Coflexip Stena Offshore Modifies Its Management Structure

Pierre Marie Valentin, Chairman of the Board of Coflexip announced that upon his suggestion, Daniel Valot, Chairman of the Board of Technip-Coflexip, was appointed, effective October 17,, Vice Chairman and Chief Executive Officer of Coflexip, providing him with the same powers as Pierre Marie Valentin. Daniel Valot will be able to ensure the overall operational responsibility for the Group, during the interim period prior to the changes of Technip-Coflexip bylaws, which should occur early December 2001.

CSO, the leading global contractor for subsea and deepwater solutions to the offshore oil and gas industry, offers technically advanced and cost- effective best in class services and products for the development of offshore hydrocarbon fields worldwide. From front-end engineering to field abandonment, the Group solutions in engineering, fabrication and installation are proposed on either an integrated or a segmented basis.

They provide their clients with a large range of deepwater production facilities (SPAR, FPSO, TLP, semi-sub) and leading edge subsea technical expertise in moorings, pipeline-riser-umbilical systems and robotics. These core skills are supported by strong engineering and project management capabilities, state of the art industrial assets and the most advanced fleet of subsea construction and installation vessels.