MPF will construct a Multi Purpose Floater, the MPF 1000, combining drilling and production, storage and offloading (FDPSO). The total project price is USD 640 million. Production capacity requires a further investment at a later stage.
Dragados Offshore SA will carry out the EPC while Cosco Dalian Shipyard will deliver the hull. Aker Kvaerner will deliver the drilling equipment and Wartsila the power units. All these contracts have been entered into at levels on or below budget and with delivery times in line with expectations.
In May 2006 MPF concluded a USD 275 million private placement of shares, followed by a bond issue of USD 150 million in September. The remainder of the construction cost is expected to be financed through bank loans at a later stage. Expected delivery date for the ship is December 2008, and the MPF 1000 is ready to drill from first quarter 2009.
The request for admission to stock exchange trading from MPF Corp. Ltd. will be processed by Oslo BÝrs on November 29, 2006. Pareto Securities is financial advisor.
MPF Corp. Ltd. was formed in 2005. The company intents to build a fleet of Multi Purpose Floaters, combining drilling and production, storage and offloading (FDPSO) at ultradeep waters. The company is listed on the Norwegian OTC-list with ticker MPFC. MPF has offices in Oslo and Stavanger, Norway.
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