2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 24 MANAGEMENT REPORT 3 Results Cash flow analysis in 2017 highlighted the following key events: 3 positive cash flow from operating activities was €150.7 million. Charter expenses disbursed were €71.9 million, compared to €164.4 million accounted for under IFRS; 3 cash flow from investing activities was negative by only €2.3 million, with a sharp reduction in periodic maintenance expenses, which were offset by the sale of Endeavor, a cement carrier that was kept in the fleet after the sale of the remainder in 2010, and the repayment of loans and advances granted; 3 cash flow from financing activities was +€21.6million. Repayments of borrowings and the cost of net financial debt were offset by the issuance of new loans for €73.2 million and the refinancing of short term facilities for a net amount of €196.0 million. Overall, the Company’s cash position improved by €179.0 million, taking into account the refinancing of short-term facilities. Excluding this refinancing, the Group’s cash position deteriorated by €17.8 million. In 2018, BOURBON will maintain a cautious approach with the goal of: 3 selling the non-smart fleet, whose operation no longer corresponds to its strategy; 3 focusing on vessel reactivation investments for new contracts and contracts related to its #BOURBONINMOTION action plan; 3 apportioning its disbursements for chartered vessels and financial debt to available cash. 2.2 RESULTS BY BUSINESS 2.2.1 Marine Services 2017 2016 Change 2017 vs . 2016 Change % Operational indicators Number of vessels (FTE)* 489.5 489.3 +0.2 +0.0% Fleet in operation (FTE) 317.5 370.5 -53.0 -14.3% Number of stacked vessels (FTE) 172.0 118.9 +53.1 +44.6% Utilization rate of fleet in operation (1) 82.3% 83.1% -0.8 pt Average utilization rate (2) 53.4% 62.9% -9.5 pts Average daily rate $/d 7,365 8,400 (1,035) -12.3% * FTE: Full Time Equivalent. (1) Utilization rate of the fleet in operation: over a period, the number of revenue-generating days, divided by the number of calendar days, for vessels that are not stacked. (2) Utilization rate: over a period, the number of revenue-generating days, divided by the number of calendar days. In € millions, unless otherwise noted 2017 2016 Change € million Change % Financial performance Adjusted Revenues * 627.4 864.1 (236.6) -27.4% Operating and general costs (465.8) (585.9) +120.1 +20.5% Adjusted EBITDAR * (excl. capital gains) 161.7 278.2 (116.5) -41.9% As a % of adjusted revenues 25.8 % 32.2 % -6.4 pts Bareboat charters expense (119.0) (134.4) +15.4 +11.5% Adjusted EBITDA* 42.4 144.2 (101.8) -70.6% Impairment (177.1) (36.0) (141.1) ns Adjusted EBIT * (374.5) (155.7) (218.8) ns * For definitions of indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements. Impairment losses of €177.1 million account for most of the change in adjusted 2017 EBIT compared to the previous year.