Coflexip Stena Offshore Makes Management Changes

Pierre Marie Valentin, Chairman and Chief Executive Officer of Coflexip announced that the management structure of the CSO Group has been changed to reinforce its position as a worldwide leader in providing offshore solutions in deepwater. On this occasion, a new Executive Committee has been nominated. The new CSO Group management structure was implemented as of June 26, 2001 incorporates the know-how of the Group's various parts including those recently acquired in the CSO Aker Maritime Division. The Group's structure is now organized around two main areas of responsibility: "Operations" consisting of operational divisions, reporting to the Chief Operating Officer, and "Identity and Processes" consisting of the activities defining and implementing the Group's systems and strategy, reporting directly to the Chief Executive Officer. "Operations" is composed of both regional and product line divisions operating within a two-dimensional matrix. The four regional divisions are: Atlantic (Gulf of Mexico, West Africa); North Sea, Canada, Caspian (UK, Norway, the Netherlands, Denmark, Canada, Caspian); Brazil, South America; and Asia Pacific, Middle East (Australia, India, South East Asia, Middle East). The regional divisions will be responsible for all commercial and project execution tasks, interfacing directly with their clients for the development of their hydrocarbon reserves. They will ensure quick, flexible and proactive services for oil companies' projects, thanks to the support of the other dimension of the matrix, namely the two product line divisions: SURF (subsea, umbilicals, risers and flowlines) and Floaters. These two new product line divisions are based on the two main work packages that our clients are tendering today for development of their deepwater fields. They manage the technologies and engineering resources, and assets to be mobilized for the regions' products and services needs. They support the regional units' efforts to market, sell and ensure best in class execution of their projects according to their main profile, SURF or Floaters. The SURF product line division is responsible for tendering support, R&D and engineering, flexible pipe and umbilical manufacturing, flexible and reeled products optimization, offshore operations including fleet management, and autonomous business units like Robotics, Wellservicing, Umbilicals and DRAPS. The Floaters product line division provides tendering, engineering and marketing support to the regions, and includes an FPSO delivery group, R&D and Engineering focused on floating systems technologies, Spar solutions and delivery groups, and the Spar fabrication yards. Within "Operations", a Networks, Alliances, Operations Audit division is also created with the responsibility for a new Group-wide Major Accounts program, to better serve the Group's clients, the responsibility for a Group Partnering program for long term or one-off alliances, and the coordination of major tender preparation and submission. A Conceptual Engineering division is formed in parallel to the regional and product line divisions, offering the market all types of field planning and front-end engineering services (FEED), particularly through the growing global presence of Genesis. This division will have its headquarters in London with supporting offices in Aberdeen, Perth, Paris and in Rio de Janeiro. "Identity and Processes" is organized around six divisions - Corporate Technology; Group Human Resources; Group Systems Integration; Business Development and Strategy; Finance and Communications; Legal and Insurance - and a Corporate Audit position, which all together ensure coherent functioning of CSO and the implementation of its strategy. The newly created Corporate Technology Division is in charge of ensuring that CSO maintains and reinforces its broad technological leadership. The Chief Technology Officer (CTO) will define the 5-year Group R&D program, coach the Group technologists, develop relationships with senior oil companies technology personnel and promote CSO solutions among them; he will be responsible for the Group's Intellectual Property Department and ensure that what paved the way of CSO's successes by adding value to our client projects will also strengthen its future. The new Executive Committee of the CSO Group, led by Pierre Marie Valentin, now consists of: Thomas M. Ehret : Chief Operating Officer, 49, a French citizen, based in Paris; Svein Eggen: Deputy Chief Operating Officer and Senior Executive Vice President Atlantic Region, 50, a Norwegian citizen, based in Houston, Texas; Jean-François Mattei: Senior Executive Vice President, Group Human Resources and Group Systems Integration, 55, a French citizen, based in Paris; Claire Giraut: Senior Executive Vice President, Finance (CFO) and Communications, 45, a French citizen, based in Paris; Kevin Wood: Senior Executive Vice President, Networks, Alliances and Operations Audit, 45, a British citizen, based in Paris; Dag Jenssen: Executive Vice President, Deputy Atlantic Region, 56, a Norwegian citizen, based in Houston, Texas; Jean-Michel Dumay: Executive Vice President, West Africa, 51, a French citizen, based in Houston, Texas; David Cassie: Executive Vice President, North Sea, Canada and Caspian Region, 45, a British citizen, based in Aberdeen, Scotland; Frederic Delormel: Executive Vice President, Brazil and South America, 43, a French citizen, based in Rio de Janeiro; Steve Rogers: Executive Vice President; Asia Pacific-Middle East Region, 46, a British citizen, based in Perth, Australia; Knut Boe: Executive Vice President, SURF Product Line, 43, a Norwegian citizen based in Oslo, Norway; Dave Roquemore: Executive Vice President, Floaters Product Line, 48, a US citizen, based in Houston, Texas; Dominique Henri: Executive Vice President, Business Development and Strategy, 45, a French citizen, based in Paris.