2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 154 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements Assuming the position reached on December 31, 2017 to be constant over a year, a change in interest rates of 100 basis points (1%) would therefore result in increasing or decreasing the cost of the Group’s financial debt by €6.9 million over one year. (in € millions) At December 31, 2016 Less than 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than 5 years Total Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Cash - 281.5 - - - - - - - - - - - 281.5 Term deposits - - - - - - - - - - - - - - Loans and securities 24.0 - 33.5 - 26.2 - 25.3 - 29.4 - 46.6 - 184.9 - Financial assets 24.0 281.5 33.5 - 26.2 - 25.3 - 29.4 - 46.6 - 184.9 281.5 Bank overdrafts and short-term lines - (293.2) - - - - - - - - - - - (293.2) Deposits and securities received - - (0.3) - - - - - - - (0.3) - Finance lease liabilities (26.5) (4.3) (10.1) - (9.1) - (5.7) - (2.9) - (3.9) - (58.2) (4.3) Bank borrowings (136.6) (1,062.8) (14.7) (22.0) (15.1) (20.3) (15.4) (7.7) (15.0) (8.6) (26.7) (41.1) (223.5) (1,162.6) Financial liabilities (163.1) (1,360.3) (25.1) (22.0) (24.1) (20.3) (21.1) (7.7) (17.9) (8.6) (30.6) (41.1) (282.0) (1,460.1) Net position before hedging (139.1) (1,078.8) 8.4 (22.0) 2.1 (20.3) 4.1 (7.7) 11.5 (8.6) 16.0 (41.1) (97.1) (1,178.6) Hedging (579.0) 579.0 Net position after hedging (676.0) (599.6) Assuming the position reached on December 31, 2016 to be constant over a year, a change in interest rates of 100 basis points (1%) would therefore result in increasing or decreasing the cost of the Group’s financial debt by €6.0 million over one year. Foreign exchange risk Objectives The Group’s policy is to reduce as far as possible the economic risk related to foreign currency fluctuations over the medium term. The Group also tries to minimize the impact of the US dollar’s volatility on annual operating income. Cash flows from operating activities The main foreign exchange risks on operations are related to invoicing clients. BOURBON invoices a large portion (approx. 76%) of its services in US dollars. The Group has a natural foreign exchange hedge as it pays its expenses in dollars (representing about 35% of revenue). The policy is to maximize this natural hedge. The residual risk is partially hedged in the short term by using forward US dollar sales and/or currency puts. On the unhedged portion, and over time, offshore oil and gas marine services are directly exposed to foreign currency risks, particularly on the US dollar. Long-term cash flows Policy For vessel acquisitions in foreign currencies, the policy is to partly hedge the foreign exchange risk during the construction period by setting up currency futures call options. The policy is to finance these acquisitions in the currency in which the corresponding charters will be paid by the customers. However, in order to avoid accounting exchange differences in countries outside the euro zone and the US dollar zone (particularly in Norway), the entities finance their investments in their functional currency. Current practice As an exception, at the beginning of 2004, it was decided to temporarily abandon this practice and convert the majority of borrowings that were in US dollars at the time to euros. This was done to recognize the unrealized foreign exchange gains booked during previous fiscal years.