Nexus and APL join forces

With the successful private placement in Nexus Floating Production Ltd., Nexus will issue 13.0 million shares of which 40% will be owned by the Norwegian based APL ASA which has invested $52 million in the placement.

Carl Arnet, CEO of APL states that “We are proud to give birth to a new-building specialist like Nexus. The company will target strategic opportunities in the upcoming wave of offshore developments. The aim of Nexus is to significantly reduce lead time for first oil for developments in harsh environment and strict regulatory regimes”. Anders Holm, CEO of Nexus, states that “With the proceeds of the private placement in place, the company is now ready to pursue its business objectives and follow up on the interest shown by the industry for the company?s generic FPSO”.

Nexus has entered into a turn key contract with Samsung of Korea for the delivery of the FPSO including topsides and a turn key contract with APL for the delivery of their revolutionary STP 5000 turret. The concept will fully utilize several unique features, like connect and disconnect associated with the APL turret technology. The unit has several unique capabilities such as rapid deployment and hurricane management. The Nexus unit will be applicable to all operating theatres of significance, and is scheduled for delivery from the yard in June 2009. APL, as commercial manager has already received strong industry interest for the vessel.

Nexus plans to build, own and operate a fleet of FPSOs and an option for a second unit, also to be built by Samsung, has already been secured.