2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 128 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements 3/ Notes to the consolidated financial statements 3.1 GOODWILL As of December 31, 2017, the net balance of goodwill totaled €25.2 million, broken down as follows: (in € millions) Gross Impairments Net 01.01.2016 33.5 - 33.5 Acquisitions - - - Disposals - - - Impairment - (8.2) (8.2) Currency translation adjustment - - - Change in consolidation scope - - - Reclassification and other changes - - - 12.31.2016 33.5 (8.2) 25.2 Acquisitions - - - Disposals - - - Impairment - - Currency translation adjustment - - - Change in consolidation scope - - - Reclassification and other changes - - - 12.31.2017 33.5 (8.2) 25.2 Allocation of goodwill by CGU was as follows: (in € millions) 12.31.2016 Impairment 12.31.2017 Marine Services – DEEP - - - Marine Services – SHALLOW 6.1 6.1 Marine Services – CREW - - Subsea Services 19.2 19.2 Other TOTAL 25.2 - 25.2 The accounting method is detailed in note 1.5.2. In accordance with IAS 36, the goodwill value must be tested at least once a year, and systematically as soon as indications of impairment appear. As of December 31, 2017, the still difficult conditions in the Oil & Gas sector, combined with the fact that BOURBON’s market capitalization (€542 million with a share price of €7.00 as of December 31, 2017) is less than its shareholders’ equity as of the same date (€644 million), constitute indications of impairment under IAS 36, section 12 (d). The Group conducted an impairment test on each cash-generating unit (CGU). The recoverable value of each CGU used for testing corresponds to the going concern value, defined as total discounted future cash flows. Determination of going concern values is based on economic assumptions and forecasts of activity and results deemed by Group management to be the most probable. The principal assumptions and forecasts are presented below: 3 five-year business plan covering the 2018-2022 period for each of the CGUs, prepared on the basis of adjusted financial data (see note 4); 3 use of normative cash flows beyond the fifth year; the discounted standardized cash flows represent approximately 82% of the total going concern value; 3 perpetual growth rate of 2.5% (taking into account the regions of the world in which the Group does business and that have fairly high inflation rates); 3 discount rate of 9%, determined by an independent third party and considered as reflecting the Group’s weighted average cost of capital (WACC); based in particular on a risk-free rate of 1.2%, a market risk premium of 6.5% and a specific risk premium that includes the Group’s exposure to geopolitical risks and the risk relating to achievement of the forecasts in the business plan. This rate is also corroborated by the average WACC used by the financial analysts that follow BOURBON;