On December 22, 2005, Technip sold its 84% interest in Technip Portugal to the entity's management. Based in Lisbon, this company, which executes engineering contracts for the Portuguese market, employs 150 people and had revenues of EUR 8 million in 2004.
Technip Portugal will change its name to Technoedif Engenharia and will continue to collaborate with Technip on a case-by-case basis on the Portuguese market.
The sale and purchase agreement signed between Technip and Gulf Island Fabrication on December 20, 2005 is effective as of today. Consequently, Gulf Island Fabrication has acquired, in accordance with the conditions provided for in the agreement, the assets of Gulf Marine Fabricators, a Technip affiliate located near Corpus Christi, Texas (USA).
The cooperation agreement signed with Gulf Island Fabrication has also gone into effect, which will provide Technip with continued access to fabrication capacities in the Gulf of Mexico.
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