SOURCE: Technip

July 08, 2005 01:30 ET

Technip Awarded Two Contracts by Statoil for Subsea Services in Norway

PARIS -- (MARKET WIRE) -- July 8, 2005 -- Technip (NYSE: TKP) has been awarded two contracts by Statoil for subsea services in the Norwegian part of the North Sea.

--  The first contract includes diving, pipeline repair, contingency and
    modification services in Norway. Its total value is estimated to be EUR 515
    million (NOK 4 billion) including options.  The actual value will depend
    upon the client's subsea requirements.
    A new Technip office in Stavanger (Norway) will carry out the main project
    management and engineering works related to contingency for pipeline repair
    work, planned maintenance, modification and subsea installation using
    manned or remote operated methods.
    
--  The second contract, valued at around EUR 52 million (NOK 400
    million), options included, comprises maintenance and preparation of
    equipment utilized for pipeline repair services.
    The contract will be carried out by a consortium (60%/40% respectively)
    between Technip's affiliate in Oslo (Norway) and DeepOcean from Killingøy
    Offshore Base in Haugesund (Norway).
    
Both contracts go into effect on January 1, 2007 and last for 5 years, with options for 3 one-year extensions.

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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