughout the year 2003, Setaf-Saget transported 11.4 million metric tons as opposed to 11.6 million in 2002, i.e. a drop of 3%. The year was characterized by a dramatic rise in freight rates over the second quarter, giving record rates at year’s end. At constant exchange levels, the turnover would have increased by 19%, but the drop in the dollar wiped out this growth.

- France-Reunion Island : Within a context of heavy competition since the outset of the year, the France-Reunion Island part of this business developed satisfactorily (+ 5%) to generate an overall turnover of €474M.

- International : International business in this sector accounted for € 95M in turnover, an increase of 30% (or 44% at fixed exchange rates). Growth was high in Madagascar and Vietnam in terms of existing stores and benefited from the opening of new outlet in Mauritius and Mayotte (Comoro Islands). Changes were made in trade names throughout the entire network at the end of the year. Casino products were introduced into the stores at the same time and received an enthusiastic welcome from customers.

- Offshore : The turnover for the quarter generated the same revenue as the previous quarter, the increase in business being offset by the drop in the dollar.

- Towage & Assistance : The turnover for the 4^th quarter confirms the trend over previous quarters and reflects the cancellation of assistance missions.

- Bulk Transport: In a market with extremely high freight rates, the dip in turnover for the 4^th quarter may be explained both by the large number of long-haul voyages uncompleted at year’s end (and thus invoiced in January) and by the drop in the dollar.

- France-Reunion Island : The turnover for the final quarter was in line with forecasts, fuelled by a satisfactory month of December.

- International : Steady development from one quarter to the next, despite the rise in euro rates.