LONDON (Alliance News) - Xcite Energy Ltd Monday said its Xcite Energy Resources Ltd subsidiary has signed a memorandum of understanding with Teekay Shipping Norway AS setting out principles of co-operation for the supply of a bridge linked Sevan floating storage and offloading facility for the life of the Bentley oil field in the North Sea.
In a statement, Xcite said it intends to work with Teekay exclusively during the project, from front end engineering through fabrication, hook up and onwards into production operations and maintenance.
No financial details were provided.
Xcite Energy shares were up 1.8% at 69.75 pence early Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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