2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 176 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements % control of capital held directly or indirectly % interest in capital held directly or indirectly Country 2017 2016 2017 2016 Centre de Formation Offshore Pétrolier Bourbon-Hydro Marseille (1) 100.00 (1) 100.00 France Cusack 100.00 100.00 100.00 100.00 Uruguay Delba Operadora de Apoio Maritimo 100.00 100.00 100.00 100.00 Brazil Elbuque-Shipping LDA 100.00 100.00 51.00 51.00 Portugal (Madeira) Endeavor 100.00 100.00 100.00 100.00 France Financière Bourbon 100.00 100.00 100.00 100.00 France Grena-Navegação LDA 100.00 100.00 100.00 100.00 Portugal (Madeira) Holland Propeller Services B.V 100.00 100.00 60.00 60.00 Netherlands Inebolu Petroleum Marine Services Ltd Company 100.00 100.00 100.00 100.00 Turkey Inspares 100.00 100.00 100.00 100.00 United Arab Emirates Jade-Navegação LDA 100.00 100.00 100.00 100.00 Portugal (Madeira) Lastro-Companhia Internacional de Navegação LDA 100.00 100.00 100.00 100.00 Portugal (Madeira) Latin quarter-Serviços Maritimos Internacionais LDA 100.00 100.00 51.00 51.00 Portugal (Madeira) Les Abeilles 100.00 100.00 100.00 100.00 France Liberty 233 SNC 100.00 100.00 100.00 100.00 France Liberty 234 SNC 100.00 100.00 100.00 100.00 France Mastshipping-Shipping LDA 100.00 100.00 51.00 51.00 Portugal (Madeira) Navegaceano-Shipping LDA 100.00 100.00 51.00 51.00 Portugal (Madeira) Navegacion Costa Fuera 49.00 49.00 49.00 49.00 Mexico Naviera Bourbon Tamaulipas 49.00 49.00 49.00 49.00 Mexico Oceanteam Bourbon 101 AS 50.00 50.00 50.00 50.00 Norway Onix Participaçoes e Investimentos, Sociedade Unipessoal Lda 100.00 100.00 100.00 100.00 Portugal (Madeira) Opsealog 60.00 60.00 60.00 60.00 France Perestania 100.00 100.00 100.00 100.00 France Placements Provence Languedoc 100.00 100.00 100.00 100.00 France PSV Support 49.00 49.00 49.00 49.00 United States PT Surf Marine Indonesia 100.00 100.00 49.00 49.00 Indonesia Servicios y Apoyos Maritimos 49.00 49.00 49.00 49.00 Mexico SGSP International 100.00 100.00 51.00 51.00 France SNC AHTS 1 100.00 100.00 100.00 100.00 France SNC Altair 100.00 100.00 100.00 100.00 France SNC B.P.S. (formerly TBN 9) 100.00 100.00 100.00 100.00 France SNC B.S.P.S. (formerly TBN 11) 100.00 100.00 100.00 100.00 France SNC Bourbon Alienor (formerly B.L. 230) 100.00 100.00 100.00 100.00 France SNC Bourbon Amilcar 100.00 100.00 100.00 100.00 France SNC Bourbon Arcadie (formerly B.L. 201) 100.00 100.00 100.00 100.00 France SNC Bourbon Auroch 100.00 100.00 100.00 100.00 France SNC Bourbon Bison 100.00 100.00 100.00 100.00 France SNC Bourbon CE Fulmar 100.00 100.00 0.00 0.00 France SNC Bourbon CE Gannet 100.00 100.00 0.00 0.00 France SNC Bourbon CE Grebe 100.00 100.00 0.00 0.00 France SNC Bourbon CE Petrel 100.00 100.00 0.00 0.00 France SNC Bourbon Diamond 100.00 100.00 100.00 100.00 France SNC Bourbon Enterprise 100.00 100.00 100.00 100.00 France SNC Bourbon Explorer 516 (formerly SNC TBN 8) 100.00 100.00 100.00 100.00 France SNC Bourbon Explorer 518 (formerly SNC TBN 10) 100.00 100.00 100.00 100.00 France SNC Bourbon Explorer 519 (formerly Surfer 2013) 100.00 100.00 100.00 100.00 France