2017 REGISTRATION DOCUMENT

BOURBON 2016 Registration Document 14 GENERAL INTRODUCTION TO THE GROUP 2 Innovation 4. INNOVATION Innovation is at the heart of BOURBON’s model and strategy. This approach is reflected in technological concepts, new techniques and operational innovations. BOURBON keeps a constant watch on technological developments, supports research and development with its main subcontractors, and supports poles for innovation developments such as French marine clusters. For example, this approach has made it possible to develop the Bourbon Liberty 100, 150, 200 and 300 series. These vessels have many innovative characteristics in common: reduced fuel consumption, approximately 30% more cargo capacity (compared with vessels of comparable size), reduced operational times and considerable maneuverability. Finally, a high level of availability can be guaranteed because the maintenance of these modern vessels is facilitated by standardization. All these assets generate significant productivity gains on operations conducted for clients, efficiently and over the long term. BOURBON support vessels are set apart by the standardized installation of high tech equipment, such as dynamic positioning, which is essential to the safety of towing, anchoring, and refueling operations. BOURBON also took the decision to equip most of its support vessels with a diesel-electric propulsion system, which is more fuel efficient for offshore oil support operations and equally more environmentally friendly. In 2017, BOURBON implemented its first digital transformation projects, in particular in the Smart Shipping program. The aim is to reduce operating costs, improve safety and strengthen client relationships by offering new digital tools. 5. COMPETITIVE ENVIRONMENT 5.1 MARINE SERVICES There are two types of operators: 3 international companies present in the major global markets; these represent about 24% (1) of the total fleet (including BOURBON). The main companies are as follows: Tidewater (United States), Seacor (United States), Farstad/Solstad (Norway), Maersk Supply (Denmark), Gulfmark (United States), Edison Chouest (United States), and Swire Pacific (Hong Kong); 3 over 500 local operators, each with a fleet made up of a limited number of vessels. BOURBON is the world leader in the offshore oil and gas services market owing to the size of its fleet and its geographical positioning. BOURBON’s vessels are standardized and equipped with Dynamic Positioning Systems (DP2), diesel electric propulsion engines and satellite communication systems. Based on its number of vessels of less than 30 years, BOURBON Corporation has the largest fleet. Then there are three companies with more than 120 vessels, five companies with a fleet of 50 to 70 vessels, 11 companies with a fleet of 30 to 50 vessels, 64 companies with a fleet of 10 to 30 vessels, and nearly 470 other players with a fleet of fewer than 10 vessels. BOURBON Competitor #1 Competitor #2 Competitor #3 Competitor #4 Concurrent #5 Competitor #6 Competitor #7 Competitor #8 Competitor #9 Competitor #10 Number of supply vessels 0 50 100 150 200 250 (1) Source: Clarksons (excluding vessels that are more than 30 years old).