MPF-01 Vessel with FPSO Capability Up for Grabs

Fearnley Offshore

MPF Corp. Ltd. and MPF-01 Ltd. (in provisional liquidation) have exclusively appointed Fearnley Offshore and Clarksons Offshore to manage and perform the sale of all of the assets owned by MPF, subject to US Bankruptcy Court approval.

MPF Corp. Ltd. has one multi purpose designed floater, the MPF-01. The vessel is being constructed as a DP3 drilling unit capable of operating in water depths of 10,000ft and is also prepared for upgrade to full FPSO capability or for extended well test production. The ice classed double hull has a crude oil storage capacity of 1 million bbls.

The assets will be offered for sale as one complete project or a combination of equipment package contracts. The sales will be arranged by means of a bid process organized by MPF and overseen by the US Bankruptcy Court and the Provisional Liquidators. Expected sales completion is December 2008.