At its meeting on December 14, 2006 Technip’s Board of Directors made the following decisions:
to pay in advance part of the 2006 dividend, in the amount of 0.50 euros per share. This payment will be made on December 21, 2006,
to cancel 5,569,409 treasury shares, representing 5% of the outstanding shares,
to build a new pipelay vessel in order to strengthen the Group’s marine assets in this domain.
The Board of Directors also discussed the selection process for the successor to the Chairman and CEO of Technip, Mr. Daniel Valot, who will retire at the close of the Annual General Meeting in April 2007. The Nominations and Compensation Committee has been examining very high-quality candidates and the selection process is now in its advanced stage. The name of Mr. Valot’s successor, as proposed by the Board, should be announced before the end of January 2007. This time frame will allow for a smooth transition at the helm of Technip.
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With a workforce of more than 21,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris. The Group’s main operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.