Press Releases - Contracts


Paris-La Défense, February 10, 2003

Technip-Coflexip : single office building for Paris teams

Over the past few years, the Technip-Coflexip group has experienced strong growth, both internally and externally (notably with the acquisition of Krebs Speichim and then Coflexip), which has led to having several office locations in the west of Paris.

As a result, some 2,300 Group employees are currently spread out over five different metropolitan Paris sites, two of which, Technip’s headquarters at Paris-La Défense and Coflexip’s headquarters located within Paris at Porte Maillot, were owned by the Group.

In order to facilitate the development of synergies and reduce overhead costs, it was decided to consolidate the various locations into a single one.

The first step was taken in the summer of 2002 with the sale of the Paris building at Porte Maillot. The second step will take place in the first half of 2003, since the Group has recently finalized both the sale of its La Défense headquarters while simultaneously negotiating the lease of the recently completed Adria office building, also located at Paris-La Défense, near the CNIT exhibition center.

As a result, the various staffs located around the west of Paris will now be able to be grouped together in this new, modern and functional building within the coming months.

All totaled, the gross proceeds from the sale of the related real estate assets in 2002 and 2003 represent about 137 million euro. The transfer of our personnel to a single location should lead to lower recurrent operating expenses, a significant improvement in the company’s operating efficiency, as well as a better working environment for the personnel.

 

With a workforce of about 18,000, 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.

 

TECHNIP-COFLEXIP 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-COFLEXIP 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