BOURBON (EPA:GBB) BOURBON - Press Release

Transparency directive : regulatory news

17/03/2014 07:00

Press release

                                                       Paris, March 17, 2014

             Proposed bid for shares in BOURBON by JACCAR Holdings

BOURBON has been informed of a proposed bid for its shares at a price of 24
euros per share, announced March 16, 2014 by its main shareholder, JACCAR
Holdings. This offer is conditional upon obtaining 50.1% of the capital and bank
financing. This offer would allow JACCAR Holdings to strengthen its position in
BOURBON's share capital and provide liquidity to shareholders. JACCAR Holdings
has indicated that they do not intend to implement a squeeze-out following the
completion of this offer. The proposed offer will be filed with the financial
market authorities and the terms of the Offer will be subject to the discretion
of the AMF (see full message of JACCAR Holdings in PDF attached).

The Board of Directors of BOURBON has been informed of this offer and will
conduct a preliminary review of the key terms of the public offer at a meeting
to be held March 21, 2014.

About BOURBON

As a leader in offshore marine services, BOURBON offers the most demanding oil &
gas companies a comprehensive range of surface and subsea marine services for
offshore oil & gas fields and wind farms. This offer is based on an extensive
range of latest-generation vessels and the expertise of more than 11,000
competent pro fessionals. The group provides local service through its 27
operating subsidiaries, close to clients and their operations, and it guarantees
the highest standards of service quality and safety worldwide.

BOURBON has two Activities, Marine Services (Offshore installation supply,
towage, anchor handling and positioning, personnel transport) and Subsea
Services (Subsea inspection, maintenance and repair, offshore operations
engineering, supervision and management) and also protects the French coastline
for the French Navy.

In 2013, BOURBON posted revenues of 1.312 billion and as of December 31, 2013,
it operated a fleet of 485 vessels. Under its "BOURBON 2015 Leadership Strategy"
plan, the Group is investing in a large fleet of innovative and highperformance
offshore vessels built-in series.

The latest action plan "Transforming for beyond" in its financial aspect aims at
the sale and bareboat chartering for 10 years of US$2.5 billion of new or
existing vessels. Through "Transforming for beyond", BOURBON wants to enlarge
the scope of achievable strategies beyond 2015 and be ready to deliver growth
and value creation further.

Classified by ICB (Industry Classification Benchmark) in the "Oil Services"
sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is
included in the Deferred Settlement Service SRD, in the SBF 120 and CAC Mid 60
index.

CONTACTS

PR Agency : Publicis Consultants
Jérôme Goaer       +33 (0)1 44 82 46 24  -
                   jerome.goaer@consultants.publicis.fr
Véronique Duhoux   +33 (0)1 44 82 46 33  -
                   veronique.duhoux@consultants.publicis.fr
Vilizara Lazarova  +33 (0) 1 44 82 46 34 -
                   vilizara.lazarova@consultants.publicis.fr
BOURBON
Investors - Analysts - Shareholders Relations
James Fraser, CFA  +33 (0)4 91 13 35 45 -
                   james.fraser@bourbon-online.com
Communication Department
Christelle Loisel  +33 (0)1 40 13 86 06 -
                   christelle.loisel@bourbon-online.com

Annex - message JACCAR Holdings received March 16, 2014

                                    JACCAR

Luxembourg, 16 March 2014

        JACCAR Holdings prepares proposed bid for shares in BOURBON

The board of directors of JACCAR Holdings, a company which currently directly
owns 26.2% of the share capital of BOURBON representing 27.3% of the voting
rights, is preparing a proposed bid for the shares in B per share, cum dividend
(the "Offer"). The BOURBON shares are traded on the regulated market of NYSE
Euronext in Paris (ISIN code FR0004548873).

This offer price represents a premium of respectively 19% compared with the
volume-weighted average of the last 100 trading days, and 24% compared with the
closing price on the day preceding the announcement.

The Offer is expected to be filed with the French financial markets authority
(the "AMF") in April 2014 after the board of directors of BOURBON has issued its
reasoned opinion. The indicative timetable of the Offer which will be examined
by the AMF, will be published at a later date when the draft information
memorandum prepared by JACCAR Holdings is filed.

The Offer would allow the offeror to strengthen its position in BOURBON's share
capital and would offer liquidity to BOURBON's shareholders.

JACCAR Holdings will now contact a certain number of shareholders in order to
find out their intentions with respect to the proposed transaction and will
continue discussions with its banking partners on the financing of the
transaction. The filing of the Offer is conditional upon satisfactory completion
of negotiations with those banks.

JACCAR Holdings is not bound by any agreement that could have an impact on the
Offer.

JACCAR Holdings intends to keep the BOURBON shares listed on NYSE Euronext in
Paris, and consequently does not intend to implement a squeeze-out following
completion of the Offer.

The Offer will lapse if the offeror does not hold, upon completion of the Offer,
50.1% of the outstanding share capital of BOURBON. The Offer could also be
subject to obtaining regulatory approvals, including in particular from the
relevant antitrust authorities.

This press release does not constitute and should not be construed as a public
offer to buy BOURBON's securities. It is possible that no public offer, or offer
to acquire securities is made. In accordance with French law, the documentation
relating to the Offer which, if it is filed, will include the terms and
conditions of the Offer will be subject to review by the AMF. The Offer will
only be opened once the AMF has granted its clearance.

About JACCAR Holdings
JACCAR Holdings, based in Luxembourg, is the private investment company of
Jacques de CHATEAUVIEUX, which is mainly focusing on businesses in the maritime
sector. JACCAR Holdings is notably the main shareholder of Bourbon, Greenship
Bulk, Greenship Gas and Sapmer Holdings, as well as a reference shareholder of
the Chinese shipyard Sinopacific Shipbuilding.
www.jaccar.net

Contacts
Philippe ROCHET         : +65 6692 0069 (Singapore)
Jacques de CHATEAUVIEUX : + 33 1 40 13 73 90 (France)

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