Technip acquires 29.68 % of Coflexip

Coflexip Stena Offshore announced that it has received notification that the Technip Group has purchased all shares of Coflexip held directly and indirectly by Stena International, which results in Technip holding 29.68 % of Coflexip. In 1994 Stena International participated in the creation of the Coflexip Stena Offshore Group by contributing the Scottish contractor, Stena Offshore, to the French Group Coflexip.
The Technip group has indicated that it is not acting in concert with another party, and that it does not intend to increase its stake in Coflexip within the next 12 months. Moreover, Technip has indicated that it has committed to not sell its stake for six months, and during an additional 10 months, it will not sell more than one third of its shares without prior notification to Coflexip.

Four Technip's representatives will be proposed to the Board of Directors of Coflexip. With this transaction, the share ownership of Coflexip will be as follows:
Shareholders -- Number of % -- Ordinary Shares
Technip 5 518 195 29.68 %
ISIS 3 378 000 18.17 %
Elf Atochem 508 521 2.73 %
Publicly Held 9 047 330 48.66 %
Company Owned 52 917 0.28 %
Employee Held 88 730 0.48 %
TOTAL 18 593 693 100.00 %

Pierre Marie Valentin, Chairman and CEO of the Coflexip Stena Offshore Group, stated: "We are pleased to welcome Technip as a shareholder in our company. It opens the way for numerous commercial and industrial alliances between our two groups, targeting in particular, contracts for large, integrated, offshore developments which will call for both the competence and leadership of Coflexip Stena Offshore in subsea product and services, and for the engineering, project management of large turnkey contracts as well as financial engineering capabilities which are the strength of Technip.
Technip's new stake in CSO opens the way for new avenues of growth in Coflexip Stena Offshore's development strategy." Commenting on the transaction, Daniel Valot, Technip's Chairman and CEO, said: "Our intention is to build a meaningful and long lasting cooperation with Coflexip Stena Offshore in the offshore business where Technip wants to grow significantly. Coflexip Stena Offshore is a unique company with great skills and competencies, an outstanding track record and a first class management team. As a key shareholder of Coflexip Stena Offshore, we shall play a highly supportive role to help CSO grow its business and take part in the expected growth of the sector."

World leader in the subsea oilfield service industry, Coflexip Stena Offshore provides a wide range of services (project management, engineering design, procurement, subsea pipeline and umbilical laying, construction and maintenance work) and products (design and manufacture of flexible pipes, control umbilicals and remotely operated vehicles).
Listed in New York (Nasdaq) and in Paris (RM), the Coflexip Stena Offshore Group, headquartered in Paris, employs approximately 3,800 employees spread over five continents, with subsidiaries in Angola, Australia, Brazil, Canada, France, India, Norway, Singapore, the United Kingdom and the United States.