FIRST HALF 2005 RESULTS
JULY 28, 2005 Highlights
Order Intake: € 4.2 billion
Backlog at June 30: € 8.2 billion
EPS: up 15.6% y-o-y
First Half 2005 Results 2 I. FIRST HALF 2005 GROUP FIGURES
II. PROJECT EXECUTION
III. STRATEGY
IV. OUTLOOK
First Half 2005 Results 3 I. FIRST HALF 2005 GROUP FIGURES 1. Main Numbers 2. Business Segment Performance 3. Order Intake 4. Backlog 5. Cash Flow 6. Net Financial Debt
First Half 2005 Results 4 1. First Half 2005 Main Figures
IFRS € in Millions Order Intake Revenues Operating Income Earnings per Share (€) +111.6% +0.3% +13.2% +15.6% 4,166
2,524 2,532 116.4
1,969 102.8 0.60
0.52
H1 04 H1 05 H1 04 H1 05 H1 04 H1 05 H1 04 H1 05
First Half 2005 Results 5 2. Business Segment Performance
IFRS Offshore Onshore SURF Industries € in Millions Facilities Downstream
Backlog 1,939 1,243 4,887 141 +4.5% +21.7% +54.7% -52.3%
Revenues 873.6 415.4 1,111.2 132.0 +22.0% -18.2% -5.2% +3.3%
Op. Income 68.6 10.1 40.3 2.2 +3.8% +98.0% -2.4% nm
Op. Margin 7.9% 2.4% 3.6% 1.7%
At 4.6%, Group operating margin is up 53 basis points y-o-y
% = y-o-y change nm = not meaningful
First Half 2005 Results 6 3.1 First Half 2005 Order Intake 4,166 1.3% Industries
+112% 57.4% Onshore Downstream
1,969 4.9% 29.5% 17.6% Offshore Facilities ORDER INTAKE 27.0% € in millions 23.7% SURF 38.6%
H1 2004 H1 2005 BOOK-TO-BILL 78% 165% RATIO
An all-time high in Technip’s history
First Half 2005 Results 7 3.2 Main Additions to Backlog during 1st Half 2005
Project Country Market
Yanbu Ethylene Saudi Arabia Petrochemicals
Horizon Oil Sands Canada Heavy Oil
Dung Quat Refinery Vietnam Refining
Akpo FPSO Nigeria Deepwater
P-52 SURF Brazil Deepwater
Kikeh Spar Malaysia Deepwater
Fram / Vilje SURF Norway Shallow Water
Hovensa HDT US Virgin Island Refining
Kikeh SURF Malaysia Deepwater
Total aggregate value: more than € 3.5 billion
First Half 2005 Results 8 4.1 Backlog
8,210
7,184 +14% 6,778 +6% 5,804 +17%
Backlog € in Millions
09-30-04 12-31-04 03-31-05 06-30-05
In months of 13.6 15.8 16.9 19.1 revenues
Record backlog at June 30, 2005
First Half 2005 Results 9 4.2 Backlog: Market Split
As of June 30, 2004: As of June 30, 2005: € 6,331 M € 8,210 M
Other Other Refining 3% 9% Deepwater Refining Deepwater Heavy Oil 24% Heavy Oil 29% 20% 18%
15% 17% 16% Shallow 22% Shallow Gas Water Gas Water 11% 16% Petrochems Petrochems
Backlog growth mainly driven by LNG, refining, heavy oil and petrochemicals
First Half 2005 Results 10 5. First Half 2005 Cash Flow
IFRS € in Millions SOURCES USES
Operating Cash Flow 161 Capex 31
Capital Increase 2 Dividend 32
FETA and Other 22 Working Capital 53
Cash 69
TOTAL 185 TOTAL 185
First Half 2005 Results 11 6. Net Financial Debt IFRS
167
-50% Net Debt 83 € in Millions
12-31-2004 06-30-2005
Gearing 9.0% 4.3%
De-leveraged balance sheet is a key success factor for winning large lump-sum turnkey contracts.
First Half 2005 Results 12 II. PROJECT EXECUTION 1. Project Management 2. Technip People 3. The Workforce Leverage 4. Flexibility 5. Fixed Assets: Vessels 6. Asset Management
First Half 2005 Results 13 1. Project Management
Main Challenges Project Management Policies
At bidding stage During project execution
Currency Multi-currency bids Strict monitoring and fluctuations Shorter validity of offers hedging of forex exposure Hedging agreements
Volatility of raw Shorter validity of offers Global procurement network material & Pre-commitments from equipment costs suppliers Escalation provisions
Execution risks Higher level of contingencies Strong construction Better contractual terms supervision mgmt teams Focus on contract management and cost control
Strict and proven management policies and tools are in place.
First Half 2005 Results 14 2. Technip People: Our No. 1 Asset
Number of Group Project Directors & Managers 307 Number of Group Process Engineers 850
Turnover in main centers (Paris and Rome) 1.8% Years with the Group 14.8
Highly competent, loyal and dedicated teams
First Half 2005 Results 15 3.1 The Workforce Leverage
TYPICAL LSTK CONTRACT
On lump-sum turnkey (LSTK) Revenues contracts, in-house workforce costs account for 10% to 15% of the total contract value
In-house workforce mobilization is sustained during a relatively short period of time during In-house project execution Manhours
Y1 Y2 Y3
With more than 85% of revenues coming from LSTK contracts, manhour backlog is 2 to 3 times shorter than revenue backlog.
First Half 2005 Results 16 3.2 Workforce Leverage and Economies of Scale
Estimated In-house Staff Needed to Generate $ 1 Billion Revenue from:
50 service contracts worth $ 20 million each: ~2,500
10 LSTK contracts worth $ 100 million each: ~850
1 LSTK contract worth $ 1,000 million: ~550
Built-in flexibility to adapt capacities as the focus moves towards more and larger LSTK contracts
First Half 2005 Results 17 4.1 Flexibility: The Workforce Structure
Technip Headcount (June 2005): 20,000
Current Structure Net Additions (since June 2004)
Payroll 74.2% 590 people
Contracted 25.8% 410 people
Structure of the workforce allows smooth adaptation to the ever-changing volume of the workload.
First Half 2005 Results 18 4.2 Flexibility: RussiaRussia ShanghaiShanghai The Network 100 485 BangkokBangkok NENE 200 EuropeEurope 4,4004,400 ** Kuala-Kuala- JakartaJakarta Lumpur Lumpur 260 1,0151,015 USAUSA 2,0702,070 BogotaBogota ChennaiChennai FranFrancece 180 3,7753,775 405 RomeRome 1,1701,170 BrazilBrazil CaracasCaracas 1,9401,940 NewNew DelhiDelhi 365 325 NigeriaNigeria OthersOthers 1,950 120 AngolaAngola AbuAbu DhabiDhabi 115 1,125
- Lower costs: global engineering, procurement and manufacturing - Lower Euro exposure: 2/3 of workforce outside of Euroland - Greater flexibility to cope with workload fluctuations
* NE Europe = UK, Norway, Finland, Germany & The Netherlands
First Half 2005 Results 19 4.3 Flexibility: The Network
How It Works at Technip Example: Ras Laffan Ethylene (815,000 Manhours)
PARISPARIS 520,000520,000 ManhoursManhours
QATQATAARR ConstructionConstruction SiteSite CLAREMONTCLAREMONT USAUSA NEWNEW DELHIDELHI 75,00075,000 220,000220,000 ManhoursManhours ManhoursManhours
First Half 2005 Results 20 5. Fixed Assets: Vessels
Utilization Rates of Technip Fleet 100% 95% Construction Vessels 87% 88% 90%
80%
71% 70% Diving Support 70% 68% Vessels 61% 62% 60%
50% 2002 2003 2004 H1 2005
- Availability of third-party vessels is dwindling - Market trends require further adaptation of our fleet
First Half 2005 Results 21 6. Further Adaptation of Our Assets to Our Business Needs
DISPOSALS INVESTMENTS
One DSV (Marianos) sold to a One new vessel will replace the third-party in South East Asia DSV Orelia to serve the Statoil Effective: End August 2005 multi-year contract Availability: 2007
Disposal of other non-strategic A major extension of the Vitoria assets is under review plant is being undertaken to cope with the rising demand in Brazil for flexible pipelines
Additional capital spending is expected in 2006 & 2007. Modernization of the construction fleet is under review.
First Half 2005 Results 22 III. STRATEGY 1. Oil Market: The Capacity Squeeze 2. Overall Business Strategy 3. Strategic Initiatives Bearing Fruit
First Half 2005 Results 23 1. Oil Market: The Capacity Squeeze
Upstream 2004 / 2003
Oil demand +3.4% Highest growth in 20 years
World oil reserves 0% No growth OPEC spare capacity 2% Lowest level in 30 years (% of world demand) Downstream 2004 / 2003
Refinery throughput +3.4% To cope with growing demand
Refining capacities +0.8% No significant additions Utilization ratio 87.1% An all-time high
World exploration & production spending is expected to grow by 13% in 2005 versus 2004.
Sources: Lehman, BP Statistical Review First Half 2005 Results 24 2. Overall Business Strategy
Drivers Key Business Technip’s Strategy Segments Maintain Create Near Term Long Term Leadership Leadership Growth Areas Growth Areas
Deep Offshore Depletion of Extra-Heavy Oil conventional oil Gas-to-Liquids and gas LNG
Petrochems Demographic Refining/Hydrogen and economic Infrastructures growth Metal & Mining
Desulfurization Ethanol Plants Environmental Nuclear Plants constraints New Technologies (Renewables, Hydrogen, …)
First Half 2005 Results 25 3. Strategic Initiatives Bearing Fruit
INITIATIVE RESULT
Offshore Acquisition of Aker FPSO’s, Semi-Subs, Deepwater and Coflexip large SURF contracts (2001) (from 2003)
LNG Alliance with Chiyoda Qatargas II (2004) (2002) Well positioned to get other mega-projects (2005)
th th Ethylene Acquisition of KTI 9 and 10 complexes (2001) (1999) Ras Laffan, Yanbu, Kuwait (2005)
2-3 year time-lag minimum between a strategic initiative & materialization of actual business
First Half 2005 Results 26 IV. OUTLOOK 1. Additional Awards 2. Radar Screen 3. 2005 Financial Targets
First Half 2005 Results 27 1. Additional Awards
Project Country Market
AGBAMI SURF (contract) Nigeria Deepwater
SUBSEA SERVICES Norway Shallow Water (2 contracts)
RAS LAFFAN (LOI) Qatar Petrochemicals
DOW PIC (MOU) Kuwait Petrochemicals
KHURSANIYAH (contract) Saudi Arabia Gas Treatment
Total aggregate value (more than € 2.9 billion) is not in backlog as of June 30, 2005
First Half 2005 Results 28 2. Major Awards Expected by Technip and Competition in Next 12 Months
OFFSHORE GAS/LNG REF./PETROCHEM. RASGAS III Offshore ECOPETROL HDT L RASGAS III (Qatar) (Qatar) XXL (Colombia) L ATC Aromatics MOHO BILONDO L (Congo) L YEMEN LNG XL (Thailand) CAMAU Fertilizer BOSI EPS (Nigeria) L (Vietnam) L HARWEEL (Oman) XL TAHITI SPAR (GoM) L QAFAC (Qatar) XL
EKOFISK (Decom.) ENOC Refinery (UAE) L XL CCO (Venezuela) XL (Norway) PETRONAS Lube Oil (Malaysia) L PETRONAS KHARG NGL (Iran) XL INCITEC Fertilizer (Turkmenistan) L (Brunei) XL SABINE PASS LNG L Polyethylene TERANG/SIRASUN 2 Terminal (USA) L (Indonesia) L (Thailand) QATARGAS III & IV XXL SABIC Petrochem. UMM SHAIF (UAE) L (The Netherlands) XL
TECHNIP POTENTIAL SHARE L XL XXL €200m to €500m €500m to €1,000m > €1,000m
First Half 2005 Results 29 3. 2005 Financial Targets (IFRS)
Revenues: > EUR 5.0 billion
Operating Margin: > 4.8%
Net Income: > EUR 112.4 million
First Half 2005 Results 30 For more information, please contact:
INVESTOR RELATIONS
G. Christopher Welton Tel. +33 (0) 1 47 48 66 74 e-mail: [email protected]
Xavier d’Ouince Tel. +33 (0) 1 47 78 25 75 e-mail: [email protected]
First Half 2005 Results 31 Trading Technip
ISIN FR0000131708
First Half 2005 Results 32 Cautionary Note Regarding Forward-looking Statements
This presentation contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements, or statements of future expectations; within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large integrated services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material, especially steel, price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabic-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; the timing and success of anticipated integration synergies; and the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as from January 1, 2005.
Some of these risk factors are set forth and discussed in more detail in our Annual Report on Form 20-F as filed with the SEC on June 29, 2004, and as updated from time to time in our SEC filings. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward- looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward looking information set forth in this release to reflect subsequent events or circumstances. Except as otherwise indicated, the financial information contained in this document has been prepared in accordance with IFRS, and certain elements would differ materially upon reconciliation to US GAAP.
First Half 2005 Results 33 V. ANNEXES 1. 1st Half 2005 Accounts 2. 2nd Quarter 2005 Accounts 3. Focus on Backlog 4. Contract Awards
First Half 2005 Results 34 ANNEX 1: 1st HALF 2005 ACCOUNTS 1. Income Statement 2. Balance Sheet 3. U.S GAAP Net Income
First Half 2005 Results 35 1. H1 2005 Group Income Statement*
IFRS € in Millions H1 2005 H1 2004 Change Revenues 2,532.2 2,523.7 0.3% Gross Margin 279.9 271.9 2.9% R&D and Royalties (13.8) (15.7) -12.1% SG&A and Other Costs (149.7) (153.4) -2.4% Operating Income 116.4 102.8 13.2% Operating Margin 4.6% 4.1% Financial Charges (33.8) (26.6) 27.1% Income of Equity Affiliates (0.1) 0.6 -83.3% Profit Before Tax 82.5 76.8 7.4% Tax (27.8) (26.1) 6.5% Discontinued Operations - 6.2 nm Minority Interests 0.3 (2.3) nm Net Income 55.0 54.6 0.7%
EPS Fully Diluted (in €) 0.60 0.52 15.6% E/ADS fully Diluted (in $) 0.73 0.63 15.6% * Not Audited nm: not meaningful First Half 2005 Results 36 2.1 June 30 2005 Balance Sheet*
IFRS June 30, 2005 Dec. 31, 2004 € in Millions Fixed Assets 3,234.6 3,232.5 Deferred Tax Assets 145.0 66.6 TOTAL NON-CURRENT ASSETS 3,379.6 3,299.1
Construction Contracts 310.2 400.6 Inventories, Customers and Other Receivables 1,434.4 1,283.9 Cash and Cash Equivalents 1,502.8 1,434.0 TOTAL CURRENT ASSETS 3,247.4 3,118.5
TOTAL ASSETS 6,627.0 6,417.6
*Not Audited
First Half 2005 Results 37 2.2 June 30 2005 Balance Sheet*
IFRS June 30, 2005 Dec. 31, 2004 € in Millions Shareholders’ Equity 1,927.4 1,851.6 Minority Interests 11.0 9.8 TOTAL SHAREHOLDERS’ EQUITY 1,938.4 1,861.4 Convertible Bond 634.1 670.9 Other Long-Term Debt 743.9 737.8 Long-Term Provisions 115.3 115.4 Deferred Tax Liabilities 111.3 115.5 TOTAL NON-CURRENT LIABILITIES 1,604.6 1,639.6 Short-Term Debt 208.1 192.0 Short-Term Liabilities 134.1 121.4 Construction Contracts 1,198.0 915.6 Account Payable & Other Advanced Receivables 1,543.8 1,687.6 TOTAL CURRENT LIABILITIES 3,084.0 2,916.6 TOTAL SHAREHOLDERS’ EQUITY 6,627.0 6,417.6 AND LIABILITIES
*Not Audited
First Half 2005 Results 38 3. U.S. GAAP Net Income
€ in Millions H1 2005
IFRS Net Income 55.0
Difference IAS 32/39 & FAS 133 and Other 5.6
U.S. GAAP Net Income 60.6
Not Audited
First Half 2005 Results 39 ANNEX 2: 2nd QUARTER 2005 ACCOUNTS 1. Main Figures 2. Business Segment Performance 3. Income Statement 4. Cash Flow
First Half 2005 Results 40 1. Q2 2005 Main Figures IFRS € in Millions Order Intake Revenues Operating Income Earnings per Share (€) +111.4% +4.4% +10.9% +4.9% 2,309
1,331 1,275 66.0 59.5
1,092
0.33 0.35
Q2 04 Q2 05 Q2 04 Q2 05 Q2 04 Q2 05 Q2 04 Q2 05
First Half 2005 Results 41 2. Q2 2005 Business Segment Performance
IFRS Offshore Onshore SURF Industries € in Millions Facilities Downstream
Revenues 472.8 235.6 557.9 64.6 +4.5% +21.7% +54.7% -52.3%
Op. Income 37.6 6.5 20.5 1.5 +30.9% -4.5% -7.0% -3.6%
Op. Margin 8.0% 2.8% 3.7% 2.3% -0.8% +6.6% -4.2% nm
% = y-o-y change nm = not meaningful
First Half 2005 Results 42 3. Quarterly Group Income Statement*
IFRS € in Millions Q2 2005 Q2 2004 Change Revenues 1,330.9 1,274.8 4.4% Gross Margin 145.1 145.5 -0.3% R&D and Royalties (6.9) (8.8) -21.6% SG&A and Other Costs (72.2) (77.2) -6.5% Operating Income 66.0 59.5 10.9% Operating Margin 5.0% 4.7% Financial Charges (16.5) (16.7) -1.2% Income of Equity Affiliates 0.1 0.6 -83.3% Profit Before Tax 49.6 43.4 14.3% Tax (16.0) (14.5) 10.3% Discontinued Operations - 6.2 nm Minority Interests (0.3) (0.4) -25.0% Net Income 33.3 34.7 -4.0%
EPS Fully Diluted (in €) 0.35 0.33 4.9% E/ADS fully Diluted (in $) 0.42 0.40 4.9% * Not Audited nm: Not Meaningful First Half 2005 Results 43 4. Q2 2005 Cash Flow
IFRS € in Millions
SOURCES USES
Operating Cash Flow 99 Capex 14
Working Capital 21 Dividend 32
Debt 11 Cash 94
FETA and Other 9
TOTAL 140 TOTAL 140
First Half 2005 Results 44 ANNEX 3: FOCUS ON BACKLOG 1. Regional Split 2. Schedule
First Half 2005 Results 45 1. Backlog: Regional Split
As of June 30, 2004: As of June 30, 2005: € 6,331 M € 8,210 M
Asia Europe Asia Europe Pacific Central Asia Pacific Central Asia 9% 13% 12% 19% Americas 17% Americas 20% Africa 22%
29% 26% Middle East Africa 33%
Middle East
First Half 2005 Results 46 2.1 Main Offshore Contract Execution Schedule
2005 2006 2007
BAOBAB (100%) - $125 Deep & Shallow Water Contracts > €100 Mn: CONSTITUTION (100%) - Undisclosed Contract Name (Group’s Share in %) – Initial Value of SIMIAN SAPPHIRE (100%) - $550 Group’s Share in millions OTWAY (100%) - €200 EAST AREA (100%) - $460 BRAZIL P-52 (20%) - $120 SHAH DENIZ (100%) - $300 DALIA SURF (100%) - $580 DALIA FPSO (45%) - $200 AMENAM AMP2 (30%) - €100 ALVHEIM (100%) - €130 KIKEH SPAR (100%) - Undisclosed BRAZIL P-52 SURF (70%) - $350 VILJE / FRAM SURF (100%) - €147 GREATER PLUTONIO (25%) - $180 BRAZIL P51 (25%) - $160 Q1 2008 QATARGAS II OFFSHORE (30%) - $150 Q3 2008 AKPO FPSO (50%) - $540 Q3 2008 AGBAMI SURF (100%) - $800 Q3 2008 STATOIL (100%) - €562 Multi-year
First Half 2005 Results 47 2.2 Main Onshore Downstream Contract Execution Schedule 2005 2006 2007
TAKREER (100%) - $480 Onshore Downstream Contracts > €100 Mn: MOH (100%) - €300 Contract Name (Group’s Share in %) – Initial Value of OMIFCO (50%) - $385 Group’s Share in millions HDT TURKM. (100%) - €130 QATIF GAS PLANT (100%) - €390 NIGERIA LNG 4&5 (25%) - $425 OTWAY (100%) - $200 SMPO (100%) - $137 ORYX GTL (100%) - $675 9th LDPE (100%) - €100 HDT RIYAD (100%) - Undisclosed GONFREVILLE (100%) - €260 NEB (66%) - $373 NIGERIA LNG 6 (25%) - Undisclosed FREEPORT (43%) - Undisclosed Q1 2008 QATARGAS II (40%) - $1,600 Q4 2008 HORIZON COKER (100%) - €545 Q1 2008 HORIZON HYDROGEN (100%) - €154 Q1 2008 YANBU ETHYLENE (100%) - Undisclosed Q2 2008 DUNG QUAT REFINERY (34%) - Undisclosed Q2 2008 RAS LAFFAN ETHYLENE (LOI) (100%) - €620 Q3 2008 DOW PIC ETHYLENE (MOU) (100%) - Undisclosed Q1 2008 KHURSANIYAH (50%) - Undisclosed Q2 2008
First Half 2005 Results 48 2.3 Backlog: Estimated Scheduling
€ in Millions
Offshore Onshore SURF Facilities Downstream Industries Group
2005 (2nd Half) 791 506 1,015 103 2,415
2006 1,103 511 2,040 26 3,680
2007 and 45 226 1,832 12 2,115 Beyond
Total 1,939 1,243 4,887 141 8,210
First Half 2005 Results 49 ANNEX 4: CONTRACT AWARDS
First Half 2005 Results 50 Kikeh Spar
Client: Murphy Oil
Water depth: 1,330 m
Completion: 2006
Deep Blue and Nansen SPAR
Kikeh First deep offshore development Malaysia in Malaysia.
First Spar to be installed outside Gulf of Mexico.
First Half 2005 Results 51 Horizon: Extra Heavy Oil Upgrading
Client: Canadian Natural Resources Ltd.
Coker: 123 000 B/D
Hydrogen: 144 M CFD
Value: € 700 M
Sincor Upgrader
Canada Canadian non-conventional oil resources represent 36% of the estimated worldwide 7 trillion Horizon barrels.
First Half 2005 Results 52 P-52 SURF
Client: Petrobras Water depth: 2,000 m Supply: 221 km of flexible pipes Value: $ 350 M Execution: JV Technip & Subsea 7
Dalia SURF
P-52 A new significant development Rio de Janeiro in deep water offshore Brazil
First Half 2005 Results 53 Khursaniyah Gas Plant
Client: Saudi Aramco
Production: 560 MSCFD of sales gas 300,000 B/D of natural gas liquids 1,800 T/D of liquid sulfur
Execution: JV Technip & Bechtel
OGD2
Khursaniyah A new major grass-root gas plant for Technip in Saudi Arabia Saudi Arabia
First Half 2005 Results 54 Hovensa Hydrotreating Unit
Client: Hovensa
Production: 50,000 BPSD of low Sulfur Gasoline
Completion: 2006
Curaçao Refinery
Miami Gulf of Mexico A new step for the Group to strengthen its position in the Virgin Islands Hovensa Caribbean
First Half 2005 Results 55 Dung Quat Refinery
Client: PetroVietnam
Production: 145,000 B/D
Completion: 2008
Execution: Technip & Partners
Midor Refinery
Dung Quat The first crude oil refinery in Vietnam, awarded to a Technip led consortium (Technip, Vietnam JGC,Tecnicas Reunidas)
First Half 2005 Results 56 Akpo FPSO
Client: Total Water depth: 1,100 - 1,700 m Prod. capacity: 225,000 BOE/D Storage capacity: 2 MB Value: $ 540 M Completion: 2008 Execution: Technip & HHI Dalia FPSO
After Dalia FPSO, Akpo FPSO Nigeria confirms Technip expertise in large offshore Floating Akpo Production Storage and Offloading units.
First Half 2005 Results 57 Kikeh SURF
Client: Murphy Oil Water depth: 1,330 m Supply: Flexible Pipes, Riser, Umbilicals Completion: 2007 Execution: JV Technip & Subsea 7
Deep Blue and Nansen SPAR
Kikeh After obtaining the first Spar Malaysia floating platform in Malaysia, Technip wins the corresponding SURF contract.
First Half 2005 Results 58 Agbami SURF
Client: Chevron Water depth: 1,550 m Supply: Flexible Pipes, Risers, Umbilicals Value: $ 840 M Completion: 2008
Dalia SURF
Nigeria A new significant SURF
Agbami contract offshore Nigeria
First Half 2005 Results 59 Steamcrackers
YANBU - SAUDI ARABIA: Status Contract Client: SABIC Kuwait Capacity: 1.3m T/Y Ethylene Qatar 0.4m T/Y Propylene
Saudi Arabia RAS LAFFAN - QATAR: Status Letter of Intent Client: QP / CPC / Total Capacity: 1.3m T/Y Ethylene Value: Above $ 800 M
DOW PIC - KUWAIT: Status Memorandum of Understanding Technip is the leader of Client: JV DOW/PIC large-scale ethylene plants. Capacity: 850,000 T/Y Ethylene
First Half 2005 Results 60