MPF Signs Three-Year Contract With Petrobras

MPF, which is engaged in oil and gas production, drilling and storage, has signed a three-year firm contract with Petrobras Oil and Gas, for the use of its multi-purpose floater, initially as a deepwater drilling unit.

The contract has an initial term of three years. The contract value during the initial three years is approximately $630 million.

Petrobras furthermore has an option to convert the contract into a five-year contract. Such option is to be declared prior to October 30, 2008. In the event this option is declared, the approximate contract value will be $965 million.

Wilhelm Blystad, CEO of MPF, said: “We are very pleased to be able to provide our contracting services with the MPF-01 to Petrobras.”

MPF-01 is under construction. Expected commencement of this contract is during the fourth quarter of 2009, immediately following delivery from Dragados Offshore’s yard in Cadiz, Spain.