MOU with Teekay Shipping

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.