Further deferrals of interest payments

Reference is made to the press-release of 29 July 2009

Reference is made to the press-release of 29 July 2009 in which the 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.
 
In accordance with the Power of Attorney the due dates for payment of interest for each of the Bond Loans has been further deferred until 21 August 2009 for the USD 175 million second lien bond loan and 25 August 2009 for the USD 75 million convertible loan. A standstill has been agreed with the banks until 21 August 2009. Accordingly, the banks have agreed to refrain from declaring any potential default under the loan agreement during the same period.
 
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