BOURBON: Annual & 4th Quarter 2018 Revenues

Marseilles, February 7, 2019

BOURBON Annual & 4^th Quarter 2018 Revenues

2018 was marked by the stabilization of activity over the last 3 quarters and adjusted 2018 revenues of €690 million still impacted by the crisis (consolidated revenue €633.9 million)

 "As a sign of market improvement, we note a recovery in the number of calls for tender, leading to a stabilization of our revenues over the 3 last quarters. However, market recovery is slow. It is therefore more important than ever that we accelerate our transformation in order to bring our clients more added-value services", declared Gaël Bodénès, Chief Executive Officer of BOURBON Corporation.

(a) Adjusted data:
The adjusted financial information is presented by Activity and by Segment based on the internal reporting system and shows internal segment information used by the principal operating decision-maker to manage and measure the performance of BOURBON (IFRS 8). Internal reporting (and thus the adjusted financial information) records the performance of operational joint ventures on which the group has joint control using the full integration method. Furthermore, internal reporting (and again the adjusted financial information) does not take into account IAS 29 (Financial Reporting in Hyperinflationary Economies), applicable for the first time in 2017 (retroactively from January 1) to an operational joint venture in Angola.

BOURBON MARINE & LOGISTICS

Testifying to the market stabilization, adjusted revenues for Bourbon Marine & Logistics in Q4 2018 are very slightly up at €88 million (+1.2% compared to Q3 2018).

Over the year, activity has stabilized with an average utilization rate remaining above 50%, up 2.4 points compared to 2017 and a utilization rate for the fleet in operation of 87.1% (compared to 87.4% in 2017). Rates have stabilized in both Deepwater and Shallow water offshore, with the 10% decrease mainly due to the renewals of older long-term contracts at current market rates. Overall, adjusted revenues are down by 13% compared to 2017 (-4.1% at constant rate).

Activity was dynamic in the Mediterranean/Middle East region, notably driven by new contracts in Egypt.

BOURBON MOBILITY

Adjusted revenues for Q4 2018 came out stable overall (-0.5% compared to Q3 2018), reflecting a slight increase in utilization rates (+1.5%), while daily rates are struggling to improve (-$46/day).

Over the year, adjusted revenues are down 13.2% compared to 2017, of which -5 points are due to exchange rate effects. Activity was impacted by a slower than expected reactivation of Surfers and a higher maintenance and repair activity than the previous year (notably large " crewliner "-type long-distance transport vessels).

BOURBON SUBSEA SERVICES

The 4^th quarter 2018 was marked by stable adjusted revenues (+0.8%) compared to the previous quarter, with a utilization rate up very slightly (+0.6 pt), reflecting an increase in the platform maintenance activity in Nigeria and prices that have stabilized, but remain under pressure.

Overall, after a significant decline in adjusted revenues in the first quarter 2018, Bourbon Subsea Services posted growth in activity in every quarter. Despite this, adjusted revenues are down almost 40% for the year. Turnkey projects, which today represent 6% of revenues, were unable to offset the weak utilization rate combined with a decrease of over 7% in daily rates and the sale of an IMR vessel in 2018.

OTHERS

Activities included are those that do not fit into either the Marine & Logistics, Mobility or Subsea Services segments. The majority of the total represents earnings from miscellaneous ship management activities.

OUTLOOK

Our oil & gas customers have regained some leeway but remain vigilant in their investments with a volatile barrel price that fell below $60 at the end of 2018. With an upwards trend, these investments appear to be subject to a switch in 2019 towards the Offshore segment rather than onshore projects, particularly American shale gas and oil.

Clients are currently continuing to focus on short-term projects with rapid return on investment. However, 2019 should see the return of numerous exploration campaigns, particularly in the Caribbean and Middle Eastern areas, and still in Africa.

MAJOR EVENTS

On January 3, 2019, BOURBON announces having renewed the general waiver with its leasers and debt holders representing the majority of the group's debt, thus allowing it to suspend the payments of its loans and debt. This waiver allows it to stay focused on its operational priorities, while pursuing its search for all solutions capable of adapting its financing to its performance, in a secured framework. The company remains confident in its ability to find such a solution in an amicable framework.

As part of its process to seek new financing, BOURBON confirms that it is still actively looking for financial partners to ensure its development and deploy its strategic plan, #BOURBONINMOTION. At this stage, all solutions are being considered and the parameters for this new financing have not yet been determined.

A general meeting for holders of Undated Deeply Subordinated Fixed to Floating Rate Bonds took place on December 17, 2018. The decisions taken can be consulted on Bourbon's website (http://www.bourbonoffshore.com/en/investors/bondholders)

ADDITIONAL INFORMATION

BOURBON's results will continue to be affected by the €/US$ exchange rate.

FINANCIAL CALENDAR

APPENDIX

Quarterly revenue breakdown

*Effect of consolidation of joint ventures using the equity method

Quarterly average utilization rates for the fleet in operation

Quarterly average utilization rates for the fleet

Quarterly average daily rates for the fleet

Quarterly number of vessels (end of period)

*Vessels operated by BOURBON (including vessels owned or on bareboat charter)

Yearly average utilization rates for the fleet in operation

Yearly average utilization rates for the fleet

Yearly average daily rates for the fleet

Breakdown of revenues by geographical region

Other key indicators

Quarterly breakdown

Nine months' breakdown

About BOURBON

Among the market leaders in marine services for offshore oil & gas, BOURBON offers the most demanding oil & gas companies a wide range of marine services, both surface and sub-surface, for offshore oil & gas fields and wind farms. These extensive services rely on a broad range of the latest-generation vessels and the expertise of more than 8,400 skilled employees. Through its 29 operating subsidiaries the group provides local services as close as possible to customers and their operations throughout the world, of the highest standards of service and safety.

BOURBON provides three operating activities (Marine & Logistics, Mobility and Subsea Services) and also protects the French coastline for the French Navy.

In 2018, BOURBON'S revenue came to €689.5 million and the company operated a fleet of 483 vessels.

Placed by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed on the Euronext Paris, Compartment B.

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