Summary of the annual ordinary General Meeting of the Shareholders held on April 3, 2003
The annual ordinary general meeting of shareholders of Technip-Coflexip (NYSE: TKP and EURONEXT: 13170) held on April 3, 2003 approved the financial statements and the consolidated financial statements for the fiscal year ended December 31, 2002. The shareholders also approved payment of a dividend of 3.30 euros per share (with a tax credit of 1.65 euros for individual and corporate shareholders benefiting from a tax credit rate of 50%) to be paid in cash on April 17, 2003.
During the presentation of the results and activities of the Group, Mr. Daniel Valot, Chairman of the Management Board, noted that, based on preliminary estimates, the order intake during the first quarter of 2003 was approximately 1.4 billion euros. In addition, contracts signed but not yet entered into the backlog (“pre-backlog”) totalled approximately 800 million euros at the end of the first quarter of 2003.
At the end of the meeting, Mr. Pierre Marie Valentin’s mandate as Chairman of the Supervisory Board expired. Tribute was paid to Mr. Valentin for his eminent contribution to the French oil services industry over the past two decades. As stipulated by company by-laws, the chairmanship of the Supervisory Board is currently assumed on a temporary basis by Mr. Jacques Deyirmendjian, Vice-Chairman of the Supervisory Board. Mr. Deyirmendjian will therefore preside over the combined general assembly which will be reconvened on second notice on Friday, April 11, 2003.
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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