MPF Establishes Presence in Houston

MPF Corp Ltd. has formed a business alliance with OPT International LP (Texas, USA) to establish a presence in Houston and to create an operating company which will provide construction management, marketing and drilling operation services exclusively to MPF. MPF is currently building the world's largest deepwater drilling, floating production, storage and offloading unit scheduled to commence operations early 2009.

OPT staff has extensive world wide experience in deepwater drilling, floating production and vessel construction operations. OPT representatives Mr. Dave Toalson and Mr. Donn Pedersen will manage the Houston office and serve as key advisors on the MPF corporate management team. Mr. Toalson has been appointed overall Project Director (responsible for construction, marketing and operations), reporting directly to MPF Chairman and CEO, Mr. Wilhelm P. Blystad.

Mr. Toalson has more than 30 years of marine drilling experience. Prior to co-founding OPT 6 years ago, he served for more than 26 years with Reading & Bates in various engineering and management positions including president of R&B Development Co. which was extensively involved in leading-edge deepwater drilling and floating production activities.

Mr. Pedersen has more than 27 years of experience in the oil & gas industry. Prior to co-founding OPT, he served in various engineering and management positions with Shell, Mobil and R&B Development Company. He also served as initial general manager and president for 2 start-up oil & gas companies.

Mr. Wilhelm P. Blystad comments: "I have known Dave and Donn for a long time and we are very pleased that they have decided to join our team. Dave has overseen a large number of projects similar to ours and will therefore add significant value both with regards to project management as well as building a first class operating organization. Adding a significant presence in Houston will further strengthen our marketing and business development functions."

MPF Corp. Ltd. also announced that a consultancy agreement with TON Corp. (Norway) AS has been discontinued and as a result Mr. Tore Nedregaard is no longer associated with MPF.