Nexus` FPSO projects on track - firm market interest
Arendal, 23 January 2008: The project development related to the two
FPSO`s Nexus#1 and Nexus#2 is progressing according to plan. Several
interesting prospects for employment of the vessels are being
pursued. Nexus retains its positive market outlook and is confident
it will secure attractive contracts for the vessels.
The company had no revenues in the fourth quarter, compared to USD
145 thousand in the corresponding quarter of 2006. For the full year
2007, revenues were USD 193 thousand caompared to USD 145 thousand in
2006. The revenues are related to paid vessel placement studies.
NEXUS had negative EBITDA of USD 1.3 million, compared to USD 0.4
million in the fourth quarter 2006. For the full year EBITDA was
negative with USD 4.3 million compared with USD 0.7 million in 2006.
In the fourth quarter of 2007 the company had a net loss before taxes
of USD 0.4 compared with USD 0,1 in the corresponding period 2006,
while the full year result was a loss of USD 2,9 million against a
loss of USD 0,2 million in 2006.
`Our two projects developed according to plan in 2007. There are
several potential clients in the process of evaluating the technical
solutions for bringing their oil resources to the market place, where
the Nexus FPSO with its harsh environment capability and early
delivery position should represent an attractive opportunity` says
CEO Anders Holm.
During 2007 the two vessels under order have been marketed
world-wide. Market opportunities have actively been pursued in all
main geographical target areas through bids, paid studies and
dialogue with possible clients. Prospects have been targeted
globally. The vessels are designed for operation in the North Sea,
the Atlantic West of Shetland and East of Canada, the Norwegian Sea
and the Barents Sea. Also the Gulf of Mexico and offshore Australia
are regions where the Nexus FPSOs will be well suited due to its
specifications and the high hurricane and typhoon activity in these
areas.
The company has fully financed both the first vessel and the
operational cost needed to run the company during the construction
period until the mid of 2009. During 2007 another MUSD 100 was
raised as part of the financing for the second vessel. Another USD
585 million is needed to complete the financing. According to the
company`s financial strategy parts or all of this will be raised
during the first half or 2008. The company is preparing for this,
and thus the 2007 financial statements have been prepared on a going
concern basis.
Attached: Fourth quarter and full year report 2007
For further information:
Anders Holm, CEO, +47 90 60 50 72
Arild Bårdsen, CFO, +47 92 66 75 90
Or visit
www.nexusfp.no
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
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