BOURBON Presentation to shareholders September 25, 2015 DISCLAIMER - PowerPoint PPT Presentation

BOURBON Presentation to shareholders September 25, 2015

DISCLAIMER This document may contain information other than historical information, which constitutes estimated, provisional data concerning the financial position, results and strategy of BOURBON. These projections are based on assumptions that may prove to be incorrect and depend on risk factors including, but not limited to: foreign exchange fluctuations, fluctuations in oil and natural gas prices, changes in oil companies investment policies in the exploration and production sector, the growth in competing fleets, which saturates the market, the impossibility of predicting specific client demands, political instability in certain activity zones, ecological considerations and general economic conditions. BOURBON assumes no liability for updating the provisional information based on new information in light of future events or any other reason. 2 Meeting September 25, 2015

BOURBON IS INFLUENCED BY OIL PRICES  Oil price is above all a policy price  Oil revenues are key for balancing budgets of the largest producers  The decline in output from existing fields will make a recovery in investment unavoidable  Shale oil production is here to stay but has little influence on the rise in prices  The forecasts are unreliable given the very strong differences observed 3 Meeting September 25, 2015

BOURBON IS INFLUENCED BY OIL PRICES _ Oil price is above all a policy price 140 Financial crisis 120 100 80 60 Iraqi invasion of Kuwait 40 Reducing quotas OPEC OPEC production 20 cuts Attack 09/11 0 1987 1992 1996 2000 2004 2008 2012 2015 Source : IEA 4 Meeting September 25, 2015

BOURBON IS INFLUENCED BY OIL PRICES _ Oil revenues are key for balancing budgets of the largest producers Breakeven point for producing countries ($/bbl) Breakeven point for production ($/bbl) Artic Onshore NAM Row Deepwater Shale Offshore Shelf Onshore Oil Middle East Sands Ultra Bra Deepwater Onshore Russia Extra Heavy oil Source : IMF, Deutsche Bank Source : Rydstad Energy 5 Meeting September 25, 2015

BOURBON IS INFLUENCED BY OIL PRICES _ The decline in output from existing fields will make a recovery in investment unavoidable : Shale oil production is here to stay but has little influence on the rise in prices US shale oil production In millions of barrels/day IEA predicts production to decline 400,000 barrels/day next year Source: Les Echos, AIE Source: Présentation Schlumberger 6 Meeting September 25, 2015

BOURBON IS INFLUENCED BY OIL PRICES _ The forecasts are unreliable given the very strong differences observed Source: Douglas Westwood 7 Meeting September 25, 2015

BOURBON IN A BOTTOM OF CYCLE  BOURBON has the greatest resistance capacity to adverse market conditions in relation to its competitors  BOURBON continue to focus on what he can control: operational excellence and costs reduction  The relative change of BOURBON’s share price remains favorable, despite a drop of 50% in one year  BOURBON maintains its objectives: › a stable and growing dividend › debt ratios maintained at satisfactory levels 8 Meeting September 25, 2015

BOURBON RESILIENCE FACTORS Local partners Operational and excellence Diversified client base Operational resilience factors Relative Diversification utilization rate by business segment 9 Meeting September 25, 2015

OPERATIONAL RESILIENCE FACTORS _ Safety performance 2,5 2,28 2,21 0,69 0,69 2,00 2 0,64 0,76 1,5 0,76 0,69 0,68 1,14 1,12 1,00 0,64 1 0,75 0,70 0,48 0,76 0,67 0,60 0,69 0,69 0,68 0,65 0,64 0,6 0,48 0,5 0,22 0,1 0,1 0,1 0,07 0,07 0,05 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 30/06/2015 TRIR Objective per year TRIR: total recordable incidents per one million hours worked, based on 24h/day LTIR: total recordable accidents with work stoppage per one million hours worked, based on 24h/day 10 Meeting September 25, 2015 10

OPERATIONAL RESILIENCE FACTORS Technical availabilityrate for BOURBON fleet 97% 96% 96.4% 95% 95% Technical 95.5% 94.5% availability 94% 94.3% 93.5% rate 93% objective 93% 92% 91% 90% 2011 2012 2013 2014 H1 2015 11 Meeting September 25, 2015

OPERATIONAL RESILIENCE FACTORS _ Diversification of types of business 2006 2014 14% 17% 30% 23% 21% 59% Marine Mari ne Mari Marine ne 4% serv service ices (86 (86%) 32% serv service ices (83 (83%) Deep water vessels Shallow water vessels Crewboarts IMR 12 Meeting September 25, 2015

OPERATIONAL RESILIENCE FACTORS _ Relative supply vessel utilization rates/ focus on BOURBON 13 Meeting September 25, 2015

OPERATIONAL RESILIENCE FACTORS _ BOURBON client portfolio diversification 2006 2014 OTHERS OTHERS 23,2% ENI MARINE NATIONALE 39,0% CHEVRON MAERSK 2,4% 2,5% 2,6% MARINE NATIONALE 2,9% SAIPEM 3,9% STATOIL 4,4% PETROBRAS 2,0% 4,6% 2,0% 3,0% PETROBRAS 6,6% 4,0% PERENCO 4,0% BP 6,0% 13,3% PEMEX 6,0% NORSK HYDRO BP 7,0% SHELL EXXON 8,0% 33,6% EXXON CHEVRON 19,0% TOTAL TOTAL 14 Meeting September 25, 2015

OPERATIONAL RESILIENCE FACTORS _ A unique partner network JV Project JV Affiliates 15 Meeting September 25, 2015

BOURBON RESILIENCE FACTORS Maturity of Value of $ and business model and low interest rate free cash flow Financial resilience factors « a stable family shareholder base» Financial Amount of discipline net debt 16 Meeting September 25, 2015

FINANCIAL RESILIENCE FACTORS _ Maturity of business model Net investment (vessels only) M€ 800 Asset smart Strategy 400 0 vessel investments -400 cash received sale & leaseback net investments -800 2007 2008 2009 2010 2011 2012 2013 2014 E 2015 E 2016 M€ 800 Free cash flow* 400 0 JACCAR estimate January 2015 -400 * Free Cash flow : Cash flows linked to operating activities – outflows linked to purchases of property, plant and equipment and intangible assets + -800 inflows linked to disposals of property, plant and equipment and intangible assets 17 Meeting September 25, 2015

FINANCIAL RESILIENCE FACTORS _ Net Debt M€ 2500 2000 1500 1000 500 JACCAR estimate January 2015 0 june 06 dec 06 june 07 dec 07 june 08 dec 08 june 09 dec 09 june 10 dec 10 june 11 dec 11 june 12 dec 12 june 13 dec 13 june 14 dec 14 e 2015 e 2016 18 Meeting September 25, 2015

FINANCIAL RESILIENCE FACTORS _ Financial discipline BOURBON ratios 2006 June 2013 2014 Objective < 0.5 Net Debt / Equity 0.89 1.56 0.8 Net Debt / adjusted 1.83 4.96 3.0 < 2 EBITDA Rent / adjusted - - 22 % 30 % EBITDAR 19 Meeting September 25, 2015

FINANCIAL RESILIENCE FACTORS _ External factors : exchange rates & interest rates Euribor 3M EUR/US$ 1,6 6 5 1,4 4 3 1,2 2 1 1 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 e 2015 e 2016 JACCAR estimate, January 2015 20 Meeting September 25, 2015

BOURBON RESILIENCE FACTORS BOURBON vs competitors BOURBON Tidewater Safety External Factors - Utilization rate USD Balanced revenues Orderbook from market Gulfmark /EBITDA segments Diversified customer Debt base Net Debt/FCF generation Farstad Source: public data, BOURBON estimates 21 Meeting September 25, 2015

BOURBON VS THE MARKET ENVIRONMENT Drop in OSV utilization rate Number of stacked vessels increasing Source : Pareto, IHSPetrodata, Farstad AHTS+PSV BOURBON Tidewater GulfMark Hornbeck Farstad (July 2015) Utilization rate BOURBON Tidewater GulfMark Hornbeck # stacked Supply vessels 23 54 16 18 6 vessels (average June 2015) 81.9% 68.8% 65-70% 60.5% % of fleet 10% 21% 22% 36% 11% Source : IHSPetrodata, Bourbon, Sec filings 22 Meeting September 25, 2015

BOURBON’S RESILIENCE RECOGNIZED BY THE MARKET _ One year Stock performance - BOURBON vs competitors Base 100 120 100 80 60 40 20 0 sept.-14 oct.-14 nov.-14 déc.-14 janv.-15 févr.-15 mars-15 avr.-15 mai-15 juin-15 juil.-15 août-15 sept.-15 Bourbon Tidewater Gulfmark Farstad 23 Meeting September 25, 2015

BOURBON: OUTLOOK ? _ The ability of a company to pay a dividend based on: - Corporate accounts. Those of BOURBON have a distributable balance of €615 million at the beginning of 2015, nearly nine years of dividends - The projected cash flow, excluding sales of vessels in future years. The generation of free cash flow shows that BOURBON has the necessary cash after taking into account its commitments (investments, loan repayments, financial expenses, taxes, ...) - A good level of activity: the breakeven of BOURBON is well below the values required for the cash breakeven even at low part of cycle  The objective of a stable or slightly increasing dividend is very much within reach of BOURBON 24 Meeting September 25, 2015

BOURBON:THE DIVIDEND POLICY HAS ALWAYS BEEN RESPECTED M€ 80 Annual amount of dividends paid 70 71.6 + exceptional dividend 60 50 40 30 X 5.2 + 18 % per year 20 13.8 10 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 25 Meeting September 25, 2015