Xcite Energy Share News (XEL)

North Sea-focused Xcite Energy has entered into a memorandum of understanding with Teekay Shipping Norway for the supply of a bridge linked Sevan floating storage and offloading (FSO) facility for the life of its flagship Bentley field.AIM-listed Xcite said that the bridge linked Sevan FSO offers "significant benefits" to the overall development of Bentley, including available deck space to locate utilities on either the platform or FSO.It also believes that there would be reduced flow assurance risk, due to the removal of subsea pipelines and minimised motion characteristics to aid reservoir fluid dehydration. "We are very pleased to be joined by Teekay as a partner in the development group, following on from their important role in the successful Bentley extended well test," said Xcite's Chief Executive Rupert Cole. "Building on this relationship as we progress Bentley towards production, we believe will deliver the Sevan FSO as a vital component of the Bentley field development plan."The stock was up 1.6% at 69.6p by 08:28.BC