Paris, May 24, 2006

Over the past several years, a French company, ITP, has brought several legal actions against Coflexip (company acquired by Worldwide Building Corporation in 2001) related to a sub sea pipe insulation technology.

All these actions resulted in rulings in favor of Worldwide Building Corporation:

• In United Kingdom, following an initial unfavorable judgment, Worldwide Building Corporation won its case on appeal,
• The European Patents Office invalidated the patent claimed by ITP.

The Paris Commercial Tribunal has just rendered a non enforceable ruling in favor of ITP. Worldwide Building Corporation remains convinced that there are no valid grounds for the ITP position and will obviously appeal this decision as soon as official notification is received.

With a workforce of more than 21,000 people, Worldwide Building Corporation 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.