Reference to press-releases of 17 and 21 July 2009

Bondholder meeting

Reference is made to the press-releases of 17 and 21 July 2009 in which Nexus Floating Production published a summons to a bondholders meeting related to the  Company's USD 175 million second lien bond loan and the USD 75 million convertible loan (together the "Bond  Loans") asking for further deferrals of the interest payments originally due 7 June 2009 and 25 June 2009 respectively. 

In the bondholders meeting held today for each of the Bond Loans, the proposal to defer the interest payment dates until 7 August 2009 for the USD 175 million second lien bond loan and 11 August 2009 for the USD 75 million convertible loan were approved. A standstill has been agreed with the banks until 7 August 2009. Accordingly, the banks have agreed to refrain from declaring any potential default under the loan agreement during the same period.  
In the same meeting Loan Trustee was given the Power of Attorney on behalf of the Bondholders in both loans to agree to further deferrals of the interest payments for a period of maximum 10 Banking Days each time such deferral is given, and provided that there may be no extension beyond 18 September 2009 without further approval of a Bondholders’ meeting. The Power of Attorney is subject to there for each deferral being in place an acceptable stand-still agreement with the Banks similar to the stand-still agreements that have been given up until now. This will give the Company more time to continue the discussions with its banks and bondholders in order to seek a solution to its current financial challenges.

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