2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 15 GENERAL INTRODUCTION TO THE GROUP 2 Competitive environment 3 GEOGRAPHICAL POSITIONING Asia Med/Middle-East North Sea Americas Africa BOURBON x x x x x Competitor #1 x x x x Competitor #2 x x x x x Competitor #3 x x x x Competitor #4 x x x x x Competitor #5 x x Competitor #6 x x x Competitor #7 x x Competitor #8 x x x x Competitor #9 x x x x Competitor #10 x Source: Clarksons. The fall in oil prices and the decline in offshore activity since mid- 2014 have seriously affected some of BOURBON’s competitors. Several companies went bankrupt, especially in Asia, while others restructured heavily by putting themselves under the protection of the US Chapter 11 bankruptcy law. This mechanism enabled certain US companies to clean up their balance sheets, at the expense of shareholders and financial partners. Another approach was that taken by Norwegian companies who chose to consolidate in order to reduce structural costs and increase volumes. 5.2 SUBSEA SERVICES The major shipowners renegotiated their debt to equity ratio in 2017. The changes to their financial and equity structures could create charter pricing distortions based on their short-term cash generation strategy. Non-shipowner companies benefited from relatively low chartering rates this year but will be exposed when the market recovers. Depending on the area of activity, the main competitors are shipowners such as Maersk Supply (Denmark) and Solstad/ Farstad (Norway) when it comes to pure charters, as well as service integrators such as DOF Subsea (Norway), DeepOcean (Norway) and Oceaneering (USA).