Mannvit Engineering Enters Partnership with Technip for U.S. Geothermal Projects

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Mannvit Engineering has signed a partnership with Technip to develop geothermal projects in the United States, using Technip's Claremont, California operating center. The partnership, which is effective immediately, offers geothermal project developers and financiers a single point of responsibility for all key areas of geothermal development. Areas include: consulting, research, financial analysis, project and risk management, and exploration as well as engineering, design, procurement, construction management and power plant start up services.

Mannvit Engineering has signed a partnership with Technip to develop geothermal projects in the United States, using Technip's Claremont, California operating center.

The partnership, which is effective immediately, offers geothermal project developers and financiers a single point of responsibility for all key areas of geothermal development. Areas include: consulting, research, financial analysis, project and risk management, and exploration as well as engineering, design, procurement, construction management and power plant start up services.

Geothermal energy is a green and renewable energy source originating from the earth's core. In Iceland, geothermal resources has been used for centuries, and today provides heating for over 95% of all homes and business structures as well as approximately 25% of the country's electricity needs. Electricity is generated from geothermal energy by extracting hot steam from naturally forming reservoirs in the earth's crust. Globally, total installed geothermal energy is about 10GW, with the US in the leading position with 3 GW installed.

The partnership between Mannvit and Technip is a testimony to each company's shared commitment to develop renewable energy sources to meet the needs and challenges of sustainable energy development.

About Mannvit Engineering

Mannvit Engineering of Iceland provides a full range of engineering and technical research services and is leader in geothermal energy development. Since the early seventies, Mannvit has been involved in the development of most of the power plants in Iceland, both geothermal and hydroelectric. Services for these projects range from research and preparatory work to complete design and construction management. For more information, please visit http://www.mannvit.com.

CONTACT:
Business Contact: Runólfur Maack
CEO, Overseas Operations
Mannvit Hf.
Reykjavik, Iceland
Tel: +354 422 3109
web: http://www.mannvit.com

About Technip

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 46 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 Euronext Paris exchange and over the counter (OTC) in the USA.

CONTACT:
Business Contact: Michael Mugerwa
Program Director, Renewables
Technip USA, Inc.
Claremont, California, USA
Tel: +1 909 971 3995

web: http://www.technip.com

SOURCE: Mannvit Engineering

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Runólfur Maack
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