2017 REGISTRATION DOCUMENT

BOURBON 2016 Registration Document 16 GENERAL INTRODUCTION TO THE GROUP 2 Main market trends 6. MAIN MARKET TRENDS The International Energy Agency (IEA) is forecasting that the oil market in 2018 will be balanced thanks to a limited increase in supply and economic recovery. Growth in global oil demand is increasingly steadily by 1.4 million barrels per day (bpd) and will reach 97.7 bpd in 2018 (source: IEA). With regard to oil supply, OPEC and other producing countries adopted a policy to reduce their supply at the beginning of 2017. In November 2017, they decided to continue this action until the end of 2018 by reducing their total production by 1.8 million barrels per day. This production cut-off led to a reduction in global stocks and consolidated the rise in the price of oil. Overall, the price of a barrel of Brent rose $10 in 2017 compared to the previous year, from $44 to $54. For 2018, a number of experts see the price of oil increasing to an average of around US$60. The Energy Information Agency (EIA) is looking at US$60 a barrel, the US bank Goldman Sachs US$62 a barrel and the World Bank US$56. In this context, the amount spent by oil companies on exploration and production expenses increased by 4% in 2017 to some US$390 billion and could grow by 2% to 6% worldwide in 2018 (source: IFP). Deepwater offshore From mid-2014 through 2016, oil companies reacted swiftly to the rapid collapse in the price of oil with cuts to spending on exploration and production, notably by significantly reducing drilling programs. In 2017, the rise in oil prices led to increased demand for drilling platforms. The utilization rate of semi-submersible-type drilling rigs and drill ships increased from 64% in 2016 to 65% in 2017 (source: Clarksons). Utilization rate % of worldwide fleet Units under construction Semi-submersible drilling rigs and drill ships 65% (+1 pt) (2017 vs. 2016) 18% 53 Furthermore, of the 245 vessels ordered worldwide in 2017 (source: Clarksons) , the share of vessels ordered by BOURBON is not significant, with only one vessel due to be delivered. For the record, BOURBON’s share was 5% in 2012 and 4.2% in 2013, < 2.7% in 2014 and 0.5% in 2015. The average age of BOURBON’s deepwater offshore fleet is 10.2 years, in a global fleet estimated at more than 1,734 units, 5% of which are over 25 years old (source: Clarksons/BOURBON).