2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 199 PARENT COMPANY FINANCIAL STATEMENTS Notes to the Company financial statements 5 17/ Income tax Distribution (in € thousands) Income before tax Tax due Net income after tax Income from current operations 40,800 - 40,800 Short-term non-recurring income 1,789 - 1,789 Long-term non-recurring income - - - Income tax following tax adjustments - - - Tax on dividends (1) - 5,687 5,687 Tax grouping surplus - 23,650 23,650 ACCOUNTING INCOME 42,588 29,337 71,925 (1) Tax income on dividends consists mostly of expected repayments on the additional contribution to income tax on dividend distributions paid by the Company over the period 2014-2017. Income from current operations was subject to tax disallowances (non-deductible expenses on income from current operations) and deductions (non-taxable proceeds on income from current operations) in order to determine a tax base at the statutory-rate. The same method was used to determine the taxable long-term non-recurring income and the corresponding tax. The tax grouping surplus for 2017 was €23,650 thousand after deducting the competitiveness and employment tax credit (CICE) for 2017 in the amount of €359 thousand. As at December 31, 2017 BOURBON Corporation had tax loss carryforwards of €25,199 thousands and tax deficits related to tax consolidation that can be carried forward of €533,734 thousand. BOURBON Corporation opted to use the French tax consolidation scheme from January 1, 1998. The scope of consolidation as of December 31, 2017 consisted of the following companies: BOURBON Corporation – Bourbon Maritime – Placements Provence Languedoc – Bourbon Offshore Surf – Les Abeilles – Bourbon Mobility (formerly St Nikolas) – Bourbon Supply Investissements – Bourbon Offshore – Bourbon Offshore Craft TT (formerly CEMTAF) – Bourbon Offshore Craft –Bourbon Salvage Investments – Bourbon Offshore Gaia –Bourbon Gaia Supply –Bourbon Subsea Services – Bourbon Subsea Services Investments –BOURBON PS – Bourbon Subsea PS – Bourbon Sun III (formerly Bourbon AD2) – Bourbon Offshore Marine Services (formerly Bourbon AD3) – Bourbon AD4 – SNC AHTS1 – SNC Liberty 201 – SNC Liberty 204 – SNC Liberty 212 – SNC Liberty 233 – SNC Liberty 234 – SAS Caroline 8 – SNC Altair – SAS Caroline 20 – SAS Caroline 21 – SAS Caroline 22 – SAS Caroline 23. The taxation agreement stipulates that the tax charge is borne by the subsidiary, as is the case in the absence of tax consolidation. The tax saving related to the deficit, kept by BOURBON Corporation, is treated as an immediate gain. 18/ Increase and reduction in future tax liability (in € thousands) 12.31.2017 12.31.2016 Increase Currency translation adjustments – Assets 0 - TOTAL 0 - Reduction Contribution to age and disability pensions - - Provisions (foreign exchange losses) 0 - Provisions for risks and contingencies 1,265 4,895 Tax income from partnerships 364 4,522 Currency translation adjustments – liabilities - - TOTAL 1,629 9,417