Xcite Energy Limited, through its 100% subsidiary Xcite Energy Resources Limited ("XER"), has entered into a Memorandum of Understanding ("MOU") with Teekay Shipping Norway AS (“Teekay”), which sets out the principles of co-operation for the supply of a floating storage and offloading (“FSO”) facility for the life of the UK CNS Bentley field. The FSO is based on Sevan Marine’s cylindrical floater technology, and will be bridge linked to the Bentley production platform.
XER and Teekay intend to work together on an exclusive basis during the project, from front end engineering through fabrication, hook up and onwards into production operations and maintenance.
Sevan Marine ASA will work closely with, and formally as a sub-contractor to, Teekay under this MOU.
The information in this announcement is subject to the disclosure requirements of the Norwegian Securities Trading Act section 5-12 and/or the Oslo Børs - Continuing Obligations.
About Sevan Marine
Sevan Marine ASA is specializing in design, engineering and project execution of floating units for offshore applications, based on its patented cylindrical floater technology. Sevan Marine ASA is listed on Oslo Børs with ticker SEVAN.
About Teekay
Teekay is the world's leading midstream marine services company and a vital link in the global energy supply chain.
About Xcite Energy Limited
Xcite Energy Limited is a heavy oil appraisal and development company, which is currently focusing on the development of discovered resources in the UK North Sea.