Multi Purpose Floater

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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
MPF revised Project funding budgetORIGINAL /FUNDING EXPECTED under-exp /BUDGET TOTAL ( overrun ) CommentINTERNAL DESIGN ETC 6 600 000 7 600 000 -1 000 0003rd PARTY DESIGN & VERIFICATION 15 000 000 11 008 543 3 991 457TOTAL MPF DESIGN & MANAGEMENT 21 600 000 18 608 543 2 991 457CRANES AND HANDLING EQUIPMENT 10 700 000 19 720 769 -9 020 769 Note 1DRILLING EQUIPMENT 129 193 354 107 289 937 21 903 417DRILLING RISER 15 000 000 27 143 806 -12 143 806 Note 2POWER PROPULSION AUTOMATION 55 804 328 74 295 085 -18 490 757 Note 3LIVING QUARTER, CREW EQUIPMENT AND LIFEBOATS 27 200 000 47 057 194 -19 857 194 Note 4OFE TRANSPORTATION 2 081 346 6 000 000 -3 918 654 Note 5Note 1Note 2Note 3Note 4Two additional offshore cranesand one handling craneAdditional risers ordered (also foruse on future MPF units)Two additional diesels, thrustersand additional power supplyUpgrade and expansion of livingquartersTOTAL NSI/OFE EQUIPMENT CONTRACTS 239 979 028 281 506 791 -41 527 763HULL CONSTRUCTION CONTRACT 147 767 412 127 611 700 20 155 712OTHER HULL COSTS 0 10 000 000 -10 000 000 Note 6TOTAL HULL CONSTRUCTION 147 767 412 137 611 700 10 155 712CONSTRUCTION & INTEGRATION MAIN CONTRACT 171 913 552 245 200 000 -73 286 448 Note 7CONSTRUCTION & INTEGRATION OTHER COSTS 680 000 0 680 000COMMISSIONING, TESTS & TRIALS 4 000 000 0 4 000 000 Note 8TOTAL CONSTRUCTION & COMPLETION 176 593 552 245 200 000 -68 606 448TOTAL PROJECT COST [USD] 585 939 992 682 927 034 -96 987 042Note 5Note 6Estimated EquipmenttransportationEstimated hull towingNote 7 Increased steel (about 2000 t)and about 20% increase in steelprice amounting to about 25MUSD in additional costs.Additional integration costs andupgrade of cargo handlingsystems, about 50 MUSDincluding FX effect.Number stated net of expectedSpanish ECA benefitsNote 8Included in contract
Page 3 and 4: MPF01 - Deepwater DP Drilling UnitD
Page 6 and 7: Dayrate and Contract Target• MPF
Page 10 and 11: Revised Financing Plan• Total fin
Page 12 and 13: Operations Hiring Strategy• Small
Page 14 and 15: Management Depth - MPF Corporate Ma
Page 16 and 17: Management Depth - Construction Pro

Multi Purpose Floater

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