Investing.com -- Serica Energy shares fell 4% on Monday after the North Sea producer said a delayed restart at its Triton hub will pull 2026 output below its earlier path, even as it held cash-flow guidance.
Serica now expects 2026 production to average just below 40,000 barrels of oil equivalent per day (boepd) because maintenance at its Triton production vessel is running longer than planned.
The work began on 27 July and was expected to last about two months, but an engine in one of the power generation units needs replacing, so the operator now expects production to resume around the end of November.
Post-tax cash flow from operations guidance was kept at $450 million to $475 million, supported by current gas prices, Serica said.
Chief executive Chris Cox said output is already around 40,000 boepd before Triton restarts. "While the extended maintenance downtime required at the FPSO is frustrating, it is necessary, and we remain on track to hit production rates of 65,000 boepd from our enlarged portfolio by the end of the year," he said.
Production averaged 37,100 boepd in the first nine months, up 44% from 25,700 a year earlier. Revenue in that period was $905 million, against $439 million a year earlier.
Cash was $227 million at 30 September, down from $326 million at 30 June, after third-quarter payments of a $52 million final dividend, a $27 million tax payment and $43 million paid to Spirit Energy on completing their transaction. Borrowings were $300 million, leaving net debt of $73 million.
Serica will publish a prospectus this week for its move from AIM to the Main Market, with admission four trading days later, making it eligible for the FTSE 250 in December. It will give 2027 guidance on 20 January 2027.
Original Article
Serica Energy falls 4% as Triton delay cuts 2026 output outlook
