Bouygues Offshore Logs New Contract

Technigaz, a wholly-owned subsidiary of Bouygues Offshore, will build a Liquefied Natural Gas (LNG) tank in Palos de Frontera, Spain under a contract awarded by ENAGAS. This contract, for a total amount of EUR 40 million (Bouygues Offshore's share: EUR 28 million) will be performed by a Joint-Venture of Technigaz (70%) and Initec (30%). The customer, ENAGAS, is the only LNG importer in Spain so far. This turnkey contract covers Engineering, Procurement, Construction and pre-commissioning of a full-containment storage tank for the extension of the LNG import terminal located in Huelva harbor on the Atlantic Ocean. The inner tank will be made of 9% nickel steel with perlite insulation to maintain the LNG at a temperature of -163(degree)C, while the outer tank will be made of prestressed concrete. The full-containment tank has a storage capacity of 150,000m3. Delivery is scheduled for the end of the fourth quarter 2004.