Nexus Floating Production has signed a Letter of Intent (LOI) with
Burgundy Global Exploration Corporation (BGEC) for the lease of the
FPSO Nexus#1. The contract is for a period of seven years, with first
oil scheduled for Q1 2010. The LOI is for the Camago Malampaya Oil
Leg (CMOL) project offshore the Phillipines. BGEC is granted a first
right of refusal which enables Nexus to continue promoting the vessel
in the market.

The agreement has a value of approximately USD 800 millions for a
managed lease of the Nexus#1 generic FPSO over the seven year
contract period. Field specific adaptations of the generic unit will
be compensated separately.

"We are pleased to sign a Letter of Intent with BGEC for the CMOL
project, a challenging field development in deep water in an area
subject to typhoon activity. This confirms our expectations for a
stronger market in deep waters, and we are happy to be in a position
to support such developments with our FPSOs," says Anders Holm, CEO
of Nexus Floating Production.

The CMOL project will develop the oil rim in the Malampaya Field, an
oil and gas discovery located offshore the Phillipines 70 kilometers
from the Palawan Islands on a water depth of 850 meters. The Camago
Malampaya Oil Leg project is owned 84.9 percent by BGEC and 15.1
percent by Phillipines National Oil Company Exploration Corporation
(PNOC-EC).

For further information, please contact:
Anders Holm, CEO
aho@nexusfp.no
+47 90 60 50 72

Arild Bårdsen, CFO
aba@nexufp.no
+47 92 66 75 90

Nexus Floating Production Ltd is located in Singapore and has a
project office in Arendal, Norway. The company's strategy is to be a
world-class leading supplier of high quality harsh environment FPSOs.
The company has ordered two FPSO's from Samsung Heavy Industries in
Korea and two Submerged Turret Production (STP) systems from Advanced
Production and Loading (APL). The vessels are scheduled for delivery
in June 2009 and May 2011.

Please visit www.nexusfp.no for more information

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)