Technip bids for CSO

News - July 13, 2001

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Engineering and construction contractor Technip SA has made what is being called a "friendly unsolicited offer" for Coflexip SA and holding company Isis.

Technip said the deal would create Technip-Coflexip, which it described as "a world-class leader in oil and gas engineering, products, and solutions" that would have the largest capitalisation of any company in the European oil and gas service market.

Shortly after the details of the offer were revealed, Coflexip Stena Offshore (CSO) said it was aware of the offer by Technip for the share capital of Coflexip, and said that the offer had not been approved by Coflexip to date.

However, CSO said the management of Coflexip would be determining what its next step should be in association with its advisors and would be holding a Board Meeting and would issue a statement later.

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