TN PETRÓLEO

MPF has entered into a 3 year firm contract with Petrobras Oil and Gas BV, for the use of its Multi Purpose Floater, initially as a deepwater drilling unit. The contract may be extended to a 5 year duration. Further information on the operating area will be disclosed in late April in accordance with the Agreement with Petrobras.

- We are very pleased to be able to provide our contracting services with the MPF-01 to Petrobras. To be accepted as an integrated contracting services company by a major player in the international E & P industry, is a major achievement for our Company and employees, says CEO Wilhelm P. Blystad, who also added that the contract may be expanded to also include production. The contract will significantly facilitate the ongoing financing process.

The contract has an initial term of 3 years. The contract value during the initial three years is approximately US$ 630 million. Petrobras furthermore has an option to convert the contract into a 5 year contract. Such option is to be declared prior to 30 October, 2008. In the event this option is declared, the approximate contract value will be US$ 965 million.

MPF-01 is under construction. Expected commencement of this contract is during the 4th quarter 2009, immediately following delivery from Dragados Offshore SA`s yard in Cadiz, Spain.