Date: 14 May 2009

In response to today's article in the Norwegian newspaper Dagens Næringsliv

In today's article in the Norwegian newspaper Dagens Næringsliv about Nordic Heavy Lift it appears that the Company's BOREALIS project is experiencing a cost‐overrun of USD 100 million. As the Company has reported in the past, about USD 40 million is due to contractual related matters (mainly deliberately declared options to improve the vessel for deepwater construction work and to meet requirements of the classification society) and a USD 10 million cost increase, as the Company under estimated site team cost due to the number and level of remuneration of highly qualified people needed on different sites.

The remaining approximately USD 40 million is a combination of funds used by the Company to purchase part of its own bonds in the first quarter of 2009, and further to be used as additional working capital needed to operate the vessel on a standalone basis.

For more information:
CEO Rob Boer T +31 (0)8800 62710 M+31 (0)6 5356 5933

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