Xcite Energy secures platform construction deal for Bentley Field

4th Jul 2014 12:11

Xcite Energy has moved a step forward in its plans to develop the Bentley Field in the North Sea with a construction deal now confirmed.The AIM-listed group's wholly-owned subsidiary, Xcite Energy Resources (XER), has entered into Memorandum of Understanding (MoU) with Aibel AS.Aibel, which is expected to assist in developing the self-installing ACE platform to be used in the Bentley field, will assume the role of XER's project management contractor.The group will work with international engineering firm, AMEC, which it expects will add to the delivery of a "quality" and "cost effect" asset.Chief Executive Officer Rupert Cole said: "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."As of 12:46 the share price had risen 1.93% to 65.75p.WS