Technip to apply for the delisting of its American Depositary Shares (ADS) from the New York Stock Exchange and deregistration with the Securities and Exchange Commission (SEC)
On July 25, 2007, the Board of Directors of Technip approved management's recommendation to apply for voluntary delisting of its American Depositary Shares (ADS) from the New York Stock Exchange (NYSE) and voluntary deregistration with the U.S. Securities and Exchange Commission (SEC).
Accordingly, Technip intends to file the required forms with the SEC on August 6, 2007. It is expected that the delisting will take effect as of August 16, 2007, and the deregistration will become final on November 6, 2007, after the applicable 90-day waiting period.
The rationale for delisting and deregistration is principally based on the following:
- Technip is primarily listed on Euronext, which is now part of NYSE-Euronext, where the average trading volume accounted for more than 95% of trading over the last twelve months, making the additional costs and expenses associated with dual registration not cost-justified,
- since 2005, Technip Group has established its accounts in accordance with International Financial Reporting Standards (IFRS). It therefore no longer considers it necessary to publish its consolidated accounts under two accounting standards.
Technip remains committed to developing its contacts with American investors, who represent an important part of the Group's shareholding structure.
The Group intends to maintain its American Depository Receipt (ADR) program at “level one”. This will enable investors to retain their ADRs and facilitate trading on the U.S. Over-The-Counter (OTC) market.
Technip will continue to publish its financial reports, statements and press releases in English as well as information for investors on its website (www.technip.com) pursuant to section 12g3-2(b) of the U.S. Securities Exchange Act.
The delisting of Technip's ADS and deregistration will have no impact on the listing of Technip's shares on the Euronext's Eurolist.
With a workforce of 22,000 people, 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 operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia.
In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.
Technip Public Relations
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Technip Investor and Analyst Relations
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Technip trades under the symbol TKP on the NYSE and under the ISIN FR0000131708 on the Euronext.