Settlement of dispute with Aker
Technip-Coflexip (NYSE: TKP and Euronext: 13170) today announces that Coflexip and Aker Maritime have reached an amicable agreement related to the dispute over the purchase price of Aker Deep Water Company and have decided to suspend current arbitration proceedings.
According to the agreement, Aker Maritime has committed itself to pay Coflexip the sum of US $43.8 million, US $33.8 million of which has already been paid. The balance is due on September 30, 2003.
In Technip-Coflexip’s accounts, the total settlement amount will be recorded in the balance sheet as a deduction of the goodwill related to the acquisition of Aker Deep Water Company and will not impact the Group’s income statement.
With a workforce of about 19,000, Technip-Coflexip ranks among the top five in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York (NYSE: TKP) and in Paris (Euronext: 13170). The main engineering and business centers of Technip-Coflexip 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.
Statements in this news release other than historical financial information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as capital expenditures in the oil and gas industry, the timing of development of offshore energy resources, materialization of construction risks, the strength of competition, interest rate movements and stability in developing countries.
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