Signed LoU for FPSO Nexus 1

(Bermuda, 7 April 2009): Premier Oil with partners and BW Offshore have signed a Letter of Understanding (LoU) for the charter of the FPSO Nexus 1. The LoU has been signed based on the marketing agreement between Nexus Floating Production and APL (Advanced Production & Loading).

 

Nexus Floating Production is reporting that the LoU is conditional upon a substantial financial restructuring of Nexus Floating Production and has appointed an advisor in this respect.

 

 

For further information, please contact:

Carl K. Arnet, CEO BW Offshore, +65 9630 3290

Knut R. Sæthre, CFO BW Offshore, +47 9111 7876

 

 

BW Offshore is one of the world's leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has more than 25 years' experience and has successfully delivered 13 FPSO projects and 50 turrets and offshore terminals. BW Offshore's technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore has a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com and www.apl.no.