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Xcite unveils deal over Bentley platform construction

Published: 08:02 04 Jul 2014 BST

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Xcite Energy (LON:XEL) has advanced development of its Bentley heavy oil field in the North Sea - with a deal over the construction of a platform.

It has entered a memorandum of understanding with Aibel setting out the principles for the engineering, procurement and construction (EPC) of the Arup designed self-installing ACE platform.

Aibel will work with AMEC, which is the project manager.

Xcite chief Rupert Cole told investors today: "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."


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