Xcite Energy Inks MoU with Teekay Shipping (UK)

Xcite Energy Limited has entered into a Memorandum of Understanding with Teekay Shipping Norway AS for the supply of a floating storage and offloading facility (FSO) for 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.

Sevan Marine, April 7, 2014

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