Technip/Chiyoda: A $4 Billion Contract in Qatar

Technip has signed with the Qatar Liquefied Gas Company Limited (II) a contract for the world's 2 largest LNG trains. This contract will be executed by a joint venture created by Technip France and Chiyoda from Japan. The value of the contract is approximately USD $4 billion. Under this contract, the joint venture partners will engineer and build Trains 4 and 5 at the Qatargas plant in Ras Laffan. Each train will produce an expected minimum of 7.8 million tons per annum of LNG, with Train 4 scheduled for start up in late 2007, and Train 5 approximately 9 months later.

Qatargas II will be selling LNG from these new trains into the UK and commitments have been made through affiliates of Qatar Petroleum and ExxonMobil for the necessary regasification in the UK. Qatargas II has also made pre-investment in the offshore field development, the LNG storage facilities in Qatar and the LNG transport carriers.

"This new award reinforces the Technip's position in the fast-growing Liquefied Natural Gas market where the Group has previously demonstrated its strong expertise on major turnkey projects in the Middle East and in West Africa," said Daniel Valot, Chairman and Chief Executive Officer of Technip.

Both Technip and Chiyoda have a vast experience in Qatar and in LNG projects in particular. The Qatar Liquefied Gas Company Limited ("Qatargas II") LNG plant site, where the 2 new LNG trains will be built, has been in operation since 1996. The Qatargas three existing trains are currently producing over 8 million tons per annum of LNG. Two of these three trains, originally designed and built by Chiyoda, have already been successfully debottlenecked under a contract awarded to the Technip / Chiyoda joint venture in late 2001, with the debottlenecking of the third train scheduled for completion in spring 2005. In the early 1990's, Technip was also involved in the design and construction of the corresponding offshore processing platforms.