Right Issue for Technip Employee Stock Participation Plan.

Business Editors

PARIS--(BUSINESS WIRE)--Feb. 10, 2004

In November 2003, Technip (NYSE:TKP) announced the implementation of an employee stock participation plan (ESPP). The proposed ESPP, which offered two types of subscriptions (a "Classic" offer and/or a "Leveraged" offer), was made available to approximately 12,000 Group employees, both in France and abroad, of which more than 20% have favorably responded. This success shows the confidence of the employees in Technip strategy and outlooks as well as their attachment to their company.

Pursuant to the Board of Directors authorization granted on 19 November 2003, Mr. Daniel Valot, Chairman of the Board of Directors and Chief Executive Officer of Technip, has determined on February 9, 2004 the subscription price of the shares to be issued. This subscription price amounts to EUR 73.63 i.e. 80%* of the average opening share price on the Premier Marche of Euronext Paris during the twenty trading days prior to February 9, 2004.

On the basis of the reservations made by participating employees, the number of shares to be issued would amount to 344,000 and would represent an increase of Technip outstanding capital of about 1.45%. These figures may change at the end of the subscription and cancellation period, which runs from 10 to 16 February 2004 (inclusive).

The capital increase will take place on March 29, 2004.

The prospectus associated with the rights subscription received approval from the Autorite des Marches Financiers (formerly Commission des Operations de Bourse, or COB), under visa number 03-951 dated November 3, 2003. It is available free of charge at the Group's head offices and is accessible on the group's website (www.technip.com) as well as on that of the AMF (www.amf-france.org).

With a workforce of about 19,000 persons, 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 engineering and business centers are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the United States, Brazil, Abu Dhabi, China, India, Malaysia and Australia. The Group has high-quality industrial and construction facilities in France, Brazil, the UK, the USA, and Finland as well as a world-class fleet of offshore construction vessels.

Technip trades under the symbol TKP on the NYSE and under the ISIN FR0000131708 on the Euronext.

* In the United States, due to local legal constraints, the subscription price for the "Classic" offer is EUR 78.23 i.e. 85% of the average opening share price on the Premier Marche of Euronext Paris during the twenty trading sessions prior to February 9, 2004.

Information Officer:
Patrick Picard
Technip
Tel.: [phone]

10 February 2004

       MAIN CHARACTERISTICS OF THE OFFER RESERVED FOR EMPLOYEES
                           OF TECHNIP GROUP

     Approved by the Autorite des marches financiers (formerly the
       Commission des operations de bourse) with visa no. 03-951
       dated 3 November 2003. This press release substitutes for
                   the visa on the final conditions.

(a) Issuer               Technip
                         Sectorial classification:
                           -- Economic group: 00 Resources
                           -- Sector: 07 Oil & Gas
                           -- Sub-sector: 075 Oil Services
                         French-registered company

(b)  Shares offered      A maximum of 712,149 shares with a par value
                         of EUR 3,05 each representing a maximum
                         nominal amount of EUR 2,172,054.

                         The rights in respect of the new shares will
                         be available as of 1 January 2003.

                         The final characteristics of the issue have
                         been determined by the President of the
                         Board of directors on 9 February 2004,
                         pursuant to a delegation of powers granted
                         by the Board of Directors on 19 November
                         2003.

Subscription terms and   The capital increase will take place in
 conditions              accordance with Article L. 225-138 IV of the
                         French Commercial Code with the waiver of
                         the shareholders' preferential subscription
                         rights in favour of employees of Technip and
                         French and foreign companies that are
                         affiliated with it within the meaning of
                         Article L.225-180 of the French Commercial
                         Code.

                         This issue reserved for employees, members of
                         the group's saving plan (Plan d'epargne de
                         groupe), will be subscribed through a
                         corporate mutual fund (Fonds Commun de
                         Placement d'Entreprise), with a mechanism
                         including a leverage effect in most of the
                         countries and especially in France. However,
                         in certain countries, shares will be
                         subscribed directly and held directly by the
                         employees.

                         Subscription price:

                           -- for the employees whose employment
                              contract is governed by American law and
                              who subscribe within the classic offer,
                              the average of the opening price for
                              Technip shares on the Premier Marche of
                              Euronext Paris during the twenty trading
                              sessions prior to the President's
                              decision, acting pursuant to a
                              delegation of powers, with a discount of
                              15% i.e. EUR 78,23.

                           -- for the other employees, whether they
                              invest in the classic or the leverage
                              offer, the average of the opening price
                              for Technip shares on the Premier Marche
                              of Euronext Paris during the twenty
                              trading sessions prior to the
                              President's decision, acting pursuant to
                              a delegation of powers, with a discount
                              of 20% i.e. EUR 73,63.

                         Means for holding the shares: corporate
                         mutual funds (FCPE) or direct shareholding
                         in certain countries.

                         In accordance with Article L. 443-2 of the
                         French Labour Code, the employees' payments
                         to one or several savings plans within one
                         civil year cannot exceed the quarter of each
                         employee's gross annual remuneration during
                         the civil year.

                         Hedging:

                         For the purpose of hedging its undertakings
                         under the guarantees granted to the
                         employees in the leveraged offer, the Bank
                         informed the Company that it has sold shares
                         on the market during the 20 days of the
                         reference period, i.e. from 12 January to 6
                         February 2004 (inclusive).

Subscription timetable   -- Reservation period: from 1 to 17
                            December 2003 (inclusive).

                         -- Subscription and cancellation period:
                            from 10 to 16 February 2004 (inclusive).

                         -- Indicative date of capital increase: 29
                            March 2004.

Listing                  The shares are due to be listed on the
                         Premier Marche of Euronext Paris by 5 April
                         2004 at the latest on the same line than the
                         existing shares.

Other information        The units of the corporate mutual funds
                         (FCPE) and/or the shares as the case may be,
                         will be unavailable for a period of five
                         years, except where a case of early release
                         occurs as provided for in Articles L. 443-6,
                         L. 442-7 and R. 442-17 of the French Labour
                         Code. In certain countries, pursuant to the
                         applicable legislation, certain cases of
                         early release will not be available to the
                         employees.

                         Applicable law: French Law

                         Shares' delivery: after the noting of the
                         capital increase by the President, pursuant
                         to a delegation of powers, on 5 April 2003
                         at the latest.

                         Tax system: depending on the countries
                         concerned.

Contact                  Patrick Picard
                         Technip
                         Tel.: [phone]

Availability of          The prospectus relating to this operation was
 prospectus              approved by the Autorite des marches
                         financiers on 3 November 2003 with visa no.
                         03-951.

                         It includes:

                           -- the Reference Document (Document de
                              Reference) filed on 17 March 2003 under
                              no. R. 03-031;

                           -- the updating of the Reference
                              Document (Document de Reference) filed
                              with the Autorite des marches financiers
                              on 27 May 2003 under no. D. 03-0173A01;

                           -- the E Document (Document E)
                              registered by the Autorite des marches
                              financiers on 4 June 2003 under no E.
                              03-105;

                           -- an operation memorandum (Note
                              d'Operation).

                         This prospectus is available for the
                         employees of the Technip Group.

WARNING

The Autorite des marches financiers draws the attention of the public on the following elements:

-- the subscribed shares shall be held by their shareholders for

a period of unavailability of five years, except where a case

of early release occurs as provided for in Article R. 442-17

of the French Labour Code;

-- the shares' subscription price will be determined and

communicated to the employees on 9 February 2004 at the

latest;

-- the employees' reservations will be revocable from 10 to 16

February 2004 (inclusive);

-- the employees who will not have previously given a reservation

order will be able to subscribe to the offer within a cap ten

times inferior to the cap applicable in case of reservation,

i.e. 2,5% of their gross annual remuneration.