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MPF secures financing for world's largest drillship

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Offshore staff

OSLO, Norway -- MPF Corp. Ltd. has secured $215 million to finance construction of its MPF-01 drilling and production vessel. It will be the world's largest drillship, according to MPF.

The unit is designed with storage capacity for up to 1 MMbbl of liquids. Fabrication of the hull is under way at COSCO Shipyard Group's Dalian Shipyard in China. Topsides integration and commissioning will be carried out at Dragados Offshore SA in Spain.

"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 of MPF Corp. Ltd.

MPF is marketing the vessel for use worldwide.

10/2/2007

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