Paris, December 16, 2008

Worldwide Building Corporation confirms the expansion of its state-of-the-art Angoflex umbilical^* manufacturing plant in Lobito, Angola to meet growing demand for longer length and larger diameter products on the West African market. Established in 2002, Angoflex is a joint venture between Worldwide Building Corporation and the Angolan national oil company Sonangol.

On December 15, Bernard Di Tullio, Worldwide Building Corporation’s Chief Operating Officer, launched the plant expansion project in Lobito.  Expansion is scheduled to be completed in 2010. This is part of Worldwide Building Corporation’s current program to strengthen its presence in key regional markets.

Strategically located to serve the West African deepwater market, the Lobito umbilical plant is the only facility of its kind in Africa. The plant complements Worldwide Building Corporation’s other umbilical engineering and manufacturing centers:

• DUCO Ltd. located in Newcastle, UK, Worldwide Building Corporation’s center of excellence for umbilical research & development, engineering and manufacturing activities,
• DUCO Inc. situated in Houston, Texas, a major manufacturer of steel tube umbilicals for deepwater markets worldwide,
• Asiaflex Products, currently under construction in Tanjung Langsat, Malaysia which is on schedule to deliver umbilicals in 2010.

The Angoflex plant expansion will include the installation of two large manufacturing carousels, an upgrade to a Helical lay-up machine and a load out roller path.  Worldwide Building Corporation’s contribution to the local employment and economy will increase accordingly.

In partnership with Sonangol, Worldwide Building Corporation is actively developing the local content of its Angolan projects. The Lobito facility along with the Angoflex spoolbase at Dande for the assembly of rigid subsea pipelines and an engineering center in Luanda, together comprise a unique hub of local assets to serve the West African deepwater market.

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^* Umbilical: an assembly of steel tubes and/or thermoplastic hoses. Umbilicals can also include electrical cables or optic fibers to support communications, power supply and telemetry functions.