Update on Nexus Floating Production

(Bermuda, 4 May 2009):  Reference is made to the previous notices regarding Nexus Floating Production, where it has been reported that Premier Oil with partners and BW Offshore have signed a Letter of Understanding (LoU) for the charter of the FPSO Nexus 1 offshore Vietnam. The LoU was signed based on the marketing agreement between Nexus Floating Production and APL (Advanced Production & Loading).

 

Nexus Floating Production has in a separate notice today reported that no solution has been found in the restructuring of the debt of Nexus Floating Production. Currently, no solution has been found in the restructuring of the Nexus Floating Production debt through the discussions with the bank and bondholders.  BW Offshore will as such not take part in the restructuring with new equity or any other commitments.

 

 

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.