Xcite Enters LOI Extension for Rowan Jackup

Xcite has entered into an extension to the binding letter of intent ("LOI") with British American Offshore Limited ("BAOL"), part of Rowan Companies, Inc. for the N-Class Rowan Norway jackup rig.

The LOI has been extended by mutual consent to February 11, 2011 with no amendment to the existing termination fee payable by XER in the event it does not enter into a definitive agreement by this date.


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