Nexus Progressing According To Plan

The Nexus #1 building project is progressing according to plan. The work with an employment contract for Burgundy Global Exploration Corporation in the Philippines is developing according to expectations. The vessels attract interest from a number of potential clients, confirming an active market in deeper waters.
    The company has decided to postpone the delivery of Nexus#2 to May 31, 2011. The main reason for this was to adjust the delivery of the vessel to the expected maturity of several field development projects in the company’s target areas.
    During the third quarter the company has completed paid placement study work. The long term demand for FPSOs looks promising due to exploration activities in deeper waters and remote areas, where FPSOs often are the chosen development solution.
    “It is satisfying to report that the progress of the Nexus#1 project is according to plan. We have an optimistic view regarding the LOI with Burgundy Global Exploration Corporation, which is expected to be transferred into a contract during the fourth quarter, as previously announced.
    The long term market for high-quality FPSOs for harsh environment and deep waters is strong, and the Nexus vessels are well positioned to meet this demand.” says CEO Anders Holm.

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