Coflexip to recommend improved Technip offer

The Board of Directors of Coflexip has unanimously decided to recommend that Coflexip shareholders tender their shares in the improved public offer that Technip has decided to make. Technip had, on 25 July 2001, decided to improve the terms of its cash public offer to EUR 199 per share (limited to 5 million Coflexip shares); the share offer remains unchanged at 9 Technip shares for 8 Coflexip shares. An agreement reached between the management of the two groups on the strategy, organisation and management structure of the new entity ensures that the combination will be achieved on a friendly basis. The Special Committee of Coflexip’s Board of Directors concluded that the terms of the improved offer made to Coflexip’s shareholders are adequate and unanimously recommended to Coflexip’s Board that it approve Technip’s offer. After receiving the report of the Special Committee, Coflexip’s Board of Directors unanimously agreed to recommend to Coflexip’s shareholders that they tender their shares to Technip’s offer, as modified.

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