Technip-Coflexip Announces New Management Structure

At the extraordinary general meeting of shareholders of Technip-Coflexip held on December 13, 2001, shareholders decided to change the company's corporate governance structure to a two-tiered structure with a management board and a supervisory board.

Following the first meeting of the Supervisory Board, which was held following the shareholder meeting, the two boards were established as follows:

With Daniel Valot as Chairman, the management board consists of Thomas Ehret, Daniel Burling, Jean Deseillingny and Claire Giraut. Pierre Marie Valentin will serve as chairman and Michel Leveque will serve as vice chairman of the supervisory board. Roger Cairns, Miguel Caparros, Jean-Pierre capron, Jacques deyirmendjian, Jean-Pierre Lamoure, Claude Mandil, Roger Milgrim, Rolf-Erik Rolfsen, Pierre Vaillaud and Bruno Weymuller will serve as members of the supervisory board.

Shareholders also authorized the Management Board of Technip-Coflexip to buy and sell up to 10 percent of its share capital (2,665,962 shares) at a maximum of $136 per share and a minimum price of $82 per share. Since Technip-Coflexip already holds, at October 31, 2001, directly or indirectly, 9.1 percent (2,432,354 shares) of its share capital, it may acquire only an additional 0.9 percent (233,608 shares). This authorization will expire June 13, 2003, 18 months from the date of approval, . The Boards of Coflexip and Isis also met to change the membership of their respective Boards of Directors owing to the successful offer on both made by Technip.

The Board of Directors of Isis, 99 percent owned affiliate of Technip-Coflexip, consists of the following members: Patrick Picard, Chairman and CEO; Daniel Burlin; Jacques Jouven; Alain Cedelle; and Raymond Mari.

The Board of Directors of Coflexip, 98.3 percent owned affiliate of Technip- Coflexip, consists of the following members: Dominique Henri, Chairman and CEO; Daniel Valot; Thomas Ehret; Daniel Burlin; Jean Deseilligny; Claire Giraut; Anne Decressac; Lucien Sajus; and Isis represented by Patrick Picard.