Nexus delays vessel

Norwegian oilfield services firm Nexus Floating Production, located in Singapore, informs that its first production vessel upon delivery in June is delayed because of a lack of projects.

According to Reuters the world-wide economic downturn has led to delays in the production and cancellations of several petroleum developments as crude prices have plummeted from peaks hit in mid-2008.

Nexus has ordered two floating production, storage and offloading (FPSO) vessels from Samsung Heavy Industries in Korea. The Norwegian concern has $387 million in interest-bearing debt and the vessel projects are valued at $573 million on its balance sheet.

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