2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 17 GENERAL INTRODUCTION TO THE GROUP 2 Main market trends Shallowwater offshore In this market, activity remained stable in 2017. The usage rate for jack-ups in 2017 was 65% (source: Clarksons). Utilization rate % of worldwide fleet Units under construction Jack Up 65% (=) (2017 vs. 2016) 18% 99 To meet the requirements of the oil companies, the phenomenon of replacing vessels that are old or deemed obsolete with more recent vessels has accelerated with the crisis and customers are increasingly choosing more recent vessels, especially since more powerful vessels equipped with dynamic positioning technology are needed. The average age of BOURBON’s shallow water offshore fleet is 7.5 years, in a global fleet estimated at more than 1,839 units, 26% of which are over 25 years old (source: Clarksons/BOURBON) . Stacked worldwide fleet An analysis of the worldwide fleet of vessels dedicated to supporting offshore operations (AHTSs and PSVs, tugs and ships over 30 years old excluded - source: Clarkson) shows that out of an estimated fleet of 3,500 ships worldwide, 1,200 (30% of the fleet) are stacked (moored dockside, crewless or having suspended their navigation and classification certificates). Some of its vessels are over 15 years old, and there is very little chance that they will be able to return to the market. The issue of technological obsolescence and ship reactivation costs are important parameters when owners decide whether a vessel will be able to return to the market. This analysis shows that there is uncertainty surrounding the ability of stacked vessels to return to the market and hence the balance between supply and demand. In this context, BOURBON has adopted a rigorous maintenance policy for its stacked vessels, grouping them into clusters and assigning them dedicated maintenance teams tasked with preserving the integrity of the assets and enabling BOURBON to reactivate vessels quickly to meet market demand.