Technip-Coflexip sold its affiliates McNulty Offshore Ltd. and Captain Frank McNulty & Sons Ltd. to the managing director of McNulty Offshore Ltd. for an undisclosed amount. Technip-Coflexip had a 90% stake in both companies following the purchase of Aker Deepwater Co. in January 2001. According to the terms of this agreement, Technip-Coflexip has also sold the Newcastle-based yard, together with all activities and resources dedicated to it, to McNulty's Managing Director.
