SHI, Nexus defer Nexus #2

Samsung Heavy Industries (SHI) and Nexus Floating Production have agreed to defer the Nexus #2 FPSO building project for an additional 18 months due to the adverse developments in the financial markets.

Offshore staff

SINGAPORE -- Samsung Heavy Industries (SHI) and Nexus Floating Production have agreed to defer the Nexus #2 FPSO building project for an additional 18 months due to the adverse developments in the financial markets. The agreement includes terms by which the project may be restarted at any point during the deferral period, when an employment commitment and funding are in place.

The agreement also gives Nexus an option to terminate the Nexus #2 contract with an exposure limited to $67 million, which has already been paid under the contract.

12/02/2008

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