Technip-Coflexip Announces Settlement of Dispute with Aker

Technip-Coflexip announced that Coflexip and Aker Maritime have reached an amicable agreement related to the dispute over the purchase price of Aker Deep Water Company and have decided to suspend current arbitration proceedings.

According to the agreement, Aker Maritime has committed itself to pay Coflexip the sum of US $43.8 million, US $33.8 million of which has already been paid. The balance is due on September 30, 2003.

In Technip-Coflexip's accounts, the total settlement amount will be recorded in the balance sheet as a deduction of the goodwill related to the acquisition of Aker Deep Water Company and will not impact the Group's income statement.