Communiqué financier

Groupe Bourbon confirms its focus on Marine Services

The Combined General Meeting of Groupe Bourbon shareholders on December 16th adopted resolutions to authorise and implement :

the spin-off of the group's Réunion Island property and real-estate assets into CBo Territoria. This contribution was also passed by an Extraordinary General Meeting of CBo Territoria shareholders that same day, which went on to vote the correlative increase of capital,

the distribution of a spin-off dividend of one CBo Territoria share, at a face value of €1.32, for each Groupe Bourbon share held, on the suspensive condition of final approval being received from the tax authorities (articles 210 B and 115–2 of the French tax regulations). Preliminary approval for this operation was granted on November 4th 2004. The date of payment of this dividend will be decided by the Groupe Bourbon board of directors within the maximum limit of one year set by the tax authorities.

On December 17th, the board of directors of CBo Territoria decided :

to appoint Mr Eric Wuillai as General Manager of the company,
and to ratify and extend the tenure of Mr Jacques de Chateauvieux as chairman of the board.

Groupe Bourbon and CBo Territoria confirm their determination, subject to receipt of the necessary authorisations from the AMF (the French Financial Market Authority), to go ahead with the distribution of shares and their parallel quotation on an official stock market at the earliest possible date in 2005.

With this in view, the memorandum and articles of association of CBo Territoria will be amended to suit its future status as a listed company, notably as regards the right to hold bearer securities and the removal of the approval clause for any new shareholder

Paris, December 17^th 2004

About Groupe Bourbon

Offering services on offshore oilfields, in harbour towage, assistance missions and in bulk transport, Groupe Bourbon ranks as a major international figure in the maritime service field.
Through its subsidiary Vindémia, the group also operates in the world of mass retailing.
Listed on the "second market" of the Paris stock exchange, Groupe Bourbon employs some 8500 staff-members and registered a turnover of a billion euros in 2003.
Since February 2004, Groupe Bourbon has been classified by Euronext in the "Oil Services" category.

About CBo Territoria

This new company, dealing in real estate, will invest in diversified rental property assets – housing, offices, industrial and commercial premises – principally in Réunion Island but also elsewhere in the Indian Ocean.
The registered office of the company will be located in Réunion Island.