2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 97 MANAGEMENT REPORT Report explaining the Board of Directors’ resolutions proposed to the Combined Shareholders’ Meeting of may 30, 2018 3 8. REPORT EXPLAINING THE BOARD OF DIRECTORS’ RESOLUTIONS PROPOSED TO THE COMBINED SHAREHOLDERS’ MEETING OF MAY 30, 2018 8.1 APPROVAL OF THE FINANCIAL STATEMENTS FOR THE FISCALYEAR ENDED DECEMBER 31, 2017 The shareholders are asked to approve the Company financial statements for the year ended December 31, 2017, together with the consolidated financial statements for the year ended on that same date. 8.2 APPROPRIATION OF NET INCOME The Board moves that the meeting appropriate the net income for the period as follows: Origin Net income for the period €71,925,257.90 Retained earnings €136,782,670.98 Appropriation Legal reserve €0.00 Other reserves €178,707,928.88 Retained earnings €30,000,000.00 8.3 RELATED PARTY AGREEMENTS During the 2017 fiscal year, a new regulated agreement was authorized by the Board of Directors. The Shareholders’ Meeting is requested to approve it. In accordance with the law, the Board of Directors conducted the annual review of agreements entered into and authorized in previous years the performance of which continued during the year ended December 31, 2017. These agreements are presented to the Shareholders’ Meeting in the related Statutory Auditors’ special report. The Statutory Auditors’ special report on related party agreements and commitments is included in the 2017 Registration Document and is available on the Company’s website, http://www.bourbonoffshore.com. 8.4 RATIFICATION OF THE TRANSFER OF THE CORPORATE OFFICE We request you to ratify the transfer of the corporate office from 33 rue du Louvre – 75002 PARIS to 148 rue Sainte – 13007 Marseille, decided by the Board of Directors on December 4, 2017. 8.5 RENEWAL OF DIRECTORS’ TERMS OF OFFICE As the terms of office of the members of the Board of Directors Agnès Pannier-Runacher and Mahmud B. Tukur expire at the close of this meeting, the Board, having received the opinion of the Nominating, Compensation and Governance Committee, proposes the following: 3 the reappointment of Agnès Pannier-Runacher as Director; 3 the reappointment of Mahmud B. Tukur as Director. The appointment of Antoine Grenier as Director is proposed by the Board for a period of three years, or until the close of the meeting held in 2021 called to vote on the financial statements for the elapsed fiscal year. In addition, you are asked to approve the following: 3 the ratification of the provisional appointment of Mr. Adrien de Chomereau de Saint André by the Board of Directors on June 19, 2017, replacing Guillaume d’Armand de Chateauvieux who resigned, for the remainder of his predecessor’s term, i.e . until the close of the Shareholders’ Meeting to be held in 2020 to rule on the financial statements for the elapsed fiscal year. Biographical information about Antoine Grenier is given in note 3.2.3 of the management report in the 2017 Registration Document.