Further deferrals of interest payments

Reference is made to the press-releases of 17 August 2009

Reference is made to the press-releases of 17 August 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"). 

In the bondholders meeting held today for each of the Bond Loans, the proposals to  

1. Increase the first priority headroom in the two Bond Loan agreements from USD 320 millions to USD 340 millions to allow for a working capital facility provided buy the banks. 
   
2. Give the Loan Trustee a Power of Attorney to further defer interest payment due dates on a monthly basis provided 50% of the Bondholders agree and certain other conditions are being fulfilled. Each new deferral of the interest payment due dates will be subject to the banks agreeing to release sufficient working capital for the same period. The present Power of Attorney granted to the Loan Trustee to defer the interest payments on a 10 days basis is consequently withdrawn. 
   
3. Authorise and instruct the Loan Trustee under certain conditions to arrange for the payment of certain fees to the Bondholder’s and the Loan Trustee’s advisors. 

were approved. 

Accordingly the Loan Trustee has used its Power of attorney to further defer the interest payment due date for the USD 175 million Bond Loan to 30 September 2009, and for the USD 75 million Convertible Bond Loan to 1 October 2009. 
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