First Quarter 2008 Financial Reporting

The Nexus#1 building project is moving rapidly and the keel laying will take place in the beginning of May as planned.

The company has completed paid placement study work on behalf of oil companies.

The market interest in Nexus' vessels has remained positive and the company considers the market interest as a positive signal in the efforts to secure contracts for the vessels.

The due date for the second payment to Samsung Heavy Industries for Nexus#2 was moved from June 18, 2008 to September 18, 2008.

"In Nexus' core target areas there are several interesting opportunities for FPSO employment contracts from 2009 and onwards. The delivery position of the Nexus vessels is well suited to meet that demand in a market where equipment lead times are increasingly longer", says CEO Anders Holm.