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Structure from motion (SFM) is the problem of reconstructing the geometry of a scene from a stream of images. In this problem, the geometry of the scene must be inferred from images, along with the camera pose parameters. Bundle adjustment (BA) is a refinement method used to improve SFM solutions. It consists in simultaneously improving a set of initial estimates for all parameters (structure and camera pose) by minimizing a global cost function. It is generally considered to be highly accurate, and so is typically used as a last refinement step in most current SFM methods. Unfortunately, estimating the pose of the camera from a stream of images is an ill-conditioned problem. We thus propose a BA adjustment formulation which does not involve solving for the camera orientations. We tested this approach on several real world models. The numerical results obtained show that this approach is much less affected by noise than traditional BA.