2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 67 MANAGEMENT REPORT Risk factors 3 5. RISK FACTORS BOURBON’s objective is to ensure that the entire internal control system can, as far as possible, prevent any risks to which it is exposed. With this in mind, a “risk-mapping” process was developed in 2005. In 2015, the Group updated its risk map, enabling it to pinpoint the most significant risks it might face. The potential risks identified were of many different kinds, both at the Group level and in terms of its operational activities. The inventoried risks are ranked based on their possible frequency (from frequent to improbable) and their impact (negligible to catastrophic), which would require an action plan to be implemented immediately by a crisis unit. The type and ranking of these risks are considered strategic and confidential. Nevertheless, the principal risk factors are outlined below. The risk map was updated. These are fed back regularly to the BOURBON Internal Control and Audit Committees. Investors are invited to take into consideration all the information contained in this Registration Document, including the risk factors described in this section, before deciding to invest. On the date of this Registration Document, these risks include such risks, the occurrence of which according to BOURBON could have a significantly prejudicial impact on the Group, its business, its financial position, its results or its growth. Investors’ attention is drawn to the fact that there may exist other risks, which have not been identified yet on the date of this Registration Document or whose occurrence was not considered on that same date as being likely to have a significantly prejudicial effect on the Group, its business, its financial position, its results or its growth. 5.1 RISKS RELATED TO THE OFFSHORE OIL AND GAS MARINE SERVICES MARKETS The Offshore Marine Services activity cycle depends on the demand from oil operators and the supply of vessels on the market. Demand fromoil companies is linked to their exploration/development cycles. This activity is correlated with the ten year average price per barrel assumptions. Exploration investments may also be influenced by short-term barrel prices, and by the need for oil companies to maintain their reserve levels. However, the production activity on existing fields is much less sensitive. 3 PRICE OF OIL (BRENT) ($/bbl) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0 20 40 60 80 100 120 140 160 U.S.A, Cushing WTI Average Oil Price, $/bbl U.K., Brent Blend Spot Average Oil Price, $/bbl