Press Releases - Corporate News


Paris-La Défense, November 19, 2003

Rights issue for an employee stock participation plan

Technip announces that following the authorization granted by the shareholders’ general assembly of July 11, 2003, an employee stock participation plan (ESPP) was decided. The ESPP is being made available to approximately 12,000 Group employees, both in France and abroad. The total number of shares that could be issued, with the waiver of the shareholders' preferential subscription rights, would be 882,149*, or 3.7% of the outstanding capital.

Technip’s Board of Directors met on November 19, 2003 to define the parameters of the rights issue and delegated to the Group’s Chairman and CEO, Daniel Valot, the power to decide the final characteristics of the ESPP.

The proposed ESPP will offer employees two subscription choices through a “Classic” offer and/or a “Leveraged” offer.

Provisional schedule for the rights issue associated with the ESPP:

December 1 - 17 2003 (inclusive)
Reservation period

February 9, 2004
Announcement of subscription price

February 10 - 16, 2004 (inclusive)
Subscription and Cancellation period

March 29, 2004
Effectiveness of rights issue

The subscription price will be equal to 80%** of the average opening share price on the Euronext (Paris) during the 20 business days prior to February 9, 2004.

Launching this plan, Daniel Valot, stated: “The implementation of this ESPP demonstrates Technip’s willingness to closely associate employees with the group’s development by offering them, within the context of local legislation, the possibility to benefit from attractive conditions of enhancement of their investment in Technip shares. We have pursued this policy for several years to increase employee participation in the Group’s capital, which today stands at 2.5%. We are continuing along these lines today by adapting the ESPP’s terms and conditions to take into account disruptions that have hit equity markets these past few years.”

The prospectus associated with the rights subscription received approval from the Commission des opérations de bourse, or COB, (visa number 03-951 dated November 3, 2003). It is available free of charge at the Group’s headquarters and is accessible on the group’s website (www.technip.com) as well as on that of the COB (www.cob.fr) .

* of which 170,000 shares could be subscribed directly by Credit Agricole Indosuez in order to offer the U.S. and German affiliates employees the opportunity to get the equivalent of the leveraged offer, through Stock Appreciation Rights (SAR).

** in the United States, for the “Classic” offer, this rate will be 85% due to legal constraint.

 

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 United States, Brazil, Abu Dhabi, China, India, Malaysia and Australia. The Group has high-quality industrial and construction facilities in France, Brazil, the UK, the USA, and Finland as well as a world-class fleet of offshore construction vessels.

 

Technip Press Relations

Sylvie Hallemans: Tel. +33 (0) 1 47 78 34 85 Fax: +33 (0) 1 47 78 24 33 shallemans@technip-coflexip.com

 

Technip Investor and Analyst Relations

Christopher Welton: Tel. +33 (0) 1 55 91 88 27 Fax: +33 (0) 1 55 91 87 11 cwelton@technip-coflexip.com

David-Alexandre Guez: Tel. +33 (0) 1 47 78 27 85 Fax: +33 (0) 1 55 91 87 11 daguez@technip-coflexip.com