2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 25 MANAGEMENT REPORT Results 3 2.2.1.1 Marine Services: Deepwater offshore vessels 2017 2016 Change 2017 vs . 2016 Change % Operational indicators Number of vessels (FTE)* 88.7 88.8 (0.1) -0.1% Fleet in operation (FTE) 63.3 70.9 (7.6) -10.7% Number of stacked vessels (FTE) 25.4 17.9 +7.5 +41.9% Utilization rate of fleet in operation (1) 85.7% 85.6% +0.1 pt Average utilization rate (2) 61.2% 68.4% -7.2 pts Average daily rate $/d 14,389 16,524 (2,135) -12.9% * 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 * 256.9 337.0 (80.1) -23.8% Operating and general costs (183.9) (221.7) +37.8 +17.1% Adjusted EBITDAR * (excl. capital gains) 73.1 115.3 (42.2) -36.6% as a % of adjusted revenues 28.4 % 34.2 % -5.8 pts Adjusted EBITDA 11.3 47.4 (36.1) -76.1% * For definitions of indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements. The utilization rate of the fleet in operation remains satisfactory at 85.7%, unchanged from 2016. Weak demand has increased the number of stacked vessels by 7.5 full-time equivalent units, while the large number of vessels available has naturally affected the average daily rate, which was down by about $2,000/day or -12.9%. As a result, adjusted revenues decreased by 23.8% and, despite a sharp reduction in costs, adjusted EBITDAR generated decreased by 36.6% to €73.1 million year-on-year. The outlook in all regions in which we operate remains difficult. However, thanks to increased demand in the last quarter of 2017, we have started to reactivate vessels to meet the needs of our customers in West Africa and the Mediterranean. 2.2.1.2. Marine Services: Shallowwater offshore vessels 2017 2016 Change 2017 vs. 2016 Change % Operational indicators Number of vessels (FTE)* 131.7 133.0 (1.3) -0.9% Fleet in operation (FTE) 60.2 87.3 (27.1) -31.0% Number of stacked vessels (FTE) 71.5 45.7 +25.8 +56.5% Utilization rate of fleet in operation (1) 89.3% 88.1% +1.2 pt Average utilization rate (2) 40.8% 57.9% -17.1 pts Average daily rate $/d 8,669 10,848 (2,179) -20.1% * 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 * 154.2 279.2 (125.0) -44.8% Operating and general costs (121.1) (187.2) +66.1 +35.3% Adjusted EBITDAR * (excl. capital gains) 33.2 92.1 (58.9) -64.0% as a % of adjusted revenues 21.5 % 33.0 % -11.5 pts Adjusted EBITDA (24.5) 25.6 (50.1) ns * For definitions of indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements.