Technip-Coflexip Announces S&P Agreement Over McNulty Companies

Technip-Coflexip has announced the signature of a Sales and Purchase Agreement related to the sale of its affiliates McNulty Offshore Ltd and Captain Frank McNulty & Sons Ltd to the Managing Director of McNulty Offshore Ltd. Technip-Coflexip had a 90% stake in both companies following the purchase of Aker Deepwater Company in January 2001.

According to the terms of this agreement, Technip-Coflexip has sold the Newcastle-based yard, together with all activities and resources dedicated to it, to McNulty's Managing Director.

The transaction, the amount of which is undisclosed, is in line with Technip-Coflexip's previously announced program to dispose of non-strategic assets. It will have no significant impact on Technip-Coflexip's results for 2002. This should allow the continuation of the yard's traditional business activities.

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&to=http://www.technip-coflexip.com/english/index.htm' target=_blank>Technip-Coflexip

&to=http://www.akermcnulty.com/' target=_blank>McNulty Offshore