2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 162 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements The segment information for 2016 was as follows: (in € millions) Total Marine Services Of which Total Subsea Services Other Adjusted total by activity/ segment Adjustments Consolidated Total Deep Shallow Crew Revenues 864.1 337.0 279.2 247.8 217.2 21.3 1,102.6 82.0 1,020.6 Direct costs excluding bareboat charters (484.3) (182.1) (154.4) (147.9) (93.5) (12.8) (590.6) (51.8) (538.8) General and administrative costs (101.6) (39.6) (32.8) (29.1) (25.5) (1.9) (129.0) (13.9) (115.0) EBITDAR* excl. capital gains 278.2 115.3 92.1 70.8 98.1 6.7 383.0 16.2 366.8 Bareboat leases (134.4) (67.9) (66.5) - (54.3) - (188.7) (0.0) (188.7) Capital gains 0.4 - - 0.4 (1.4) - (1.0) (1.4) 0.4 Gross operating income (EBITDA) 144.2 47.4 25.6 71.2 42.4 6.7 193.3 14.8 178.5 EBIT (155.7) n/a n/a n/a (6.6) (2.8) (165.1) 10.2 (175.3) Goodwill 6.1 - 6.1 - 19.2 - 25.2 - 25.2 Vessels 1,962.0 n/a n/a n/a 419.3 21.9 2,403.2 67.1 2,336.2 Installments on vessels under construction 11.6 n/a n/a n/a 47.2 - 58.8 - 58.8 Other non-current assets and liabilities 146.0 n/a n/a n/a 52.5 27.4 225.9 (8.4) 234.3 Working capital 145.0 n/a n/a n/a 36.4 0.9 182.3 (15.7) 198.0 Capital employed 2,270.7 n/a n/a n/a 574.6 50.2 2,895.5 43.0 2,852.5 Capital employed excluding installments on vessels under construction 2,259.1 n/a n/a n/a 527.4 50.2 2,836.7 43.0 2,793.7 * EBITDA excl. cost of bareboat leases. The breakdown of BOURBON’s revenue by geographical region for 2017 and 2016 was as follows: (in € millions) 2017 adjusted 2016 adjusted Africa 497.7 616.4 Europe & Med./Middle East 123.0 158.3 American continent 147.6 216.6 Asia 92.3 111.3