Technip-Coflexip has announced the signature of a Sales and Purchase 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. Technip-Coflexip had a 90 percent 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, to McNulty's Managing Director. 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.
