Technip and Subsea 7 to form JV in Asia Pacific

Technip and Subsea 7 signed a memorandum of understanding (MOU) whereby their respective affiliates, Technip Oceania Pty Ltd. and Subsea 7 Singapore Pte Ltd., express their intention to enter into a joint venture (JV) for subsea offshore activities in the Asia Pacific region (excluding India and Middle-East).

Offshore staff

Technip and Subsea 7 signed a memorandum of understanding (MOU) whereby their respective affiliates, Technip Oceania Pty Ltd. and Subsea 7 Singapore Pte Ltd., express their intention to enter into a joint venture (JV) for subsea offshore activities in the Asia Pacific region (excluding India and Middle-East).

Under the terms of the MOU, Technip and Subsea 7 will bid for and carry out all engineering, procurement, construction, installation, commissioning and/or maintenance contracts (EPCIM) for the subsea production and transportation of oil and gas within the Asia Pacific region, including the supply of flexible pipe via the Technip/Subsea 7 JV.

The head office of this newly formed company will be located in Perth, Western
Australia.

Technip and Subsea 7 have demonstrated their capacity to work successfully together
on past projects in the region including the Trunkline System Expansion Project for
Woodside Energy Ltd. and are currently executing the Kikeh Subsea EPCI project
awarded by Murphy Sabah Oil Company Ltd.

The combination of the capabilities of Technip and Subsea 7 in the region will enable
the newly formed JV to better serve its clients, especially for their larger and
more demanding projects. The JV shall have exclusive and operational control
of two vessels: Technip's Venturer and Subsea 7's Rockwater 2, which will remain in the region to perform and support the EPCIM projects in the Asia Pacific
region.

The definitive agreements will be subject to clearances of all relevant regulatory authorities.

09/13/05

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