MPF Receives Favorable Market Report on its Multi-Purpose Floater

An independent Market Due Diligence Report on MPF Corp's project to build a combined drilling, production and storage vessel is described as very positive for the company.

We have been working on this project for a long time, and this report shows that we are moving in the right direction with a strong presence in the market, says Wilhelm P. Blystad.

The independent report states that MPF’s concept is favorably perceived and relatively well known among the international oil companies. Furthermore, it suggests that the timing of the project is ideal in the growing market and that it is expected that the MPF-01 will secure an employment contract prior to delivery in 2009 at favorable rates.

The Market Due Diligence were performed by London based Infield Systems Limited (ISL) earlier this summer. The 88 page report is based on thorough study of the MPF project, market analysis and forecasts as well as detailed interviews with key executives in the largest international oil companies.

The report from Infield Systems Limited confirms to a large extent our strategy and confirms our own experience from ongoing and detailed discussions with several oil companies, Wilhelm P. Blystad, CEO and President of MPF, comments.

MPF is constructing a Multi Purpose Floater, combining drilling, production and storage for ultra-deepwater and harsh environment use. The total project cost is estimated at US $775 million. The vessel will be able to be upgraded to full FDPSO (Floating Drilling Production, Storage and Offloading) capabilities.

In May 2006 MPF concluded a US $275 million private placement of shares, followed by a bond issue of US $150 million in September. MPF is currently working with leading international banks to raise the balance of the financing required.

Dragados Offshore SA will complete the assembly of the vessel under an EPC contract while Cosco Dalian Shipyard will deliver the hull. Aker Kvearner will deliver the drilling equipment and Wartsila the power units. Expected delivery of the unit is in 2009.

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