BW Offshore Updates on Agreement for FPSO Nexus 1

Reference is made to the notice of April 7, 2009, where Premier Oil with partners and BW Offshore have signed a Letter of Understanding (LoU) for the charter of the FPSO Nexus 1 offshore Vietnam. The LoU is conditional upon a substantial financial
restructuring of Nexus Floating Production.

Nexus Floating Production has in a separate notice today reported that their Board of Directors is working on a restructuring plan. The plan is subject to approval by the various stakeholders. BW Offshore will, subject to financing and approval by the Board of Directors of BW Offshore, underwrite a potential private placement in Nexus Floating Production of US $104 million.

BW Offshore has the intention to enter into an agreement with Nexus Floating Production related to the field specific upgrade and
operation of the Nexus FPSO 1. The agreement has a potential contract value of US $160 million to cover field specific investments. BW Offshore will also be compensated for the operation of the FPSO.
 

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