SOURCE: Technip

July 12, 2005 01:30 ET

Technip Awarded Contract for Agbami Development in Nigeria

PARIS -- (MARKET WIRE) -- July 12, 2005 -- Star Deep Water Petroleum Limited (an affiliate of Chevron Corporation) has awarded Technip (NYSE: TKP) an engineering, procurement, construction and installation (EPCI) contract of approximately USD 800 million, for the Agbami field development, located offshore Nigeria in approximately 1,550m water depth. Other partners in the Agbami development include Texaco Nigeria Outer Shelf Inc. (an affiliate of the Chevron Corporation), Petroleo Brasileiro Nigeria Limited, Statoil Nigeria Limited, Famfa Oil Limited and the NNPC.

This contract includes the installation of manifolds, supplied by Star Deep Water Petroleum Limited, and the design, manufacture and installation of flexible flowlines (1), risers (2) and umbilicals (3).

Technip's engineering center in Paris (France) will be in charge of the overall management of the project. This center will also undertake the engineering and design of the flowlines and associated risers, which will be manufactured by Flexi France, one of the Group's flexible pipe plants, located in Le Trait (France).

As part of Technip's commitment to local development, logistics and pre-commissioning services will be sub-contracted to companies in Nigeria. Furthermore, the Group will train Nigerian engineers in offshore deepwater construction technology, and Nigerian technicians in flexible flowline termination.

The offshore installation campaign is anticipated in two phases commencing mid-2007 with completion during the second quarter of 2008. Installation will involve several vessels from Technip's fleet.

(1) Flowline: flexible pipe laid on the seabed for the transportation of production or injection fluids.

(2) Riser: vertical flexible pipe connecting the flowlines to the surface facility.

(3) Umbilical: assembly of hydraulic hoses, which can also include electrical cables or optic fibers, used to control a subsea structure or ROV from a platform or a vessel.

With a workforce of about 19,000 persons, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris. The Group's main engineering and business centers are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.

Technip's shares trade on the following exchanges: TKP LISTED NYSE euronext ISIN FR0000131708

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