Ocean Installer secures Letter of Intent from Xcite Energy

Contracts, Tenders and Rates - March 16, 2012

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Ocean Installer has received a Letter of Intent (LOI) from Xcite Energy Resources Ltd (XER) for the installation of two oil export pipelines from the Rowan Norway jack-up to a shuttle tanker.

The LOI received for XER for the Bentley fields is for the installation of two oil export pipelines of 2.1km each from the Rowan Norway production jack-up to a shuttle tanker.

The work is expected to be performed in April 2012, using the subcontracted vessel from Reef Subsea Power and Umbilical.

"We are very pleased with this LOI from XER. This is an important milestone for Ocean Installer as the contract marks our entry into the UK subsea market", says Steinar Riise, CEO of Ocean Installer.

The Bentley field is located in UKCS Block 9/3B approx. 160 km East of Shetlands at a water depth of 113 m. XER is embarking on tep 1A of its planned development program for Bentley (FPD-1A).

The FPD-1A programme comprises one production well with two laterals, drilled from the Rowan Norway jack-up, producing across the jack-up through process kit to degas and stabilize the crude, prior to pipeline transfer to a dynamically positioned shuttle tanker.

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