Technip-Coflexip and Sonangol Establish Umbilical Factory in Angola

Technip-Coflexip has signed a joint venture agreement with Sonangol for the creation of a new company named Angoflex Limitada, to operate a factory to be built at the Sonamet fabrication yard located in Lobito, Angola, to manufacture subsea umbilicals.

The factory, operational in mid 2003, will comprise all machinery for the manufacturing of steel tube umbilicals and related products. It will have a production capacity of 50 km per year and will employ approximately 45 personnel benefiting from a specific local training program. An increase of the capacity or broadening of the range of manufactured products might be considered in the future.

This new entity will also complement the Group's other units based in Luanda: Angoflex, in charge of promoting the Group's subsea capabilities for deepwater developments, Technip Angola, another Joint Venture with Sonangol EP, providing engineering and construction services to the offshore and downstream oil and gas activity in West Africa, and AMC Angola, specialized in the floaters / rigs mooring operations.

Tom Ehret, Vice Chairman of the Management Board of Technip-Coflexip and President of the Group's Offshore Branch, stated: "This new facility brings us a unique opportunity to reinforce our long term relationship with Sonangol EP by adding industrial operations to the existing portfolio of activities. It will benefit the Angolan market as well as the Group's integrated solutions offering. This investment will further increase Technip-Coflexip's presence in Angola and in West Africa, where the Group recently successfully completed the Kuito deepwater field development and where it is well positioned on the coming deep water EPCs."