Xcite enters into a Memorandum of Understanding ("MOU") with Aibel AS

Xcite enters into a Memorandum of Understanding ("MOU") with Aibel AS

Xcite Energy (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL) announces that its 100% subsidiary, Xcite Energy Resources Limited (“XER”), has entered into a Memorandum of Understanding (“MOU”) with Aibel AS (“Aibel”), which sets out the principles for executing the Engineering, Procurement and Construction of the Ove Arup & Partners (“Arup”) designed self-installing ACE platform selected for the Bentley field.
Aibel will work with AMEC, the international engineering and project management company, acting as XER’s Project Management Contractor, to deliver the ACE platform. XER believes that the combination of the AMEC, Arup and Aibel project management, engineering, and construction experience will deliver a quality and cost effective asset.
Rupert Cole, CEO of Xcite Energy, commented:
“We are very pleased to have Aibel, with its experience and expertise in offshore projects, join the Bentley development group for the construction of the ACE platform, which has significant economic benefits over the life of the field, including rapid deployment and ease of decommissioning. This further validates our strategy and development plan as we continue to refine the project costs and reduce future schedule risk through the early involvement of our development partners, prior to submission of a field development plan.”
Source: xcite energy

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