2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 178 CONSOLIDATED FINANCIAL STATEMENTS 4 Notes to the consolidated financial statements % control of capital held directly or indirectly % interest in capital held directly or indirectly Country 2017 2016 2017 2016 SNC Liberty 204 100.00 100.00 100.00 100.00 France SNC Liberty 212 100.00 100.00 100.00 100.00 France SNC Liberty CE 121 100.00 100.00 100.00 0.00 France SNC Liberty CE 122 100.00 100.00 100.00 0.00 France SNC Liberty CE 217 100.00 100.00 100.00 100.00 France SNC Liberty CE 223 100.00 100.00 100.00 100.00 France SNC Liberty CE 239 100.00 100.00 0.00 0.00 France SNC Liberty CE 241 100.00 100.00 0.00 0.00 France SNC Liberty CE 303 100.00 100.00 0.00 0.00 France SNC Liberty CE 304 100.00 100.00 0.00 0.00 France SNC Surfer 2008 (1) 100.00 (1) 100.00 France SNC Surfer 2008 TT (1) 100.00 (1) 100.00 France SNC Surfer 2009 100.00 100.00 100.00 100.00 France SNC Surfer 2009 TT 100.00 100.00 100.00 100.00 France SNC Surfer 2010 100.00 100.00 100.00 100.00 France SNC Surfer 2011 (formerly SURFER 2010 TT) 100.00 100.00 100.00 100.00 France SNC Surfer 2012 100.00 100.00 100.00 100.00 France SNC Surfer 3603 (formerly TBN 1) 100.00 100.00 100.00 100.00 France SNC TBN 12 100.00 0.00 100.00 0.00 France SNC TBN 13 100.00 0.00 100.00 0.00 France Sonasurf Internacional-Shipping LDA 51.00 51.00 51.00 51.00 Portugal (Madeira) Sonasurf Unipessoal Lda (formerly Sonasurf Jersey Ltd) 100.00 100.00 51.00 51.00 Portugal (Madeira) Sopade (Sté participation développement SAS) 100.00 100.00 100.00 100.00 France (Reunion) Toesa 100.00 100.00 100.00 100.00 Uruguay VSSA Limited (1) 100.00 (1) 100.00 Malta (1) Liquidations/Dissolution 5.8.2 List of companies consolidated byBOURBON Corporation using the equitymethod % control of capital held directly or indirectly % interest in capital held directly or indirectly Country 2017 2016 2017 2016 Bourbon Gulf 49.00 49.00 49.00 49.00 Qatar Bourbon Marine Services Manila Inc 24.98 24.98 24.98 24.98 Philippines Copremar 20.00 20.00 20.00 20.00 Congo EPD China Group, Ltd (formerly EPD (Yangzhou) Electronic Power Design, Co, Ltd) 50.00 50.00 50.00 50.00 China EPD Asia Group Ltd 50.00 50.00 50.00 50.00 United States EPD Horizon Pte Ltd 50.00 50.00 50.00 50.00 Singapore EPD Singapore Services Pte Ltd 50.00 50.00 50.00 50.00 Singapore Jackson Offshore LLC 24.50 24.50 24.50 24.50 United States Oceanteam Bourbon 4 AS 50.00 50.00 50.00 50.00 Norway Oceanteam Bourbon Spares & Equipments AS 50.00 50.00 50.00 50.00 Norway Sonasurf (Angola) – Companhia de serviços Maritimos, LDA 50.00 50.00 50.00 50.00 Angola Southern Transformers & Magnetics 50.00 50.00 50.00 50.00 United States