Fourth Quarter 2008 Financial Report

Fourth Quarter 2008 Financial Report

The Nexus#1 building project is progressing according to plan and the vessel is scheduled to be delivered on June 30th, 2009. The credit crisis and last months' development in the global economy and oil price have however resulted in delays and cancellations of several oil field developments. There is accordingly a reduced number of prospects for FPSO's in the short term. In a longer perspective the demand for FPSO's is expected to remain strong. This is also the main reason for the deferral of the Nexus#2 project another 18 months with delivery rescheduled to November 2012.  

The company had no operating income in the fourth quarter of 2008, and USD 0.4 million in operating income for the full year. The income is generated from study work for oil companies.

"In its capacity as a new built vessel with harsh environment capabilities and flexible top-side, the Nexus#1 FPSO should be well positioned in the market place. However, the short term prospects are limited and the current market is challenging,", says CEO Anders Holm.

Please see attached files:

•         Q4 2008 Financial Report
•         Q4 2008 Presentation

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 For further information, please contact:
   Anders Holm, CEO
   aho@nexusfp.no
   +47 90 60 50 72
 
   Arild Bårdsen, CFO
   aba@nexusfp.no
   +47 92 66 75 90