Status of the ongoing restructuring efforts

Restructuring plan and LOU with Premier Oil

Reference is made to the press-releases dated 7 April 2009 and 28 April 2009 regarding the restructuring plan and the LOU with Premier Oil.

The LOU with Premier for the employment of Nexus 1 on the Chim Sao field in Vietnam will expire midnight UK time today 4 May 2009. Currently, no solution has been found in the restructuring of the Nexus Floating Production Ltd. debt through the discussions with the bank and bondholders. As a result, Nexus 1 is likely to be without any firm employment opportunities as of tomorrow morning.  Pareto Securities will continue the work to investigate strategic alternatives for the company.

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