2017 REGISTRATION DOCUMENT

BOURBON 2017 Registration Document 29 MANAGEMENT REPORT Results 3 Information on BOURBON Corporation SA payment terms In accordance with Article L. 441-6-1 of the French Commercial Code, information relating to the payment period of suppliers and customers at December 31, 2017 is shown in the table below. (in €) Article D. 441 l.-1: Invoices received, outstanding and past due at year-end Article D. 441 l.-2: Invoices issued, outstanding and past due at year-end 0 days (reference) 1 to 30 days 31 to 60 days 61 to 90 days 91 days or more Total (1 day or more) 0 days (reference) 1 to 30 days 31 to 60 days 61 to 90 days 91 days or more Total (1 day or more) (A) Late payment ranges Number of invoices concerned 0 15 0 0 Total amount incl. tax of all invoices concerned 0 727 0 3,105 4,085(*) 7,917 0 0 0 0 0 0 Percentage of total amount of purchases for the year 0.0% 0.0% 0.0% 0.1% 0.1% 0.3% Percentage of revenues for the year 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (B) Invoices excluded from (A) relating to disputed or unrecorded liabilities and receivables Number of invoices excluded 0 0 Total amount incl. tax of excluded invoices 0 0 (C) Reference payment periods used (contractual or statutory period – Article L. 441-6 or Article L. 443-1 of the French Commercial Code) Reference payment periods used to calculate late payments Contractual periods Contractual periods (*) Deposit on delivery 2.5 CHANGE IN ACCOUNTING METHODS There is no change in accounting method to report. 2.6 OUTLOOK The price of oil increased by more than 25% in the last three quarters and seemed to stabilize around $60-$65/barrel. The growth in cash generated by oil groups suggests a gradual recovery in investment. While investments in Company acquisitions, shale gas, onshore projects and renewable energies seem to have resumed, the gradual growth of investments in the offshore sector is not expected until 2019. Prices will remain low over the long term and will be impacted by the overcapacity of vessels in the PSV and AHTS segment. Furthermore, expected performance for 2018 should be comparable to 2017’s in terms of activity. Convinced that tomorrow’s models in our sector will not be a return to those of yesterday, BOURBON decided to implement a #BOURBONINMOTION action plan structured around three main objectives: 3 providing better service to clients through the development of its business model toward more integrated services and the reorganization of the Company into three distinct companies: Bourbon Marine & Logistics, Bourbon Subsea Services and Bourbon Mobility; 3 delivering operational excellence at an optimal cost through the implementation of the smart shipping program by connecting the fleet of 132 modern supply vessels (called the “smart fleet”) and separating itself from the fleet that can no longer be operated according to the new BOURBON standards (called the “non- smart fleet”); 3 responding to the human challenge by supporting the change. Our customers are showing us the way by connecting their Offshore facilities and there is very high demand for a change to a contract model with more sharing of responsibility. That is why we must prepare for these changes, which will occur alongside the gradual recovery of the market in the years to come.