2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 225 OTHER LEGAL AND FINANCIAL INFORMATION Vessel deliveries and financing 6 BOURBON also has 25 ROVs with an average age of 7 years. At December 31, 2017, 36.8% of offshore support vessels were under long-term contracts (1) , with an average residual contract duration of 4.6 months, excluding crew boats. BOURBON’s fleet of offshore support vessels (excluding crew boats) is valued at the end of each year by independent ship brokers, all with extensive knowledge of the markets in which our vessels operate. Three valuation methods are generally used to determine the market values of vessels by independent shipbrokers: 3 net book value method, determined by reference to the acquisition value of the vessel (new building value), after applying a depreciation factor calculated in relation to the type and age of the vessel. The value thus determined is re-estimated in relation to the conditions and trends in the vessel buying/selling market; 3 valuation method based on transactions in the vessel buying/ selling market, involving vessels with characteristics that are as similar as possible. Any specific criteria are taken into account, such as the country in which the vessel was built (providing or closing off access to certain markets) and the greater or lesser proximity of an operational zone targeted by the buyer, as well as the condition and age of the vessel; 3 valuation method based on market contractualization rates (Time Chart or Bare Boat). In view of the current market situation, and in the absence of a sufficient number of purchase/sale or contractualization transactions, the market value of each vessel was established based on the new building value of the vessel. Based on the market values provided as of December 31, 2017 and the net book value of offshore support vessels on that date, the unrealized capital gains stand at approximately €380 million (versus €435 million at year-end 2016 and €480 million at year-end 2015). The change in the underlying capital gain between 2017 and 2016 is mainly related to the fleet of 41 non-smart vessels and seven other non-strategic vessels which have been subject to impairment (see note 3.3 to the consolidated financial statements – page 133 to 136) and whose value has been determined according to offers or estimates by independent brokers, considering that these stacked vessels would be sold on an “as is where is” basis with the buyers bearing the reactivation costs. As indicated in the notes to the consolidated financial statements, maintenance operations are performed on all our vessels at regular intervals according to a multi-year plan for compliance with the classification requirements of international agreements or regulations. Thus every vessel involves two components: 3 a vessel component; 3 an “overhaul” component, representing the cost of an overhaul. Treatment of the “overhaul” component is also explained in note 1.5.5 to the consolidated financial statements. A summary of BOURBON’s property, plant and equipment and the main expenses related thereto (amortization and losses in value) is included in note 3.3 to the consolidated financial statements. In addition, in section 4.2, the management report describes the environmental risks and BOURBON’s approach to them. 3. VESSEL DELIVERIES AND FINANCING BOURBON took delivery of no vessels in 2017. The table below summarizes the number of vessel deliveries forecast for the period 2018-2019. It takes account of the fact that BOURBON has yet to receive one vessel as part of the 2012 investment plan and one vessel as part of the “BOURBON 2015 Leadership Strategy” plan. The amounts given below are the estimated values of vessels ordered but not delivered as of December 31, 2017 (excluding financing costs) expressed in € million, and not the amounts disbursed on delivery (advance payments are made at different stages of construction). (1) Contractualization rate: the ratio of the number of long-term contract vessels to the total number of vessels operated by BOURBON; a long-term contract is defined as one with a residual duration of six months or more.