Good results at year's end : 2004 turnover up 8.9%

Groupe Bourbon's consolidated turnover for the year 2004 amounted to 1114.3 million euros, an increase of 8.9% in comparison with 2003 (and an actual growth of 13.6% at constant exchange rates)

Business in 2004

Groupe Bourbon's turnover totalled 1,114.3 million euros, an increase of 8.9 % (+ 13.6 % in constant exchange terms). These results were fuelled by the steady growth of the group's Maritime branch, notwithstanding the mark-up incidence of a strong euro, and by international business in the Retailing sector.

Marine Services

Strong growth in offshore oilfield work and bulk transport

The Maritime branch increased its turnover by 22.3% (+ 30.3% in constant exchange terms) to reach 492.6 million euros. This growth came principally from the Bulk Transport business and from Marine Services for Offshore Oilfields.

Marine Services for Offshore Oilfields
Turnover grew by 19.9% (+ 27.4% in constant exchange terms) in this field to give a year's end total of 223.6 million euros. In line with the business plan for 2003-2007, this growth shows the return on the current investment program and the impetus of a full year's consolidation of the Norwegian business. It also reflects the impact of the drop in the dollar, where forward exchange hedges set up three years ago came to maturity in the third quarter of the year, and includes disposals of old vessels.
The end of the year brought confirmation of an upturn in the offshore oilfield market, notably in the North Sea, and this trend should increase throughout 2005.

Towage & Assistance
With a growth of 2 %, the Towage & Assistance branch progressed at the same rate as the French economy. Turnover benefited from newly-developed business in Cameroon.

Bulk Transport
In the Bulk Transport business, turnover jumped by 46.6% (+ 63.5% in constant exchange terms) to reach 158.7 million euros while tonnage remained stable at 12 million metric tons as compared with 11.4 million for 2003. The high growth figures in this sector came from the exceptional increase in freight rates, pumped up by the demands of an expanding Chinese economy.

Retailing

Business holds its own
Consolidated revenue (66.6 % of Vindemia) reached 575.3 million euros, an increase of 1.2% with regard to 2003 (+ 3.6% in constant exchange terms).

France — Reunion Island
Business in Reunion Island held its ground, at the same level of turnover as for 2003, despite the deflationary effect of supplies directly from Asia (higher volume and lower prices). The restructuring of supplies in favour of Asian sources allowed the group's stores to regain market shares and to restore margins. This realignment policy will be increased in 2005.

International
Revenue from non-French trade increased by 5.4% to reach 100 million euros. With an actual increase of 19.6% in constant exchange terms, the rise in the euro masked the brisk development of business, notably in Vietnam, and the real contribution to turnover from the Mauritian stores.

Outlook and Prospects

Turnover in 2005 should benefit from the introduction of new ships into the Offshore Services business and from the powerful worldwide upsurge in offshore oil prospecting and production. Business growth, measured in terms of turnover, will obviously depend on the development of euro/dollar parity. Bulk transport prospects remain favourable, both in terms of volume and freight rates.

In the Retailing field, revenue should continue to increase slowly in Reunion Island while international business benefits from the buoyant economic climate noted in various countries, particularly Vietnam.

February 9th 2005

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 8720 staff-members and registered a turnover of 1114.3 million euros in 2004.
Since February 2004, Groupe Bourbon has been classified by Euronext in the "Oil Services" category.

Publicis consultants.paris
Press Relations, Axel Bavière, 01 44 43 73 1,1 axel.baviere@consultants.publicis.fr

Groupe Bourbon
Financial Relations, Patrick Mangaud, 01 40 13 86 09, patrick@mangaud.com
Press Relations, Christa Roqueblave, 01 40 13 86 0,6 christagb@wanadoo.f