Technip Wins Contract for Asgard Q Satellite Development

Technip, in association with Subsea 7, has been awarded by Statoil a contract related to the subsea portion of the new Asgard Q satellite development in the Norwegian part of the North Sea. The contract, valued at approximately 11.6 million euros (100 million NOK), includes fabrication and installation of two 10 inch 13% chromium infield flowlines, each 13.5km long.

The project engineering will be performed both at Technip's offices in Stabekk as well as Subsea 7's offices in Stavanger. The flowlines will be fabricated at Technip's welding base in Orkanger and installed by Subsea 7's installation vessel Skandi Navica during the second half of 2004.

Following last year's awards of North Sea contracts (Kristin and Snohvit) to Technip, this new award acknowledges the Group's long lasting relationship and cooperation with Statoil.