Bouygues Offshore Shareholders' General Meeting Outlook 2000 - 2001.

Business Editors

MONTIGNY-LE-BRETONNEUX, France--(BUSINESS WIRE)--May 18, 2000

Bouygues Offshore (NYSE: BWG) today held its General Meeting of Shareholders, where Herve Le Bouc, Chairman and CEO, reviewed highlights of 1999 and discussed the Company's outlook for 2000 and 2001.

At the meeting, shareholders approved 1999 accounts showing net income of Euro 52.1 million, an increase of 23% compared to 1998. Earnings per share amounted to Euro 3.11 (Euro 1.55 per ADR) in 1999 compared to Euro 2.50 (Euro 1.25 per ADR) in 1998. Shareholders also approved the distribution of a net dividend of Euro 1.3 (Euro 0.65 ADR) per share for payment on May 26, 2000.

In his remarks during the meeting, Mr. Le Bouc commented: "The backlog, which is a significant indicator of our future results, was Euro 779.3 million at March 31, 2000. Approximately 73% of this backlog relates to activity in 2000. Moreover, the US $300 million Blue Stream project is expected to come into force during the first half.

These factors reaffirm our projections of 7% growth in net sales for 2000."

The Company commented that due to lower than anticipated utilization of its barges and the push-out of certain projects in Oil and Gas contracting, net income for the first half of 2000 is expected to be significantly lower than in the first half 1999.

Continuing his comments, Herve Le Bouc further stated: "We anticipate substantial growth in our net income during the second half of the year, driven in part by several large contracts. Looking ahead to 2001, our current marketing activity and the structure of our ongoing contracts position the Company to deliver strong results for the year."

Driven by a strong commitment of the energy industry, an on-the-spot presence and a team of talented professionals, we deliver solutions that are safe, innovative and promote the success of our clients and our Company.