First Quarter 2009 Financial Report

Q1 2009 Financial Report

The Nexus#1 building project is progressing according to plan, and the project is fully financed. The FPSO market conditions are challenging with only a limited number of contract opportunities in the short term. The harsh environment segment of the market is characterised by projects being delayed or cancelled, and the company is preparing for a lay-up period after delivery of the Nexus#1 FPSO.

Short term market conditions are challenging. The number of FPSO contracts to be awarded in 2009 is very limited. The credit crisis, the development of the global economy and the lower oil price have resulted in delays and cancellations of several oil field developments.

The operators have accumulated a backlog of projects that are likely to move forward on improved market conditions. The exploration activities in deeper waters and remote areas where FPSOs often are the chosen development solution are expected to continue. 

The company reports a negative result before taxes of USD 0.5 million for the first quarter 2009.

Please see attached files:

•         Q1 2009 Financial Report
•         Q1 2009 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