Technip and DOF Awarded Contract for Four New Pipelay Support Vessels

  Technip and DOF Awarded Contract for Four New Pipelay Support Vessels

Business Wire

PARIS -- August 12, 2013

Regulatory News:

Technip (Paris:TEC) (ISIN:FR0000131708) (ADR:TKPPY):

The joint venture formed by Technip (50%) and DOF (50%) was awarded by
Petróleo Brasileiro S.A. (Petrobras) eight contracts. These contracts cover
the construction of four new pipelay support vessels (PLSVs) and operation in
Brazilian waters to install flexible pipes. The combined value for Technip is
approximately €1.35 billion.

Two of the PLSVs will have a 300-ton laying tension capacity and will be
fabricated in Brazil with a high national content. The other two vessels will
be designed to achieve a 650-ton laying tension capacity, thus enabling the
installation of large diameter flexible pipes in ultra-deepwater environments,
such as the Brazilian pre-salt. Vard Holdings Limited (“VARD”), one of the
major global designers and shipbuilders of offshore and specialized vessels,
will be in charge of the design and construction of the four PLSVs.

Under the Technip/DOF joint venture agreement, Technip will manage flexible
pipelay and DOF will be responsible for marine operations. Delivery of the
PLSVs is scheduled for 2016-2017. Contracts will last eight years from start
of operations, and could be renewed for another eight-year period.

Frédéric Delormel, Technip’s Executive Vice President and Chief Operating
Officer Subsea, declared: “This strategic contract reinforces our subsea
leadership in Brazil and our long-term relationship with Petrobras. We are
confident that these new state-of-the-art PLSVs, including two with the most
important flexible pipelay tension capacity in the world - 650 tons - will be
key assets for our client to successfully achieve its projects offshore

Mons S. Aase, DOF’s Chief Executive Officer, added: “The contracts confirm
that our co-operation with Technip on the Skandi Vitória and Skandi Niterói
has been successful, and reinforces our position as a leading provider of
offshore vessels to the Brazilian O&G industry. It comes as a result of our
long-term focus on the Brazilian market and is an acknowledgment of the
expertise of our people.”

Roy Reite, VARD’s Chief Executive Officer and Executive Director commented: “I
look forward to working with Technip and DOF on these milestone projects. VARD
yards both in Europe and Brazil being chosen to build these vessels
illustrates the value of having a global presence when working with
international clients, and bringing leading edge technology to new markets.”


                                     ° °

About Technip
Technip is a world leader in project management, engineering and construction
for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex
Offshore and Onshore infrastructures, our 38,000 people are constantly
offering the best solutions and most innovative technologies to meet the
world’s energy challenges.
Present in 48 countries, Technip has state-of-the-art industrial assets on all
continents and operates a fleet of specialized vessels for pipeline
installation and subsea construction.
Technip shares are listed on the NYSE Euronext Paris exchange and traded in
the USA on the OTCQX marketplace (OTCQX: TKPPY).

About DOF
With a multi-national workforce in excess of 4,000 personnel, the DOF Group is
a global group of companies which owns and operates a fleet of more than 70
modern offshore and subsea vessels, and has the engineering capacity to
service both the offshore and subsea market. With over 30 years in the
offshore business, the Group has a strong position in terms of experience,
innovation, product range, technology and capacity.
The DOF Group's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote
intervention and diving operations primarily for the oil and gas sector. From
PSV charter to Subsea engineering, DOF offers a full spectrum of top quality
offshore services to facilitate an ever-growing and demanding industry. The
Group's main operation centers and business units are located in Norway, the
UK, the USA, Brazil, Argentina, Egypt, Angola, Singapore and Australia.
DOF ASA shares are listed on the Oslo Stock Exchange (DOF).

About VARD
Vard Holdings Limited (“VARD”), together with its subsidiaries (the “Group”),
is one of the major global designers and shipbuilders of offshore and
specialized vessels used in the offshore oil and gas exploration and
production and oil services industries. Headquartered in Norway and with
10,000 employees, VARD operates ten strategically located shipbuilding
facilities, including five in Norway, two in Romania, two in Brazil and one in
VARD’s long shipbuilding traditions, cutting-edge innovation and technology
coupled with its global operations ensure access to the fastest growing oil
exploration markets. The Group’s expertise and track record in constructing
complex and highly customized offshore and specialized vessels have earned it
recognition from industry players and enabled it to build strong relationships
with its customers.
VARD was listed on the Main Board of the Singapore Exchange on 12 November
2010. Majority shareholder Fincantieri Oil & Gas S.p.A., a wholly owned
subsidiary of Fincantieri – Cantieri Navali Italiani S.p.A., owns 55.63% in
the Group. Headquartered in Trieste, Italy, Fincantieri is one of the world’s
largest shipbuilding groups and has, over its 200 years of maritime history,
built more than 7,000 vessels.


Public Relations
Christophe Bélorgeot, Tel. +33 (0) 1 47 78 39 92
Floriane Lassalle-Massip, Tel. +33 (0) 1 47 78 32 79
Investor Relations
Kimberly Stewart, Tel. +33 (0) 1 47 78 66 74
David Tadbir, Tel. +33 (0)1 40 90 19 04
Mons S. Aase
Tel: +47 9166 1012
Hilde Drønen
Tel: +47 9166 1009
Hege Anita Akselvoll, Mobile: +47 91 69 00 51
VP Communications
Holger Dilling, Mobile: +47 90 61 92 55
EVP Investor Relations
Press spacebar to pause and continue. Press esc to stop.