MPF Corp and Dragados Mutually Agree to Terminate Contract

MPF Corp. Ltd. and DRAGADOS OFFSHORE, S.A. entered into a Contract on May 26, 2006, as part of the Overall MPF01 Project, for the Construction of a multi-purpose floater vessel (the "MPF-01") designed and constructed through several contractors at various international locations.

The Project has been affected by unanticipated geographical and logistical challenges in combination with the requirements for transportation of modules, including likely requirement for an additional dry docking and other problems outside DRAGADOS OFFSHORE, S.A. control and responsibility and unconnected with its performance which was good as to both quality and safety.

These unexpected events have forced MPF to reorganize the Project and relocate the remaining completion of the MPF-01 vessel to a closer location from the Hull's fabrication site. MPF therefore requested DRAGADOS OFFSHORE, S.A. to accept a Contract termination to enable this to take place. DRAGADOS OFFSHORE, S.A. has accepted MPF's request, and the Contract has been amicably and mutually terminated by the Parties.

Both Parties want to publicly acknowledge each other's valuable and constructive assistance, support and cooperation throughout the Contract period and wish each other the best success in their future projects respectively.

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