Breakthrough for MPF: MPF enters into a 3 - 5 year agreement with Petrobras

From Empirerelations.com

Utilities

Breakthrough for MPF: MPF enters into a 3 - 5 year agreement with Petrobras
By MARKET WIRE
Apr 14, 2008 - 1:36:01 AM

OSLO, NORWAY -- (MARKET WIRE) -- 04/14/08 --

MPF has entered into a 3 year firm contract with Petrobras Oil andGas BV, for the use of itsMulti Purpose Floater, initially as a deepwater drilling unit. Thecontract may be extended to a 5year duration. Further information on the operating area will bedisclosed in late April inaccordance with the Agreement with Petrobras.

- We are very pleased to be able to provide our contracting serviceswith the MPF-01 to Petrobras. Tobe accepted as an integrated contracting services company by a majorplayer in the international E & Pindustry, is a major achievement for our Company and employees, saysCEO Wilhelm P. Blystad, whoalso added that the contract may be expanded to also includeproduction. The contract willsignificantly facilitate the ongoing financing process.

The contract has an initial term of 3 years. The contract valueduring the initial three years isapproximately US$ 630 million. Petrobras furthermore has an option toconvert the contract into a 5year contract. Such option is to be declared prior to 30 October,2008. In the event this option isdeclared, the approximate contract value will be US$ 965 million.

MPF-01 is under construction. Expected commencement of this contractis during the 4th quarter 2009,immediately following delivery from Dragados Offshore SA's yard inCadiz, Spain.

For more information please contact:Christian L. Holst, CFO, mob: +47 952 55 849

MPF Corp. Ltd. was established in order to build a fleet of newpowerful Multi Purpose Floaters.MPF-01 is designed as a deepwater DP drilling unit with capabilitiesfor early production and isunder construction at the Cosco Dalian shipyard in China. Topsideintegration and final completionwill be carried out at Dragados Offshore SA in Spain. MPF has enteredinto a 3 year contract withPetrobras Oil and Gas BV. Expected commencement date is during 4thquarter 2009. MPF Corp. Ltdis based in Bermuda with subsidiaries in Oslo and Houston. MPF Corp.shares are currently tradedon the OTC-list (Over The Counter) in Norway.