2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 160 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements (in € millions) 12.31.2016 Total Assets outstanding at year-end Assets impaired Assets not impaired or outstanding < 30 days 31-60 days 61-90 days > 91 days Total Loans and receivables at amortized cost - - - - - 4.0 224.2 228.2 Trade and other receivables 22.9 17.6 13.9 73.6 128.0 21.7 326.4 476.2 TOTAL 22.9 17.6 13.9 73.6 128.0 25.7 550.7 704.4 b) Liquidity risk The Group’s exposure to liquidity risk is analyzed in note 3.18. c) Market risk The Group’s exposure to market risk is analyzed in note 3.18. 3.20 CONTINGENT LIABILITIES Pursuant to IAS 37 with regard to “Provisions, contingent liabilities and contingent assets” it should be noted that one of the Group’s subsidiaries is involved in legal proceedings following a dispute regarding a duty similar to an indirect tax on certain invoiced services, for an estimated total of €28 million in principal and €66 million in penalties and default interest. The claim by the local tax administration appears to be groundless, because it seems to rely on an erroneous classification of the services invoiced by the subsidiary, which the court of first instance in the country in question confirmed in its judgment rendered on October 18, 2016, invalidating the adjustments notified by the local tax administration. The local tax administration has appealed the judgment before the competent court of appeal. By a judgment handed down on February 27, 2018, the appeal court dismissed the claims of the Administration and confirmed the decision of the trial court canceling the adjustments. The Administration has a maximum of 30 business days from the date of publication of the ruling to appeal the decision before the competent court. If the Administration succeeds in lodging an appeal, the matter would be considered as having been definitively ruled in favor of the Group company as far as the facts are concerned, as the court of appeal would only examine the questions of law raised by the challenged ruling. It should be noted that in 2013, in a similar matter, the Superior Court of Justice in the same country also ruled for the taxpayer and against the local tax administration. As a result, in the management’s opinion, to the best of its knowledge of the matter and of the local legal and tax environment, and supported by the opinion of its counsel, this is a contingent liability for which the likelihood of a significant payout is currently slight. Legal risks are described in “Legal Risks” in the Registration Document, in note 5.3. 4/ Operating segments The business segment financial information is presented by activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision maker to manage and measure the performance of BOURBON (IFRS 8). The principles of internal reporting do not reflect the application of the consolidation standards (IFRS 10, 11, 12, IAS 27 revised and IAS 28 revised). Internal reporting (and thus adjusted financial information) records the performance of operational joint ventures in which the Group has joint control by the full consolidation method. Moreover, internal reporting – and therefore adjusted financial information – does not reflect the application of IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively to January 1) to an operating joint venture based in Angola. The operating segments as presented for purposes of providing segment information are as follows: “Marine Services” and “Subsea Services”. In turn, the “Marine Services” segment is broken down into “Deep”, “Shallow” and “Crew”. Income and expenses that cannot be charged to the operating segments are classified as “Other”.