MPF Secures Financing for Newbuild Rig

MPF has signed a mandate with a leading financial firm for a US $215 million construction financing deal for its' MPF-01 combined drilling and production vessel that is currently under construction.

This unit, the world’s largest drillship, will be prepared for installation of production equipment. The unit has storage capacity of up to 1 million bbls of liquids. Fabrication of the hull for the MPF-01 is carried out at the COSCO Shipyard Group’s Dalian Shipyard facilities in China. Topsides integration and final completion will be carried out at Dragados Offshore SA in Spain. The unit is currently actively marketed to leading oil companies world wide.

"We are pleased to announce this bank facility, which provides MPF Corp. with increased financial flexibility during the construction phase of the MPF-01", says Wilhelm P. Blystad, CEO, MPF Corp. Ltd. He also emphasized that the company and the MPF-01 project has been subjected to a detailed technical and commercial due diligence by professional and independent parties in connection with this financing.

The shares of MPF Corp. Ltd are traded at the OTC market in Oslo and the company plans to apply for a listing on Oslo Axess as soon as practical. MPF Corp. Ltd has offices in Oslo, Norway; and its operating subsidiary MPF Operating Company LLC in Houston, Texas.