2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 28 MANAGEMENT REPORT 3 Results 2.3 GROWTH STRATEGY Initiation of a transformation plan in 2017 and launch of a strategic plan in early2018 BOURBON became the leader in offshore oil and gas marine services following a long development program marked by significant investments in innovative vessels, built in series and enabling better control over operations and customer costs. With the fall in the price of a barrel in 2014, the oil industry experienced its most serious crisis in the past 30 years. The Offshore services market was hit hard and contracted by 30 to 40% in three years. BOURBON is convinced that, once the crisis is over, the Offshore services sector’s current model will have changed. In addition to the “Stronger for Longer” action plan that has been in place since 2015 with the aim of reducing costs and preserving the cash position, BOURBON Corporation wanted to accelerate its transformation, and on February 13, 2018, it announced its strategic action plan, #BOURBONINMOTION, which will enable it to meet competitiveness requirements and the new needs of its customers. This plan is structured around two priorities: 3 providing better service to clients by reorganizing the Group’s activities into three distinctive subsidiaries: Bourbon Marine & Logistics, Bourbon Subsea Services and Bourbon Mobility. These three entities will implement its own strategy and have a dedicated governance structure (management team in which the Chief Executive Officer will report to a Board of Directors). They will focus on profitable growth through the development of their models towards integrated services in the areas of: 3 integrated marine logistics services for Bourbon Marine & Logistics, 3 transformation of the passenger experience for Bourbon Mobility, 3 light turnkey projects and integrated solutions for Bourbon Subsea Services. The three new standalone subsidiaries will benefit from privileged market access thanks to the numerous partnerships already in place in the main countries where BOURBON currently operates, in compliance with the rules of the countries involved, particularly in terms of local content. 3 Capitalizing on the digital revolution to stand out through a connected fleet and reduce operating costs. With the aim of improving operational excellence at the optimum cost, the “Smart Shipping” program will be deployed over a three-year period and connect Bourbon Marine & Logistics’ fleet of 132 modern supply vessels (called the “smart fleet”). It is structured around four main projects: automation of dynamic positioning systems, simplification of on-Board processes, maintenance and operational support. It will represent an investment of €75 million over a period of three years and will reduce the vessels’ operating costs over the long term. It will rely on technological partnerships such as those entered into with Kongsberg or Bureau Veritas in 2017. In the traditional Bourbon Marine & Logistics fleet of 65 ships, the 41 oldest ships (average age: 12 years) cannot be connected and will eventually be too expensive to operate. Since it no longer meet the needs of customers on account of technical, design or economic constraints, this so-called “non-smart” fleet of 41 vessels is slated to be sold at the current market price. The #BOURBONINMOTION plan reveals the new face of a Group that is not afraid to reinvent itself and innovate by shifting its model toward more integrated services. In addition to the technological revolution, the men and women of BOURBON have taken on a human challenge. 2.4 BOURBON CORPORATION SA RESULTS The Company had no revenue in 2017. The operating loss of €8.8 million was relatively stable compared to the previous year’s loss of €8.5 million. Financial income was positive at €49.6 million, up by nearly €16 million from the previous year. This increase is primarily related to the rise in financial income from investments for €14.4 million over the previous year, which were partly offset by a reduction in financial expenses of €1.3 million. Non-recurring income was positive at €1.8 million. As a result, the net income of €71.9 million posted for the year was up €43.6 million compared with 2016. No expense referred to in Articles 39.4 and 223 quarter of the French General Tax Code was identified.