2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 27 MANAGEMENT REPORT Results 3 2.2.2 Subsea Services 2017 2016 Change 2017 vs. 2016 Change % Operational indicators Number of vessels FTE* 22.0 22.0 - - Fleet in operation (FTE) 15.8 14.9 +0.9 +6.0% Number of stacked vessels FTE 6.2 7.1 (0.9) -12.7% Utilization rate of fleet in operation (1) 84.4% 84.1% -0.3 pt Average utilization rate (2) 60.7% 57.1% +3.6 pts Average daily rate $/d 35,328 38,624 (3,296) -8.5% * 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* 220.1 217.2 +2.9 +1.3% Operating and general costs (134.1) (119.0) (15.1) -12.7% Adjusted EBITDAR* (excl. capital gains) 86.0 98.1 (12.2) -12.4% As a % of adjusted revenues 39.1 % 45.2 % -6.1 pts Bareboat charters expense (45.4) (53.2) +8.9 +16.4% Adjusted EBITDA 40.6 42.4 (1.9) -4.4% Impairment (19.8) - (19.8) ns Adjusted EBIT (27.6) (6.6) (21.0) ns * For definitions of indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements. Even though adjusted revenue remained stable between 2016 and 2017, it had a different mix in 2017, as turnkey projects now represent 10% of revenues. Expenses increased by 12.7% as a result of turnkey projects, in particular outsourced activity as well as the cost of leasing tools and spare parts for ROVs. The decrease in adjusted EBITDAR is mainly a reflection of the decrease in the average charter rate of 8.5% between 2016 and 2017. Subsea activity for contractors was steady in H1 2017 and partial in H2 2017; this activity will be reduced in 2018. The Bourbon Subsea Services fleet remains strategically positioned to respond to cycle differences between regions. 2.2.3 Other In € millions, unless otherwise noted 2017 2016 Change € million Change % Financial performance Adjusted Revenues * 13.1 21.3 (8.2) -38.6% Operating and general costs (8.3) (14.7) +6.4 +43.5% Adjusted EBITDAR * (excl. capital gains) 4.7 6.7 (2.0) -29.6% As a % of adjusted revenues 36.1 % 31.4 % +4.6 pts Adjusted EBITDA 4.9 6.7 (1.9) -27.7% * For definitions of indicators, refer to the financial glossary presented in note 6 to the consolidated financial statements. Other activities are those that do not fit into either Marine Services or Subsea Services. They mainly comprise earnings from such items as miscellaneous ship management and logistics activities and activities of the cement carrier Endeavor, which was sold in July 2017.