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.
