Second Quarter and First Half 2009 Financial Report

Q2 / H1 2009 Financial Report

The Nexus#1 FPSO was completed by Samsung Heavy Industries on 27 July 2009.  Due to lack of employment contract for the vessel, Nexus has agreed with Samsung to defer effective delivery to January 2010. Title to the vessel will remain with Samsung until such date.  The FPSO market conditions remain challenging with only a limited number of contract opportunities in the short term. Due to the company’s financial constraints and lack of employment contract for the FPSO, the interest payments for the company’s two Bond Loans have been deferred.  The Company is currently not able to meet its financial commitments, and is dependant upon agreement with its creditors to defer payments and to finance its working capital need throughout a layup period.

The company reports a negative result before taxes of USD 0.8 million for the second quarter of 2009.

Please see attached files:

•         Q2 2009 Financial Report
•         Q2 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