MPF1000Multi Purpose Floater

24 April 2007

MPF History & Status

The Multi Purpose Floater (MPF) concept was developed over several years, with feasibility studies and technical case studies performed from 1996 to 2002.

A Joint Industry Project initiated in 2001 where The Norwegian Government, BP Norge, Shell Technology Norway, Norsk Hydro, Statoil and Ocean Development Corporation participated

The JIP produced requirements and specifications for the vessel, commercial scenarios were studied and dynamic model tests were conducted (Marintek).

The JIP verified the technical, operational and commercial feasibility and superiority of the concept with simultaneous drilling and production.

MPF Corp. Ltd. was established and funded in 2006 through an international private placement process.

MPF Corp. Ltd. is currently on the OTC market in Oslo. Oslo Stock Exchange Axess listing expected in June

Doubleender DP Tanker Hull & Modularized Topsides

MPF01 – Deepwater DP Drilling Unit

All elements are proven technology, but combined in a unique configuration

MPF 01 - Commercial Summary

MPF-01 hull is currently under construction in China with completion early 2008

MPF-01 is being outfitted as a DP-3 ultra-deep water drilling unit for wells to 35,000 ft in up to 10,000 feet of water

MPF-01 has space, deckload & oil storage capacity to function in early production service. No production equipment is currently included (optional)

All equipment for the MPF-01 is currently on order with deliveries to coincide with outfitting requirements and terms for outfitting & installation agreed

A large number of employment opportunities identified and under discussion/negotiation

MPF has established an operating company based in Houston

Operations expected to commence mid 2009

MPF-01 Benefits accepted by oil companies

1. Competitive cost compared to MODU and FPSO combined

2. Accelerated cash flow from early production

3. Improved reservoir information through extended testing and early production

4. Enhanced recovery (additional drilling) while in production phase

5. Increased leverage (MPF unit represents a “ticket”) for the acquisition of additional deepwater acreage by farming in (by having available an E & P tool)

6. Unit may be reused, high residual value

7. Unit may be relocated to reduce weather and other risks (political)

8. Limited field abandonment cost

Dayrate and Contract Target

MPF targets 5 year firm contractMeets shareholder expectationsAllows for immediate construction of second vessel

Market rate for comparable drilling unit plus some premium

FPSO capability available at very limited additional initial costProduction equipment probably leasedIf used, day-rate would increase for equipment and operations

Mobilization fee dependent on rate and term but should be seen as integrated part of contract

MPF-01 Employment opportunities

Gulf of MexicoSeveral ultra deep discoveriesOpened for FPSO solutionsImproved reservoir information through extended testing and early production highly valuedMajors, NOCs and large independents

West AfricaTargets in all major operating theatersSeen as independent field development tool limiting exposure to local infrastructure and justifying development of fields “on hold”Majors, NOCs and governments

Other areas

Delivery & Status Review

Steel cutting initiated in CoscoSlightly ahead of schedule

Final terms for phase 2 of the EPC contract with Dragados Offshore SA agreed

Delivery mid 2009Certain key equipment somewhat delayed (drilling and subsea)More time anticipated for testing and commissioningPossibility to improve with close cooperationBonus for early delivery, penalties after short grace period Realistic time frame based on previous experience

MPF revised Project funding budget

Note 1 Two additional offshore cranes and one handling crane

Note 2 Additional risers ordered (also for use on future MPF units)

Note 3 Two additional diesels, thrusters and additional power supply

Note 4 Upgrade and expansion of living quarters

Note 5 Estimated Equipment transportation

Note 6 Estimated hull towing

Note 7 Increased steel (about 2000 t) and about 20% increase in steel price amounting to about 25MUSD in additional costs. Additional integration costs and upgrade of cargo handling systems, about 50 MUSD including FX effect. Number stated net of expected Spanish ECA benefits

Note 8 Included in contract

ORIGINAL /FUNDING EXPECTED under-exp /BUDGET TOTAL ( overrun ) Comment

INTERNAL DESIGN ETC 6 600 000 7 600 000 -1 000 0003rd PARTY DESIGN & VERIFICATION 15 000 000 11 008 543 3 991 457

TOTAL MPF DESIGN & MANAGEMENT 21 600 000 18 608 543 2 991 457

CRANES AND HANDLING EQUIPMENT 10 700 000 19 720 769 -9 020 769 Note 1DRILLING EQUIPMENT 129 193 354 107 289 937 21 903 417DRILLING RISER 15 000 000 27 143 806 -12 143 806 Note 2POWER PROPULSION AUTOMATION 55 804 328 74 295 085 -18 490 757 Note 3 LIVING QUARTER, CREW EQUIPMENT AND LIFEBOATS 27 200 000 47 057 194 -19 857 194 Note 4OFE TRANSPORTATION 2 081 346 6 000 000 -3 918 654 Note 5

TOTAL NSI/OFE EQUIPMENT CONTRACTS 239 979 028 281 506 791 -41 527 763

HULL CONSTRUCTION CONTRACT 147 767 412 127 611 700 20 155 712OTHER HULL COSTS 0 10 000 000 -10 000 000 Note 6

TOTAL HULL CONSTRUCTION 147 767 412 137 611 700 10 155 712

CONSTRUCTION & INTEGRATION MAIN CONTRACT 171 913 552 245 200 000 -73 286 448 Note 7CONSTRUCTION & INTEGRATION OTHER COSTS 680 000 0 680 000COMMISSIONING, TESTS & TRIALS 4 000 000 0 4 000 000 Note 8

TOTAL CONSTRUCTION & COMPLETION 176 593 552 245 200 000 -68 606 448

TOTAL PROJECT COST [USD] 585 939 992 682 927 034 -96 987 042

Revised Financing Plan

Total financing requirement usd 775 million to be covered as follows:USD 275 million equity (unchanged)USD 150 million bond issue (unchanged)USD 350 million bank loan (increase from usd 215 million)

Pure capex increase accounts for approximately usd 100 million

Mid 2009 delivery influence sga and interest during construction which account for balance of increase in financing requirement

In advanced discussions with banks

Operations Management Plan

MPF intends to build second MPF ASAPPending firm contract for first vesselOption secured with Cosco hull yardFinancing capability in placeSignificant economies of scale in a second vessel

Long lead equipment times securedCritical spares for first rig operationsUtilize on 2nd rig in conjunction with additional equipment ordersExploring possibilities to rent or share in cost of critical spares like riser & bop.Invest in training slots to allow quick personnel substitution.

Operations Hiring Strategy

Smaller, high tech companies are attractive to entrepreneurial managers

Significant turnover in personnel in big drilling contractors

MPF Hiring Strategy Plan to offer better success incentives and employment package for senior personnelOffer better training, advancement, wages and benefits for junior personnelOffer personnel incentives based on length of employment milestonesOffer a small, employee oriented company atmosphere

Management Depth - Overall Development Schedule

Tasks J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

Engineering, Project Team

Key Drilling Management Staff

Mgmt Systems, PM, HSEQ, Etc.

Drilling & Marine Cadre

Drilling & Marine Crew

2007 2008 2009

Management Depth - MPF Corporate Management

Chairman & CEOWilhelm P. Blystad

COODavid Toalson

CFOChristian Holst

Strategy Bus DevelopmentDonn Pedersen

ContractsCommercial

Eivind Bugge

Norway HSEQ/HRLeiken Dahl

Management Depth – Houston Operations Structure

OPT-MPF Operating Company Marketing & Admin Management

D. Pedersen

Accounting ManagerRobert Engelking

General CouncilJ Pavlas

Human Resource Manager

Lynne Mahood, Acting

MarketingD.Pedersen, Acting\

OPT-MPF Operating Company Project & Ops Management

D. Toalson

MPF-01 Operations ManagerW. Ellis

MPF-01 ConstructionManager

J McMullen

Certification Training(TBN)

HSEQ(TBN)

Construction Manager

John McMullen

Site ManagerDahlian, ChinaTorleif Salbo

Hull & SystemsEngineeringTore Strand

Rig EngineeringThor Karlsen

Project AdministratorBjorn Vadholm

Subsea EngineeringPending

DP & ElectricalPending

HSEQLeiken Dahl

Hull & SystemsDesigner

Inocean A/S

Drilling Systems Designers

RDS- London(5 Inspectors)

Management Depth - Construction Project Management

www.mpf-corp.com