NEXUS FLOATING PRODUCTION LIMITED Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012

Nexus Floating Production Limited Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012

Nexus Floating Production Ltd: Fourth Quarter and preliminary results 2012 During the quarter the Company has completed the closing of the agreement with the Bondholders and no further bond debt exist. The construction contract with Samsung for the Nexus#2 FPSO has been cancelled, and the Board of Directors is, after having explored all possible options, considering a de-listing from Oslo Axess followed by a solvent liquidation of the Company. Finance The Company had no operating income in the fourth quarter of 2012. The total operating cost for the fourth quarter was USD 0.2 million which is the same as in the fourth quarter 2011. The financial items for the fourth quarter are positive with 64,1 million. This is due to net reduction of debts to the bondholders, as the closing of the agreement with the bondholders was finalised during the quarter. Thus the result for the Company in the fourth quarter of 2012 was a profit of USD 64 million compared to a loss of 0.2 million for the fourth quarter in 2011. In 2012 the Company had no operating income, which is equal to the situation for the previous year. The operating cost was USD 0.8 million compared to USD 0.7 million for 2011. The financial result for the year is a profit of USD 67.1 million compared to a loss of USD 0.7 million for the previous year. The assets consist of cash holdings of USD 0.8 million and a USD 0.23 million cash reserve booked as other current assets to cover an equivalent short term liability. The Company has an equity of USD 0.8 million and short term liabilities of USD 0.2 million.

The closing of the agreement with the bondholders as referred to above was finalised 19 October 2012. The main terms of the agreement were: • Nexus paid USD 2 850 000 to the bondholders. • The bondholders released their claims in respect of the two residual loans and terminated the two pertaining bond loan agreements. • Nexus entered into a profit share agreement with a special purpose vehicle owned by the bondholders, where any future income deriving from the construction contract for the Nexus #2 FPSO would be split equally between the Company and the bondholders. Early November and in accordance to the provisions of the construction contract for the Nexus#2 FPSO, Samsung Heavy Industries issued a notice of termination of the construction contract. The Board evaluated the Company’s position with respect to the cancellation, and could see no other possibility than to accept the termination, and the construction contract was thus terminated with no further liability to the Company.

Due to the termination of the Nexus#2 FPSO construction contract the basis for the profit share agreement with the

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bondholders as referred to above no longer exists. The Company has sufficient remaining cash to perform a solvent liquidation. Accounting principles The preparation of the interim report is based upon IAS 34, and the accounting principles are equal to the 2011 Annual Report. The interim report has not been audited. Organisation The Company is managed by Nexus Floating Production Norge AS. Outlook: Solvent liquidation After the closing of the agreement with the bondholders and the termination of the Nexus#2 FPSO construction contract, the Board of Directors has evaluated the Company’s strategic options. The Board of Directors has not been able to establish a financial and strategic basis for continuing its business, and has started the process of evaluating a solvent liquidation process under Singapore law for the Company and its subsidiaries. This process is expected to start within the 1st quarter of 2013, and the shareholders will in such event receive a call for an Extraordinary General Meeting proposing to apply for a Members Voluntary Liquidation, the appointment of a Liquidator and de-listing from Oslo Axess.

Nexus Floating Production Limited Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012

Singapore, 27 February, 2013

The Board of Directors

Finn Bjørnstad Chairman

Carl K. Arnet Vice-Chairman

Jean-Jacques Royant Director

Knut R. Sæthre Director

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Harry J. Bitounis Director

Nexus Floating Production Limited Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012 Consolidated figures¹ (in USD 1000) NEXUS FLOATING PRODUCTION LTD Consolidated figures according to IFRS

INCOME STATEMENT

Q4

Q3

Q2

Q1

Q4

YTD

TOTAL

2012

2012

2012

2012

2011

2012

2011

(USD 1000)

Revenues

0

0

0

0

0

0

0

0 35 162

0 35 119

0 41 204

0 44 191

0 44 116

0 155 676

0 198 583

-197

-154

-245

-235

-160

-831

-781

0 0

0 0

0 0

0 -3 748

3 -32

0 -3 748

23 -98

-197

-154

-245

3 513

-131

2 917

-706

Financial income Financial costs

4 64 193

0 -44

25 -5

3 -16

154 -145

32 64 128

149 -159

Profit before taxes

64 000

-198

-225

3 500

-122

67 077

-716

42

9

-4

-11

5

36

0

64 042

-189

-229

3 489

-117

67 113

-716

Exchange differences on translation of foreign operations Other comprehensive income for the period

174 174

-5 -5

0 0

-4 -4

-105 -105

165 165

-67 -67

Total comprehensive income for the period

64 216

-194

-229

3 485

-222

67 278

-783

Earnings per share (USD) Diluted earnings per share (USD)

3,3710 3,3710

-0,0102 -0,0102

-0,0120 -0,0120

0,1829 0,1829

-0,0117 -0,0117

3,5317 3,5317

-0,0411 -0,0411

Cost of sales Employee benefits Other operating expenses EBITDA 2 Depreciation Write down/(reversal) EBIT 3

Taxes Profit after taxes Other comprehensive income

1

The figures are not audited Earnings before interest, taxes, depreciation and amortisation 3 Earnings before interest and taxes 2

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Nexus Floating Production Limited Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012 NEXUS FLOATING PRODUCTION LTD BALANCE SHEET

31.12 2012

(USD 1000)

30.09 2012

31.03 2012

30.06 2012

31.12 2011

ASSETS NON-CURRENT ASSETS Intangible assets Vessels under construction Other non-current assets Pension funds

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

TOTAL NON-CURRENT ASSETS

0

0

0

0

0

249 759 0

255 3 692 0

255 3 876 0

345 4 125 0

319 700 0

TOTAL CURRENT ASSETS

1 008

3 947

4 131

4 470

1 019

TOTAL ASSETS

1 008

3 947

4 131

4 470

1 019

764

-63 452

-63 258

-63 029

-66 514

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

CURRENT LIABILITIES Non-Interest bearing Loans and Borrowings Trade and other payables Income tax payable Public duties payable Other short-term liabilities TOTAL CURRENT LIABILITIES

0 39 -36 0 241 244

67 025 70 6 0 298 67 399

67 025 30 15 0 319 67 389

67 025 39 11 1 423 67 499

67 025 66 0 1 441 67 533

TOTAL LIABILITIES

244

67 399

67 389

67 499

67 533

1 008

3 947

4 131

4 470

1 019

CURRENT ASSETS Other current assets Cash and cash equivalents Asset held for sale

EQUITY AND LIABILITIES SHAREHOLDERS EQUITY (note 1) LIABILITIES Interest bearing loans (note 1) Non-interest bearing loans Pension liability Deferred tax liability TOTAL NON-CURRENT LIABILITIES

TOTAL EQUITY AND LIABILITIES

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Nexus Floating Production Limited Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012

NEXUS FLOATING PRODUCTION LTD CASH FLOW STATEMENT

YTD

TOTAL

2012

2011

(USD 1000)

CASH FLOW FROM OPERATING ACTIVITIES Ordinary profit before taxes Ordinary depreciation Share option program Income tax paid Interest income Interest cost Financial gain Changes in debtors and creditors Other non cash adjustments Change in other balance sheet items NET CASH FLOW FROM OPERATING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES Investment in other non-current assets Interest received NET CASH FLOW FROM INVESTMENTS ACTIVITIES

CASH FLOW FROM FINANCIAL ACTIVITIES Incorporation/increase in capital Reduced current liabilities Interest paid and capitalized NET CASH FLOW FROM FINANCIAL ACTIVITIES NET CASH FLOW Cash as at start of period Cash as at end of period

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67 077 0 0 0 32 0 4 0 -29 67 084

-716 23 0 0 149 -159 0 0 0 -166 -869

0 0 0

0 0 4

0 -67 025 0 -67 025

0 0 0

59 700 759

-865 1 565 700

Nexus Floating Production Limited Interim Consolidated Financial Information Fourth Quarter and preliminary results 2012 NEXUS FLOATING PRODUCTION LTD STATEMENT OF CHANGES IN EQUITY (USD 1000)

Share capital

Equity as at 1 January 2011 Net profit for the period Share based payments Currency translation effect Equity as at 31 December 2011 Equity as at 1 January 2012 Net profit for the period Share based payments Currency translation effect Equity as at 31 December 2012

Retained earnings

Other paid-in equity

Currency translation effect 85

Share-based payments

187 738

(264 752) (716)

9 428

187 738

(265 468)

9 428

(67) 18

1 770

187 738

(265 468) 67 113

9 428

18

1 770

9 428

165 183

1 770

187 738

(198 355)

1 770

Total equity

(65 731) (716) (67) (66 514) (66 514) 67 113 165 764

Disclaimer for forward-Looking Statements This Report includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Nexus Floating Production Ltd. and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Nexus Floating Production Ltd’s businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Nexus Floating Production Ltd. believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Neither Nexus Floating Production Ltd. nor its Directors or any of its subsidiaries is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Nexus Floating Production Ltd., any of its subsidiaries nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Nexus Floating Production Ltd. undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report. Nexus is founded as a Singapore company, governed under Singapore law and is managed by Nexus Floating Production Norge AS under a management agreement. For further information, visit: www.nexusfp.no Or contact: Anders Holm, CEO, [email protected], +47 90 60 50 72 Arild Bårdsen, CFO, [email protected], +47 92 66 75 90

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