2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 26 MANAGEMENT REPORT 3 Results BOURBON’s shallow water offshore activity is now the most heavily affected in terms of the number of vessels in operation, after three years of a cyclical low. The number of stacked vessels increased by 25.8 units in full-time equivalent, and the excess supply caused the average daily rate to drop by 20%, or more than $2,000/day. In this context, the proactive policy of stacking vessels has made it possible to maintain a utilization rate for those in operation of 89.3%, a slight increase year-on-year. Nevertheless, income in terms of adjusted revenue fell sharply by 44.8% to €154.2 million, €125 million less than the previous year. Tight management of operating expenses and the cost of stacked vesselswas able to offset only half of that decrease, and 2017 adjusted EBITDAR fell to €33.2 million compared to €92.1 million in 2016. We reacted positively to an increase in tenders at the end of 2017 in West Africa and the Middle East by reactivating a number of vessels for medium- and long-term contracts. Difficult market conditions will prevail in the Shallow water offshore segment in 2018. Pressure on daily rates is expected to continue in 2018 and probably until 2019. The improvement in revenue will come from the increase in the utilization of vessels. 2.2.1.3. Marine Services: Crewboat vessels 2017 2016 Change 2017 vs. 2016 Change % Operational indicators Number of vessels (FTE)* 269.0 267.5 +1.5 +0.6% Fleet in operation (FTE) 193.9 212.2 (18.3) -8.6% Number of stacked vessels (FTE) 75.1 55.3 +19.8 +35.8% Utilization rate of fleet in operation (1) 79.0% 80.2% -1.2 pt Average utilization rate (2) 56.9% 63.6% -6.7 pts Average daily rate $/d 4,418 4,394 +24.0 +0.5% * 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 216.3 247.8 (31.5) -12.7% Operating* and general costs (160.8) (177.0) +16.2 +9.2% Adjusted EBITDAR* (excl. capital gains) 55.4 70.8 (15.3) -21.7% As a % of adjusted revenues 25.6 % 28.6 % -2.9 pts Adjusted EBITDA 55.5 71.2 (15.7) -22.0% * For definitions of indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements. In the Crew Boats activity, the level of demand for contractors’ projects accounts for most of the decrease in adjusted revenue of 12.7% to €216.3 million, even though three FSIVs in the Caribbean zone were repositioned in West Africa. Since the utilization rate for the ships in operation and the average daily rate have remained stable, the decline is due to the increase in stacked vessels of 19.8 full-time equivalent units. However, the transfer of passengers from helicopters to crew boats continues, with a +3.5% increase in the number of passengers transported between 2016 and 2017. In addition, cost reductions in this segment of €16.2 million were able to offset only about 50% of the decline in revenue, which was due in particular to non-recurring maintenance costs on certain vessels, leading to an adjusted EBITDAR level of €55.4 million.