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July 30, 2002

Technip Coflexip sells U.K. yard
Technip-Coflexip today announced signature of an agreement related to the sale of its affiliates McNulty Offshore Ltd and Captain Frank McNulty & Sons Ltd to the managing director of McNulty Offshore Ltd., Steve Keyworth.

Technip-Coflexip had a 90% stake in both companies following the purchase of Aker Deepwater Company in January 2001.

According to the terms of this agreement, Technip-Coflexip has sold the Newcastle-based yard, together with all activities and resources dedicated to it. The transaction, the amount of which is undisclosed, is in line with Technip-Coflexip's previously announced program to dispose of non-strategic assets. It will have no significant impact on Technip-Coflexip's results for 2002.

"This should allow the continuation of the yard's traditional business activities," says Technip-Coflexip.

 
McNulty Offshore Ltd. specializes in offshore engineering, procurement, fabrication, installation, hook-up and onshore/offshore commissioning of topsides and other offshore units.

According to the Newcastle Chronicle, the yard currently employs 80 workers. Lack of current contracts means 20 of these jobs will have to go in the short term. But the newspaper says that Keyworth has pledged to create thousands of jobs at the yard which employed 5,000 people in its 1990s boom years building huge offshore platforms.

Keyworth, says the Chronicle, hopes the yard will soon take on staff again if it manages to secure subcontract work from rival offshore yard AMEC to build parts of a North Sea platform for the Clair oil field.

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