Technip’s Fourth Quarter & Full Year 2010 Results

Outlook for key 2011 indicators

PARIS--(BUSINESS WIRE)--Regulatory News:

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

FULL YEAR 2010 RESULTS

• Revenue of €6,082 million, of which €2,732 million in Subsea
• Group operating margin of 10.2%
• Net Income of €418 million
• Total Net cash of €1,332 million
• Backlog of €9,228 million, underpinned by order intake of €2,473 million during fourth quarter 2010
• Recommendation to raise 2010 dividend by 10 euro cents to €1.45 per share

FULL YEAR 2011 OUTLOOK^*

• Group revenue around €6,500 - 6,700 million
• Subsea revenue around €2,600 - 2,700 million
• Subsea operating margin above 15%
• Onshore/Offshore combined operating margin between 6% and 6.5%

€ million	FY 09	FY 10	% change	ex. FX impact	4Q 09	4Q 10	% change	Ex. FX impact
(except EPS)
Revenue	6,456.0	6,081.9	(5.8)%	(10.3)%	1,444.5	1,766.9	22.3 %	16.5 %
EBITDA^(1)	900.8	777.3	(13.7)%	(18.6)%	214.5	207.7	(3.2)%	(6.3)%
EBITDA Margin	14.0%	12.8%	(117)bp		14.8%	11.8%	(309)bp
Operating Income from recurring activities	676.7	620.3	(8.3)%	(13.9)%	154.3	164.9	6.9%	3.8%
Operating Margin	10.5%	10.2%	(28)bp		10.7%	9.3%	(135)bp
Operating Income^(2)	429.2	614.7	43.2%		(90.8)	156.9	nm
Net Income	170.4	417.6	2.5x		(152.6)	112.2	nm
Dividend per share^(3) (€)	1.35	1.45	7.4%
Diluted EPS (€)	1.59	3.81	2.4x		(1.41)	1.00	nm
^(1) Calculated as Operating Income from recurring activities before depreciation and amortization ^(2)Including exceptional provision for TSKJ matter of €245 million in fourth quarter 2009 ^(3)Recommendation of Technip’s Board of Directors to be approved during the Annual General Meeting on April 28, 2011

On February 15, 2011, Technip’s Board of Directors approved the audited full year 2010 consolidated accounts. Chairman and CEO Thierry Pilenko commented: “In 2010, Technip reinforced its focus on profitable and sustainable growth. Our revenues for 2010 were at the top end of our expectations at €6.1 billion. We delivered profitability ahead of our initial goals driven by strong execution. Technip’s operating profit margin was above 10% for the second year running and we met our revised objectives, with an operating margin of 16.7% in Subsea and 6.2% in Onshore/Offshore combined.

Order intake accelerated in the second half of the year despite a challenging competitive environment. We grew our backlog by over €1 billion during the year. Our backlog at the end of the year stood at €9.2 billion, our highest since the end of 2007, while the backlog scheduled for execution beyond the current year is the highest we have had since 2006. This enables us to grow whilst meeting our objectives for diversification and risk profile.

Looking ahead to 2011, we are positive about the outlook for our industry. Oil prices and input costs are at levels which make most projects worldwide economically viable, allowing our clients to focus on growing production. This is reflected in renewed activity in the North Sea and Canada, for example. The areas supporting our structural growth - deepwater developments, refining in emerging markets, and gas production, including FLNG - remain robust. Regions such as Brazil, the Middle East and Australia show no signs of slowing down. Our clients continue to look for the best solutions for fully optimizing their assets from well to wheel, which plays to Technip’s technological strengths. Nonetheless, competition remains intense. Although we see no overall significant inflation of project costs, given inflation in some underlying raw materials this is more of a risk - for the industry and for our clients - than a year ago. New regulations and geopolitical factors - whether in the Gulf of Mexico or North Africa - also add a level of uncertainty to the outlook.

Technip’s backlog is strong as we enter 2011. The improved visibility in the last three months allows us to revise our 2011 initial view upwards. We target a Subsea margin above 15% and an Onshore/Offshore margin between 6.0% and 6.5%.

We will continue to focus on our long-term growth. We have already identified four key initiatives: initial plans for a new fabrication facility in Brazil focusing on high-end products; a new built flexlay vessel dedicated to Asian markets; expansion of our steel tube umbilical capabilities and a strategic foothold in offshore wind. Our initial capital expenditure expectations are above €400 million and we see attractive opportunities to add to this. Our balance sheet remains strong, with a good net cash position and attractive long term financing secured.

Our 2010 performance and 2011 outlook enable us to recommend that shareholders approve a dividend increase - from €1.35 per share to €1.45 per share.”

^* at current exchange rate

I. FOURTH QUARTER 2010 REPORT

1. Operational Highlights

Subsea business segment’s main events were:

• Offshore operations completed on:

• Talisman AUK & Burghley in the North Sea,
• Tupi gas export line in Brazil,
• Jubilee in Ghana,

• West Delta Deep Marine Phase 7, operations offshore Egypt advanced in fourth quarter 2010 and were completed in January 2011,
• Offshore operations with Skandi Arctic were successfully completed on Ekofisk and on some Statoil projects in the North Sea,
• In Angola, offshore operations started on Pazflor with the Deep Blue after completion of her offshore operations on Block 31,
• Detailed engineering was completed on Kitan in Timor Sea, while manufacture of flexible pipe progressed well,
• Brazilian-flagged Skandi Vitoria successfully completed her first offshore operations for Petrobras in October on the Jubarte field in Brazil,
• Asiaflex Products plant was inaugurated in November by the Malaysian Prime Minister and initial production started,
• Vessel utilization rate was 76% compared with 81% a year ago.

Onshore & Offshore business segment’s main events were:

• Last of the Qatar LNG trains was handed over to the client (Qatargas 3&4, train 7),
• Gdansk refinery for Grupa Lotos in Poland and Lower Zakum gas processing facilities offshore Abu Dhabi were handed over to the client,
• Biodiesel plant for Neste Oil in Singapore was handed over to the client and production started, while pre-commissioning started in Rotterdam,
• Floatover operation was completed on P-56 semi-submersible, while activities progressed on P-58 and P-62 FPSOs engineering contracts in Brazil,
• Onshore construction work continued on Block 1 Gas development in Turkmenistan, while offshore installation of the gravity-based structure (GBS) progressed well,
• Engineering and procurement neared completion on the Yinchuan, Ningxia LNG in China, while construction work progressed,
• Engineering, procurement activities and deliveries to sites progressed well, while civil works continued on Jubail Refinery in Saudi Arabia,
• Engineering and procurement progressed on PMP in Qatar and Asab 3 in UAE, while civil work activities continued on the latter,
• FEED activities for Wheatstone gas processing platform in Australia and detailed engineering for Gumusut floating facilities in Malaysia neared completion,
• Activities on FLNG FEEDs:

• FEED for Brazilian FLNG was handed over to Petrobras,
• Activities continued to progress on FLNG FEED for Shell’s Prelude field offshore Australia.

2. Order Intake and Backlog

During fourth quarter 2010, Technip’s order intake was €2,473 million compared with €1,934 million in fourth quarter 2009.

The breakdown by business segment for the fourth quarter was as follows:

€ million	4Q 09		4Q 10
Subsea	879.3	45.5%	698.3	28.2%
Offshore	123.3	6.4%	486.2	19.7%
Onshore	931.4	48.1%	1,288.2	52.1%
Total	1,934.0	100.0%	2,472.7	100.0%

Subsea order intake comprised several contracts in Brazil, including additional export pipeline work in conjunction with Allseas and the extension of a long term charter vessel for Petrobras plus BC-10 phase 2 EPCI project for Shell, as well as two contracts in the Gulf of Mexico for the development of Jack & St. Malo fields for Chevron & Enbridge, and a contract for the fabrication of CLOV Umbilicals at Angoflex, Technip’s manufacturing plant in Lobito, Angola.

Onshore/Offshore order intake included a significant EPC contract to upgrade the Algiers refinery in Algeria, an offshore EPCM contract in Venezuela to develop the Mariscal Sucre field as well as several small and medium-sized projects notably onshore in Canada and Australia.

Listed in annex II (d) are the main contracts announced during fourth quarter 2010 and their approximate value if publicly disclosed.

At the end of fourth quarter 2010, Technip’s backlog rose to €9,228 million, compared with €8,502 million at the end of third quarter 2010 and €8,018 million at the end of fourth quarter 2009.

The backlog breakdown by business segment is as follows:

€ million	December 31, 2009		December 31, 2010
Subsea	3,053.0	38.1%	3,110.7	33.7%
Offshore	467.9	5.8%	1,130.9	12.3%
Onshore	4,497.4	56.1%	4,986.3	54.0%
Total	8,018.3	100%	9,227.9	100%

3. Capital expenditures and investments

Total capital expenditures and investments for the fourth quarter 2010 were €226 million, of which €112m for capital expenditures. For full year 2010, they amounted to €504 million, which included €389 million in capital expenditures and €114 million for the 8% stake in MHB.

4. Other

In November 2010, Technip issued bonds (OCEANE) convertible into and/or exchangeable for new or existing shares with a final maturity of January 1, 2016 in an aggregate amount of €550 million. The main purpose of the offering was to complete the refinancing of Technip €650 million bond maturing in May 2011 as well as to secure long-term financing to cover the Group's recent investments.

In December 2010, Technip reached an agreement with the Federal Government of Nigeria fully resolving all potential liabilities in Nigeria arising from Technip’s participation in the TSKJ joint venture. As of December 31, 2010 payments made by Technip in connection with TSKJ amount to $221 million.

II. FOURTH QUARTER 2010 FINANCIAL RESULTS

1. Revenue

Fourth quarter 2010 Group revenue was €1,767 million, a 22.3% increase year-on-year. At constant currency, revenue increased 16.5% compared with same quarter a year ago.

• Subsea revenue was €714 million, up 8.7% versus €656 million a year ago. Major revenue contributors for the fourth quarter included Jubilee in Ghana, Pazflor and Block 31 in Angola and West Delta Deep Marine (WDDM) Phase 7 in Egypt,
• Onshore/Offshore revenue was €1,053 million in fourth quarter 2010, up 33.6% compared with €788 million a year ago.

• Offshore revenue was €249 million, up 84.9% versus fourth quarter 2009. It included offshore Block 1 Gas development in Turkmenistan, P-58 & P-62 FPSOs in Brazil, the FEED for Wheatstone gas processing platform in Australia and the Floating LNG FEED contracts for Shell and Petrobras,
• Onshore revenue was €804 million, up 23.1% from €653 million in 2009. Major revenue contributors were Jubail refinery in Saudi Arabia and Gdansk refinery for Grupa Lotos in Poland, as well as onshore Block 1 Gas development in Turkmenistan and biodiesel plant for Neste Oil in Singapore, and the remaining revenue from the Qatar LNG projects.

2. Operating Income from Recurring Activities

Fourth quarter 2010 Group operating income from recurring activities was €165 million compared with €154 million a year ago. Foreign exchange had a positive impact of €5 million compared with fourth quarter 2009.

• Subsea operating income from recurring activities was €116 million in fourth quarter 2010, compared with €119 million in fourth quarter 2009. EBITDA margin was at 20.9% versus 25.1% last year. The operating margin from recurring activities was 16.2%, compared with 18.1% for the same quarter last year.
• The combined operating margin from recurring activities for Onshore/Offshore in fourth quarter 2010 was 5.9% compared with 6.6% for the same quarter last year,

• Offshore operating income from recurring activities was €5 million, down 5.5% compared with the same quarter last year,
• Onshore operating income from recurring activities in fourth quarter 2010 was €57 million, up 21.7% from €47 million a year ago.

Financial income on projects accounted as revenue amounted to €6 million in fourth quarter 2010 versus €5 million a year ago.

3. Operating Income

Operating income was €157 million in fourth quarter 2010 versus a loss of €91 million a year ago, which included the exceptional €245 million provision for the TSKJ matter.

4. Net Income

Income tax was €46 million in fourth quarter 2010 with an effective tax rate of 29.4%.

Net income was at €112 million in fourth quarter 2010.

Diluted EPS were €1.00 during the same period.

Average number of shares during the period on a diluted basis calculated as per IFRS was 113,229,766 versus 107,991,786 shares for the same quarter in 2009. The variation is mainly due to the dilution potential related to the OCEANE, stock options and performance shares granted by the Board of Directors to Technip’s employees.

5. Cash and Balance Sheet

As of December 31, 2010, the Group’s net cash position was €1,332 million compared with €1,357 million as of September 30, 2010.

Net cash from operating activities amounted to €156 million compared with €175 million in fourth quarter 2009.

III. FULL YEAR 2010 FINANCIAL RESULTS

1. Revenue

€ million	FY 2009	FY 2010	% change
Subsea	2,866.1	2,731.7	(4.7)%
Offshore	565.0	773.4	36.9%
Onshore	3,024.9	2,576.8	(14.8)%
Corporate	-	-	nm
Total	6,456.0	6,081.9	(5.8)%

Subsea revenue in 2010 reflected lower activity in some geographical areas such as the North Sea and the Gulf of Mexico partially offset by good activity in areas such as West Africa and Brazil.

Onshore/Offshore revenue reflected a lower contribution from completed legacy contracts partially offset by the ramp-up of newer projects such as the Jubail refinery.

Foreign exchange had a positive impact of €289 million on 2010 Group revenue.

2. Operating Income from Recurring Activities

€ million	FY 2009	FY 2010	% change
Subsea	532.6	456.5	(14.3)%
Operating Margin*	18.6%	16.7%	(187)bp
Offshore	39.3	34.6	(12.0)%
Operating Margin*	7.0%	4.5%	(248)bp
Onshore	151.7	172.1	13.4%
Operating Margin*	5.0%	6.7%	166bp
Corporate	(46.9)	(42.9)	(8.5)%
Total	676.7	620.3	(8.3)%
Operating Margin*	10.5%	10.2%	(28)bp

* Operating income from recurring activities margin

Subsea EBITDA margin was 21.4% for full year 2010 versus 25.2% in 2009 and operating margin was 16.7% for full year 2010 versus 18.6% in 2009, which included an accelerated depreciation on certain fleet assets.

Successful progress on several projects drove the combined operating margin for Onshore/Offshore to 6.2% up from 5.3% a year ago.

Foreign exchange had a positive impact of €38 million in 2010 Group operating income from recurring activities.

3. Operating income

Operating income was €615 million in 2010 versus €429 million in 2009, which included the exceptional €245 million provision for the TSKJ matter.

4. Net Income

€ million	FY 09	FY 10
Operating Income	429.2	614.7
Financial result	(60.7)	(20.1)
Income from equity affiliates	4.7	-
Income tax	(194.7)	(179.4)
Minority Interests	(8.1)	2.4
Net income	170.4	417.6

Financial results in 2010 included a €16 million negative impact from currency variations and fair market value of hedging instruments, compared with a €39 million negative impact in 2009.

The effective tax rate in 2010 was 30.2%.

Diluted EPS were €3.81 in 2010, compared with €1.59 a year ago which was impacted by the TSKJ provision.

Average number of shares during 2010 on a diluted basis is calculated as per IFRS was 109,839,190 versus 107,209,020 shares in 2009. The variation is mainly due to dilution potential related to the OCEANE, stock options and performance shares granted by the Board of Directors to Technip’s employees.

5. Cash and Balance Sheet

€ million
Net cash as of December 31, 2009	1,783.6
Net cash from operating activities	38.3
of which:
Cash from operations	539.2
Change in working capital	(500.9)
Capex	(388.9)
Dividend payment	(143.6)
Others including currency	42.9
Net cash as of December 31, 2010	1,332.3

As of December 31, 2010, the Group’s net cash position was €1,332 million, compared with €1,784 million as of December 31, 2009.

During this year, cash generated from operations amounted to €539 million up from €373 million in 2009. Working capital movements had a €501 million negative impact in 2010 and a €262 million positive impact in 2009¹.

Shareholders’ equity as of December 31, 2010 was €3,202 million compared with €2,717 million as of December 31, 2009.

¹ TSKJ provision classified as current, negatively impacted cash generated from operations and positively impacted change in working capital in the fourth quarter 2009.

IV. 2011 FULL YEAR OUTLOOK*

Improved visibility in the last three months allows us to revise our 2011 initial view upwards:

• Group revenue around €6,500 - 6,700 million
• Subsea revenue around €2,600 - 2,700 million
• Subsea operating margin above 15%
• Onshore/Offshore combined operating margin between 6% and 6.5%

^* at year end exchange rates

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The information package on Fourth Quarter 2010 results includes this press release and the annexes which follow, as well as the presentation published on Technip’s website: www.technip.com

Audit procedures on the consolidated financial statements are complete. The audit opinion will be issued once all audit procedures required for the filing of the Reference Document are finalized.

NOTICE

Today, February 17, 2011, Chairman and CEO Thierry Pilenko, along with CFO Julian Waldron, will comment on Technip’s results and answer questions from the financial community during a conference call in English starting at 9:30 a.m. CET.

To participate in the conference call, you may call any of the following telephone numbers approximately 5 - 10 minutes prior to the scheduled start time:

France / Continental Europe:	+ 33 (0)1 72 00 09 82
UK:	+ 44 (0)203 367 9456
USA:	+ 1 866 907 5925

The conference call will also be available via a simultaneous, listen-only audio-cast on Technip’s website.

A replay of this conference call will be available approximately two hours following the conference call for 90 days on the Technip’s website and for two weeks at the following telephone numbers:

	Telephone Numbers	Confirmation Code
France / Continental Europe:	+ 33 (0)1 72 00 15 00	272132#
UK:	+ 44 (0)203 367 9460	272132#
USA:	+ 1 877 642 3018	272132#

Cautionary note regarding forward-looking statements

This presentation contains both historical and forward-looking statements. These forward-looking statements are not based on historical facts, but rather reflect our current expectations concerning future results and events and generally may be identified by the use of forward-looking words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “foresee”, “likely”, “should”, “planned”, “may”, “estimates”, “potential” or other similar words. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among other things: our ability to successfully continue to originate and execute large services contracts, and construction and project risks generally; the level of production-related capital expenditure in the oil and gas industry as well as other industries; currency fluctuations; interest rate fluctuations; raw material (especially steel) as well as maritime freight price fluctuations; the timing of development of energy resources; armed conflict or political instability in the Arabian-Persian Gulf, Africa or other regions; the strength of competition; control of costs and expenses; the reduced availability of government-sponsored export financing; losses in one or more of our large contracts; U.S. legislation relating to investments in Iran or elsewhere where we seek to do business; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; severe weather conditions; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel; the evolution, interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements as of January 1, 2005; political and social stability in developing countries; competition; supply chain bottlenecks; the ability of our subcontractors to attract skilled labor; the fact that our operations may cause the discharge of hazardous substances, leading to significant environmental remediation costs; our ability to manage and mitigate logistical challenges due to underdeveloped infrastructure in some countries where we are performing projects.

Some of these risk factors are set forth and discussed in more detail in our Annual Report. Should one of these known or unknown risks materialize, or should our underlying assumptions prove incorrect, our future results could be adversely affected, causing these results to differ materially from those expressed in our forward-looking statements. These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could have material adverse effects on our future results. The forward-looking statements included in this release are made only as of the date of this release. We cannot assure you that projected results or events will be achieved. We do not intend, and do not assume any obligation to update any industry information or forward-looking information set forth in this release to reflect subsequent events or circumstances.

****

This presentation does not constitute an offer or invitation to purchase any securities of Technip in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information contained in this presentation may not be relied upon in deciding whether or not to acquire Technip securities.

This presentation is being furnished to you solely for your information, and it may not be reproduced, redistributed or published, directly or indirectly, in whole or in part, to any other person. Non-compliance with these restrictions may result in the violation of legal restrictions of the United States or of other jurisdictions.

Technip is a world leader in the fields of project management, engineering and construction for the oil & gas industry, offering a comprehensive portfolio of innovative solutions and technologies.

With 23,000 employees around the world, integrated capabilities and proven expertise in underwater infrastructures (Subsea), offshore facilities (Offshore) and large processing units and plants on land (Onshore), Technip is a key contributor to the development of sustainable solutions for the energy challenges of the 21st century.

Present in 48 countries, Technip has operating centers and industrial assets (manufacturing plants, spoolbases, construction yard) on five continents, and operates its own fleet of specialized vessels for pipeline installation and subsea construction.

The Technip share is listed on NYSE Euronext Paris exchange and over the counter (OTC) in the USA.

OTC ADR ISIN: US8785462099

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ANNEX I (a)
CONSOLIDATED STATEMENT OF INCOME
IFRS, audited
€ million	Fourth Quarter			Full Year
(except EPS, and number of shares)
	2009	2010	% ∆	2009	2010	% ∆
Revenue	1,444.5	1,766.9	22.3%	6,456.0	6,081.9	(5.8)%
Gross Margin	284.6	342.1	20.2%	1,141.9	1,184.9	3.8%
Research & Development Expenses	(15.1)	(19.4)	28.5%	(53.5)	(56.6)	5.8%
SG&A & Other Operating Expenses	(115.2)	(157.8)	37.0%	(411.7)	(508.0)	23.4%
Operating Income from Recurring Activities	154.3	164.9	6.9%	676.7	620.3	(8.3)%
Other Operating Income	(245.1)	(8.0)	(96.7)%	(247.5)	(5.6)	(97.7)%
Operating Income	(90.8)	156.9	nm	429.2	614.7	43.2%
Financial Result	(11.1)	0.1	nm	(60.7)	(20.1)	(66.9)%
Income from Equity Affiliates	2.2	-	nm	4.7	-	nm
Profit Before Tax	(99.7)	157.0	nm	373.2	594.6	59.3%
Income Tax	(51.7)	(46.1)	(10.8)%	(194.7)	(179.4)	(7.9)%
Tax on Sale of Activities	-	-	-	-	-	-
Minority Interests	(1.2)	1.3	nm	(8.1)	2.4	nm
Net Income	(152.6)	112.2	nm	170.4	417.6	2.5x
Number of Shares on a Diluted Basis	107,991,786	113,229,766		107,209,020	109,839,190
EPS (€) on a Diluted Basis ^(1)	(1.41)	1.00	nm	1.59	3.81	2.4x

^1. As per IFRS, Earnings Per Share (diluted) are calculated by dividing profit or loss attributable to the Parent Company’s Shareholders, retreated from financial interest related to dilutive potential ordinary shares, by the weighted average number of outstanding shares during the period, plus the effect of dilutive potential ordinary share related to the convertible bond, dilutive stock options and performance shares calculated according to the “Share Purchase Method” (IFRS 2), less treasury shares. In conformity with this method, anti-dilutive stock options are ignored in calculating EPS. Dilutive options are taken into account if the subscription price of the stock options plus the future IFRS 2 charge (i.e. the sum of annual charge to be recorded until the end of the stock option plan) is lower than the average market share price during the period.

ANNEX I (b)
CONSOLIDATED BALANCE SHEET IFRS
€ million	Dec. 31, 2009	Dec. 31, 2010
	(audited)	(audited)
Fixed Assets	3,646.0	4,146.0
Deferred Taxes	263.8	324.6
NON-CURRENT ASSETS	3,909.8	4,470.6
Construction Contracts	158.0	378.6
Inventories, Trade Receivables and Others	1,845.9	2,267.1
Cash & Cash Equivalents	2,656.3	3,105.7
CURRENT ASSETS	4,660.2	5,751.4
TOTAL ASSETS	8,570.0	10,222.0
Shareholders’ Equity (Parent Company)	2,686.7	3,179.8
Minority Interests	30.4	22.3
SHAREHOLDERS’ EQUITY	2,717.1	3,202.1
Non-Current Financial Debts	844.5	1,092.1
Non-Current Provisions	100.4	110.2
Deferred Taxes and Other Non-Current Liabilities	124.9	144.7
NON-CURRENT LIABILITIES	1,069.8	1,347.0
Current Financial Debts	28.2	681.3
Current Provisions	484.1	236.7
Construction Contracts	975.6	694.9
Accounts Payable & Other Advances Received	3,295.2	4,060.0
CURRENT LIABILITIES	4,783.1	5,672.9
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES	8,570.0	10,222.0

Changes in Shareholders’ Equity (Parent Company), audited - € million
Shareholders’ Equity as of December 31, 2009	2,686.7
FY 2010 Net Income	417.6
FY 2010 Other Comprehensive Income	109.0
Capital Increases	40.4
Treasury Shares	5.9
Dividend Payment	(143.6)
Others	63.8
Shareholders’ Equity as of December 31, 2010	3,179.8

ANNEX I (c)
CONSOLIDATED STATEMENT OF CASH FLOWS
IFRS, audited
	Full Year
€ million	2009		2010
Net Income	170.4		417.6
Depreciation of Fixed Assets	224.1		145.6
Stock Option and Performance Share Charges	38.6		27.0
Long-Term Provisions (including Employee Benefits)	(7.4)		(0.3)
Carry Forwards not Previously Recognized
Deferred Income Tax	(58.4)		(50.8)
Capital (Gain) Loss on Asset Sale	(0.8)		2.5
Minority Interests and Other	6.1		(2.4)
Cash from Operations	372.6		539.2
Change in Working Capital	261.5		(500.9)
Net Cash Provided by (Used in) Operating Activities		634.1		38.3
Capital Expenditures	(423.6)		(388.9)
Cash Proceeds from Non-current Asset Disposal	2.9		22.3
Share Acquisitions	(0.3)		(114.7)
Change of Scope of Consolidation	(8.1)		(26.5)
Net Cash Provided by (Used in) Investment Activities		(429.1)		(507.8)
Increase (Decrease) in Debt	84.1		894.2
Capital Increase	0.6		40.4
Dividend Payment	(127.5)		(143.6)
Treasury Shares	-		(2.2)
Net Cash Provided by (Used in) Financing Activities		(42.8)		788.8
Foreign Exchange Translation Adjustment		92.4		131.2
Net Increase (Decrease) in Cash and Equivalents		254.6		450.5
Bank Overdraft at Period Beginning	(4.2)		(1.2)
Cash and Equivalents at Period Beginning	2,404.7		2 656.3
Bank Overdraft at Period End	(1.2)		(0.1)
Cash and Equivalents at Period End	2,656.3		3 105.7
		254.6		450.5

ANNEX I (d)
TREASURY AND FINANCIAL DEBT - CURRENCY RATES
IFRS
	Treasury and Financial Debt
€ million	Dec. 31, 2009	Dec. 31, 2010
	(audited)	(audited)
Cash Equivalents	2,140.6	2,326.8
Cash	515.7	778.9
Cash & Cash Equivalents (A)	2,656.3	3,105.7
Current Financial Debts	28.2	681.3
Non-Current Financial Debts	844.5	1,092.1
Gross Debt (B)	872.7	1,773.4
Net Financial Cash (Debt) (A - B)	1,783.6	1,332.3

€ versus Foreign Currency Conversion Rates
	Statement of Income				Balance Sheet as of
	4Q 09	4Q 10	FY 09	FY 10	Dec. 31 2009	Dec. 31 2010
USD	1.48	1.36	1.39	1.33	1.44	1.34
GBP	0.90	0.86	0.89	0.86	0.89	0.86

_______________________________________________________

ANNEX II (a)
REVENUE BY REGION
IFRS, unaudited
	Fourth Quarter			Full Year
€ million	2009	2010	% Δ	2009	2010	% Δ
Europe, Russia, C. Asia	368.9	447.0	21.2%	1,726.5	1,611.8	(6.6)%
Africa	232.9	388.5	66.8%	942.6	1,157.7	22.8%
Middle East	327.3	431.6	31.9%	1,467.0	1,292.9	(11.9)%
Asia Pacific	192.0	197.3	2.8%	765.7	725.4	(5.3)%
Americas	323.4	302.5	(6.5)%	1,554.2	1,294.1	(16.7)%
TOTAL	1,444.5	1,766.9	22.3%	6,456.0	6,081.9	(5.8)%

ANNEX II (b)
ADDITIONAL INFORMATION BY BUSINESS SEGMENT
IFRS, unaudited
€ million	4Q 09	4Q 10	% ∆	FY 2009	FY 2010	% ∆
SUBSEA
Revenue	656.4	713.7	8.7%	2,866.1	2,731.7	(4.7)%
Gross Margin	170.3	179.6	5.5%	715.6	684.9	(4.3)%
Operating Income from Recurring Activities	119.1	115.6	(2.9)%	532.6	456.5	(14.3)%
Operating Margin	18.1%	16.2%	(195)bp	18.6%	16.7%	(187)bp
Depreciation and Amortization	(45.4)	(33.6)	(26.0)%	(190.1)	(129.0)	(32.1)%
EBITDA^(1)	164.5	149.2	(9.3)%	722.7	585.5	(19.0)%
OFFSHORE
Revenue	134.7	249.0	84.9%	565.0	773.4	36.9%
Gross Margin	21.2	27.5	29.7%	96.8	106.9	10.4%
Operating Income from Recurring Activities	5.5	5.2	(5.5)%	39.3	34.6	(12.0)%
Operating Margin	4.1%	2.1%	(199)bp	7.0%	4.5%	(248)bp
Depreciation and Amortization	(12.3)	(2.8)	(77.2)%	(19.3)	(10.7)	(44.6)%
ONSHORE
Revenue	653.4	804.2	23.1%	3,024.9	2,576.8	(14.8)%
Gross Margin	93.0	134.8	44.9%	329.6	393.1	19.3%
Operating Income from Recurring Activities	46.5	56.6	21.7%	151.7	172.1	13.4%
Operating Margin	7.1%	7.0%	(8)bp	5.0%	6.7%	166bp
Depreciation and Amortization	(3.0)	(6.3)	110.0%	(14.3)	(17.1)	19.6%
CORPORATE
Operating Income from Recurring Activities	(16.8)	(12.5)	(25.6)%	(46.9)	(42.9)	(8.5)%
Depreciation and Amortization	0.5	(0.1)	nm	(0.4)	(0.2)	(50.0)%

⁽¹⁾ Calculated as Operating Income from recurring activities before depreciation and amortization

ANNEX II (c)
ORDER INTAKE & BACKLOG
Unaudited
	Order Intake by Business Segment
	Fourth Quarter
€ million	2009	2010	% Δ
Subsea	879.3	698.3	(20.6)%
Offshore	123.3	486.2	3.9x
Onshore	931.4	1,288.2	38.3%
TOTAL	1,934.0	2,472.7	27.9%
	Backlog by Business Segment
	As of	As of	% Δ
€ million	Dec. 31, 2009	Dec. 31, 2010
Subsea	3,053.0	3,110.7	1.9%
Offshore	467.9	1,130.9	2.4x
Onshore	4,497.4	4,986.3	10.9%
TOTAL	8,018.3	9,227.9	15.1%
	Backlog by Region
€ million	As of	As of	% Δ
	Dec. 31, 2009	Dec. 31, 2010
Europe, Russia, C. Asia	1,440.2	1,670.9	16.0%
Africa	1,505.6	1,663.8	10.5%
Middle East	3,062.7	2,958.9	(3.4)%
Asia Pacific	643.3	680.3	5.8%
Americas	1,366.5	2,254.0	64.9%
TOTAL	8,018.3	9,227.9	15.1%

	December 31, 2010 Backlog Estimated Scheduling
€ million	SUBSEA	OFFSHORE	ONSHORE	GROUP
For 2011	2,159.2	505.0	2,561.6	5,225.8
For 2012	600.8	522.9	1,918.5	3,042.2
For 2013 and beyond	350.7	103.0	506.2	959.9
TOTAL	3,110.7	1,130.9	4,986.3	9,227.9

ANNEX II (d)

ORDER INTAKE

Unaudited

In fourth quarter 2010, Technip’s order intake reached €2,473 million, compared with €1,934 million for the same period the year before. The main contracts that we announced during fourth quarter 2010 were:

Offshore was awarded a lump-sum engineering, procurement, fabrication, installation, commissioning and start-up contract worth nearly US$400 million, by the Khafji Joint Operations in the Neutral Zone between Saudi Arabia and Kuwait,

Subsea was awarded a FEED contract by ExxonMobil, on behalf of the Marine Well Containment Company (MWCC), to design an emergency response system that will be available to contain oil in the event of a potential future underwater well incident in the deepwater Gulf of Mexico,

Subsea was awarded a supply contract by Petrobras for the first Integrated Production Bundle use in Brazil for the Papa-Terra field in the Campos Basin,

Subsea was awarded by GNPC a lump-sum contract for phase 1 of the Natural Gas Transportation and Processing project, 60 kilometers offshore Ghana from the Jubilee field to the future onshore processing plant. The contract covers the engineering, welding and installation of a 14 kilometer-long rigid steel flowline as well as the engineering, fabrication and installation of one PLET,

Onshore was awarded by Total E&P Yemen a lump-sum turnkey contract for the Kharir Power Plant Project which covers the engineering, procurement, supply, construction, pre-commissioning, and commissioning as well as assistance to start-up and performance test of a 40 MW power plant (expandable to 100 MW),

Onshore was awarded an engineering, procurement and construction support lump-sum contract by Valero Refining Company for two flare gas recovery units at its Port Arthur, Texas refinery,

Offshore was awarded an engineering, procurement, construction management (EPCM) contract by Petroleos de Venezuela S.A. (PDVSA) for the Mariscal Sucre Dragon and Patao development. Located around 25 miles North of Paria Peninsula, State of Sucre, Venezuela, at a water depth 100 - 130 meters, they are the first offshore gas development in Venezuela,

Onshore was awarded by Total an engineering, procurement services and construction management contract to increase the hydrocracker capacity at its Normandy refinery located in Gonfreville, France,

Onshore was awarded by Sonatrach, the Algerian national oil company, an EPC contract for the upgrading and revamping of the Algiers refinery, worth approximately 67.9 billion Algerian Dinars (c.US$900 million).

Since January 1, 2011, Technip has also announced the award of the following contracts that were included in the backlog as of December 31, 2010:

Subsea was awarded a lump-sum contract by Chevron North America Exploration and Production for the development of the Jack & St-Malo fields, located in the Walker Ridge area of the Gulf of Mexico at a water depth of approximately 2,130 meters. The contract covers the engineering, fabrication and subsea installation of flowlines, steel catenary risers, pipeline end terminations, manifolds, pump stations and tie-in skids,

Subsea was awarded by Acergy Angola S.A. and Acergy West Africa S.A.S. umbilical contracts for the CLOV field development. This field is located in Block 17 offshore Angola in water depths down to 1,410 meters. The development operator is Total E&P Angola,

Subsea was awarded a lump-sum contract by Enbridge Offshore Facilities L.L.C. (Enbridge) for the development of the Walker Ridge gas gathering system, which will serve the Jack St Malo field in the Gulf of Mexico, at a water depth of 2,130 meters,

Onshore was awarded by Burgasnefteproekt Eood (an engineering company belonging to Lukoil) a lump-sum contract, worth approximately €70 million, for the phase 1 of a heavy residue hydrocracking complex to be built at its refinery located in Burgas, Bulgaria,

Offshore, in a consortium with Daewoo Shipbuilding & Marine Engineering Co. Ltd., was awarded by Petroliam Nasional Berhad (PETRONAS) and MISC Berhad a front-end engineering and design contract (FEED) for a floating liquefied natural gas (FLNG) unit, which will have a capacity of one million-tonnes per annum and will be located in Malaysia.