Shareholders' meeting of April 29, 2004
The shareholders of Technip met today and approved resolutions which covered among other things:
- the approval of the Group’s accounts for the full year 2003,
- the payment of a dividend of EUR 3.30 per share (payment date: May 3, 2004),
- the re-appointment of Barbier Frinault et Autres (Ernst & Young) and the initial appointment of PriceWaterhouseCoopers Audit as the Group’s statutory auditors,
- the renewal of the Board of Directors’ authorization to repurchase up to 10% of the Group’s outstanding share capital.
During his address to shareholders, Daniel Valot, Chairman and CEO, expressed his confidence in the Group’s outlook for 2004, mentioning that order intake during the first quarter of the year amounted to EUR 840 million (70% Offshore and 30% Downstream/Industries). He also reconfirmed the Group’s 2004 performance targets of growth compared to 2003 in revenue, income from operations and pre-goodwill net income of 9%, 13% and 35%, respectively, as well as a year-end net debt gearing ratio at a level below 20%.
Mr. Valot also disclosed that Technip signed today a 5-year EUR 850 million revolving credit facility, for which the syndication involving 23 banks closed successfully with an over-subscription of about 45%. BNP Paribas, JPMorgan and Société Générale led the credit facility.
The new facility, which carries a margin of 37.5 bps, will be used to refinance two previously existing syndicated credit facilities signed in 2001 by Technip and Coflexip, respectively, (both maturing in 2006) and will be used for general corporate purposes. As with the previous facilities, the new facility is intended to be partially drawn and used as a financial liquidity reserve for the Group.
Statements in this document that are not historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements with respect to the financial condition, results of operations, business and business cycles, competitiveness and strategy of the Technip Group. Such statements are based on a number of assumptions, expectations and forecasts that could ultimately prove inaccurate, and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including currency fluctuations, the level of capital expenditure in the oil and gas industry as well as other industries, the timing of development of energy resources, construction and project risks, armed conflict or political instability in the Persian Gulf or other regions, the strength of competition, interest rate fluctuations, control of costs and expenses, the reduced availability of government-sponsored export financing, the timing and success of anticipated integration synergies and stability in developing countries. For a further description of such risks and uncertainties, see the reports filed by Technip with the Securities and Exchange Commission and the “Autorité des Marchés Financiers.” Technip disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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, Finland and Angola as well as a world-class fleet of offshore construction vessels.
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Technip trades under the symbol TKP on the NYSE and under the ISIN FR0000131708 on the Euronext.