MPF Corp. Ltd.

MPF Corp. Ltd.
Pareto Conference
September 6 th , 2006

The Multi Purpose Floater (MPF)
Drilling, production, storage and
offloading capabilities in one unit
• 6th generation drilling facility
• 1 million barrels oil storage
• Process facility ~ 200.000 bbls/day
Flexible design for deepwater and harsh
environments
Creating value for oil companies by
providing access to the reservoir
• 30% increased oil recovery compared to
traditional subsea solutions

Technical overview
Length overall – L OA
Length between perpendiculars – L PP
Breadth moulded – BM
Depth moulded – DM
Draft
Light Ship weight
Dead weight – DW
Displacement
Oil Storage capacity
Total deck load capacity
Variable deck load capacity (Drilling)
290 m
275 m
50 m
27 m
18 m
50,000 t
170,000 t
222,000 t
1 Million barrels
35,000 t
25,000 t
Available deck space for topsides 10,000 m 2
Water depth
3,500 m
Drilling depth 10,000m
Propulsion (Thruster Motors)
8x5.500KW

“A Floating Piece of Real Estate“
Simplified steel box hull structure
Identical bow sections
Dynamic positioning – DP3
EPC construction contract with Dragados
Offshore SA (“Dragados”) for vessel
construction
Equipment and systems modularized
• Contract with Aker Kværner MH and Wärtsila
Group
• Dragados responsible for all integration

MPF – Combining FPSO and Semi/Drillship Capabilities
MPF – a floating unit that can simultaneously drill, produce, store and offload
crude oil offshore

The Time is Right for the MPF unit
Main driving forces in the oil Industry
Record oil prices
−
−
−
More projects potentially profitable
Need to reach first oil as quickly as possible
However still need to choose a development solution that is as
optimal as possible
Major supply-side bottlenecks
−
−
−
Drilling units (Semi/Drillships)
Harsh Environment FPSOs
Engineering & fabrication capacity
Deeper waters and reservoir complexity
−
−
Most new large fields discovered in deep waters
Increased reservoir complexity in shallow and midwater region
MPF response to industry challenge
Combining drilling, production, storage
and offloading into one unit
−
−
Generates early cash flow at low cost
Generates reservoir data improving development decisions
MPF ready to drill & produce 1Q 2009
−
−
−
Production tariffs increasing
Record day-rate levels for drilling capacity
MPF can supply combination at highly attractive cost
A response to future field development
trends
−
−
−
Combined drilling and production already dominating midwater
segment
Ultra deepwater drilling and production vessel suited for worldwide
operations, incl Norwegian sector
Oil companies developing more drilling intensive fields

The MPF – built to Norwegian specifications targeting a worldwide market
MPF targeting projects
in several regions
−
−
−
−
−
−
−
Norway
West Africa
Brazil
India
South East Asia
Canada
Gulf of Mexico

Hurricane damage…

…the solution - quick Demobilisation & Remobilisation
Riser buoy free floating, 60m
below surface
• The riser buoy can be released to prevent
damage in harsh environment conditions
• Disconnect modes
– Emergency disconnect 30 – 60 sec.
– Quick disconnect approx. 15 min.
– Operational disconnect 4-6 hrs

Board of Directors and Management
Very experienced board and management team with background from the oil and gas
industry and the financial sector
Board of Directors
Management
Wilhelm P. Blystad (55), Chairman
Brian Anderson (62)
Hans Petter Finne (63)
Morten H. Kielland (54)
MPF Corp Ltd
Wilhelm P. Blystad (55), Chairman and CEO
Tore Nedregaard (43), President and COO
Christian L. Holst (50) CFO
MPF Corp Norway AS
Eivind S. Bugge (46), Man. Dir.
Espen R. Lied (33), CTO
Ingvar Storhaug (52), VP Operations
Kjetil Aamodt (47), VP Bus. Dev

Shareholders
MPF shareholders
Shareholder Number of Shares %
1 DEUTSCHE BANK AG LONDON*............................... 6,290,501 11.44
2 FID. FUNDS-EUR. SM. COMP./SICAV ........................ 5,500,000 10.00
3 BEAR STEARNS SECURITIES CORP. *.................. 4,141,000 7.53
4 GOLDMAN SACHS INTERNATIONAL* .................... 3,865,367 7.03
5 LBPB NOMINEES LIMITED*....................................... 3,054,377 5.55
6 MORGAN STANLEY & CO. INC. *............................. 3,039,000 5.53
7 H.L.MANAGEMENT AND CONSULTANT(1986....... 2,928,000 5.32
8 SPENCER ENERGY AS .............................................. 2,928,000 5.32
9 BARCLAYS BANK PLC ................................................ 1,931,500 3.51
10 BANK OF NEW YORK, BRUSSELS BRANCH......... 1,460,000 2.65
11 INSTITUSJONEN FRITT ORD .................................... 1,295,000 2.35
12 SKANDINAVISKA ENSKILDA BANKEN*.................. 1,255,000 2.28
13 STATE STREET BANK & TRUST CO. * ................... 1,236,000 2.25
14 STATE STREET BANK & TRUST CO. * ................... 1,231,133 2.24
15 GLITNIR BANKI HF EGENHANDELSKONTO*........ 1,224,000 2.23
16 CREDIT SUISSE SECURITIES*................................. 1,056,000 1.92
17 UBS AG, LONDON BRANCH...................................... 964,000 1.75
18 RBC DEXIA INVESTOR SERVICES BANK* ............ 862,580 1.57
19 UBS NOMINEES PTY. LTD......................................... 804,400 1.46
20 OKO OSUUSPANKKIEN KESKUSPANKKI* ............ 777,000 1.41
Total 20 largest shareholders............................................ 45,842,858 83.34
Other shareholders............................................................ 9,157,142 16.66
Total shareholding.......................................................... 55,000,000 100.00%
MPF had 114 shareholders
as of 4 Sept 2006
• 63 Norwegian investors
• 51 foreign investors
* Registered as nominee shareholder with VPS.

Financing Summary
Financing required for first unit: USD 640 million
• Equity Private Placement: “ 275
• Bond financing: “ 150
• External debt financing of “ 215
Equity offering of USD 275 million
• Subscription price NOK 31.50 (USD 5) per share
• Successfully concluded in May 2006
USD 150 million bond issue
• Successfully concluded in August 2006
Listing on Oslo Stock Exchange expected by the end of 2006
• Shares currently traded on the OTC market
• Process with OSE started

Earning power
Stand-alone drilling mode
• In line with drilling market
• 6th generation drilling facility
• Operational advantages through
increased deck load capacities
and storage
• Construction and operating costs
comparable to conventional 6th
generation units
Combined mode
• MPF can offer competitive rates and
remain highly profitable
• Can offer drilling capacity at a
discount to current rig rates
• Can offer highly competitive
production tariffs
• Oil company to make additional
savings through early
production/fast-track development
• Increased operating leverage from
reduced capex, potentially boosting
equity returns

Significant Market Support for the MPF Project
Booming rig market
…and booming FPSO market
Deepwater (+5000ft) Dayrates in USD Jan 2000 - Aug 2006
Number of FPSO prospects 2006-2010E
500000
110
2006-2010E
400000
300000
200000
100000
Dayrates in USD
100
90
80
70
60
50
0
40
jan.00
mai.00
sep.00
jan.01
mai.01
sep.01
jan.02
mai.02
sep.02
jan.03
mai.03
sep.03
jan.04
mai.04
sep.04
jan.05
mai.05
sep.05
jan.06
mai.06
2000-2005 February
Infield
Current Infield
Pareto
Drilling deepwater dayrates close to
USD500,000/day and scarcity of rigs => forces
oil companies to think alternatives
Cost and lead time for production facilities, such
as FPSOs, have increased significantly over the
last 12 months => forces oil companies to think
alternatives
Potential over-demand next 12-24 months
Source: MPF, Pareto, ODS-Petrodata, Offshore Research, IMA, Infield

Key investment considerations
Industry trends
• Strong market outlook for deep
water and harsh environment areas
• Growing E&P activity
• Current world deepwater floater fleet
running at 100% capacity utilisation
• Increasing day rates in drilling and
FPSO markets
• Excess demand for FPSO’s
• Increased capex
MPF
• Favourable delivery
• Reduced risk due to targeting two
markets: Combining drilling,
production, storage and offloading
• Competitive building cost
• First class yard and suppliers
• Private placement and bond issue
completed
• Listing at OSE planned by end 2006

www.mpf-corp.com