MPF1000 Multi Purpose Floater. 24 April 2007
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1 MPF1000 Multi Purpose Floater 24 April 2007
2 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 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
3 MPF01 Deepwater DP Drilling Unit Doubleender DP Tanker Hull & Modularized Topsides All elements are proven technology, but combined in a unique configuration
4 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
5 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
6 Dayrate and Contract Target MPF targets 5 year firm contract Meets shareholder expectations Allows for immediate construction of second vessel Market rate for comparable drilling unit plus some premium FPSO capability available at very limited additional initial cost Production equipment probably leased If 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
7 MPF-01 Employment opportunities Gulf of Mexico Several ultra deep discoveries Opened for FPSO solutions Improved reservoir information through extended testing and early production highly valued Majors, NOCs and large independents West Africa Targets in all major operating theaters Seen as independent field development tool limiting exposure to local infrastructure and justifying development of fields on hold Majors, NOCs and governments Other areas
8 Delivery & Status Review Steel cutting initiated in Cosco Slightly ahead of schedule Final terms for phase 2 of the EPC contract with Dragados Offshore SA agreed Delivery mid 2009 Certain key equipment somewhat delayed (drilling and subsea) More time anticipated for testing and commissioning Possibility to improve with close cooperation Bonus for early delivery, penalties after short grace period Realistic time frame based on previous experience
9 MPF revised Project funding budget ORIGINAL / FUNDING EXPECTED under-exp / BUDGET TOTAL ( overrun ) Comment INTERNAL DESIGN ETC rd PARTY DESIGN & VERIFICATION TOTAL MPF DESIGN & MANAGEMENT CRANES AND HANDLING EQUIPMENT Note 1 DRILLING EQUIPMENT DRILLING RISER Note 2 POWER PROPULSION AUTOMATION Note 3 LIVING QUARTER, CREW EQUIPMENT AND LIFEBOATS Note 4 OFE TRANSPORTATION Note 5 Note 1 Note 2 Note 3 Note 4 Two additional offshore cranes and one handling crane Additional risers ordered (also for use on future MPF units) Two additional diesels, thrusters and additional power supply Upgrade and expansion of living quarters TOTAL NSI/OFE EQUIPMENT CONTRACTS HULL CONSTRUCTION CONTRACT OTHER HULL COSTS Note 6 TOTAL HULL CONSTRUCTION CONSTRUCTION & INTEGRATION MAIN CONTRACT Note 7 CONSTRUCTION & INTEGRATION OTHER COSTS COMMISSIONING, TESTS & TRIALS Note 8 TOTAL CONSTRUCTION & COMPLETION TOTAL PROJECT COST [USD] Note 5 Note 6 Estimated Equipment transportation Estimated hull towing Note 7 Increased steel (about 2000 t) and about 20% increase in steel price amounting to about 25 MUSD 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
10 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
11 Operations Management Plan MPF intends to build second MPF ASAP Pending firm contract for first vessel Option secured with Cosco hull yard Financing capability in place Significant economies of scale in a second vessel Long lead equipment times secured Critical spares for first rig operations Utilize on 2nd rig in conjunction with additional equipment orders Exploring possibilities to rent or share in cost of critical spares like riser & bop. Invest in training slots to allow quick personnel substitution.
12 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 personnel Offer better training, advancement, wages and benefits for junior personnel Offer personnel incentives based on length of employment milestones Offer a small, employee oriented company atmosphere
13 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
14 Management Depth - MPF Corporate Management Chairman & CEO Wilhelm P. Blystad CFO Christian Holst Strategy Bus Development Donn Pedersen Contracts Commercial Eivind Bugge Norway HSEQ/HR Leiken Dahl COO David Toalson
15 Management Depth Houston Operations Structure OPT-MPF Operating Company Project & Ops Management D. Toalson Certification Training (TBN) HSEQ (TBN) MPF-01 Operations Manager W. Ellis MPF-01 Construction Manager J McMullen OPT-MPF Operating Company Marketing & Admin Management D. Pedersen Marketing D.Pedersen, Acting\ Human Resource Manager Lynne Mahood, Acting General Council J Pavlas Accounting Manager Robert Engelking
16 Management Depth - Construction Project Management Construction Manager John McMullen Project Administrator Bjorn Vadholm HSEQ Leiken Dahl Site Manager Dahlian, China Torleif Salbo Hull & Systems Engineering Tore Strand Rig Engineering Thor Karlsen DP & Electrical Pending Subsea Engineering Pending (5 Inspectors) Hull & Systems Designer Inocean A/S Drilling Systems Designers RDS- London
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