Serica Energy falls 4% as Triton delay cuts 2026 output outlook

Serica Energy's shares declined by 4% on Monday following the announcement that the restart at its Triton hub in the North Sea will delay 2026 production. The company is now projecting 2026 production to average just below 40,000 barrels of oil equivalent per day (boepd) due to ongoing maintenance at the Triton production vessel.

The maintenance, which began on July 27th, was initially expected to last two months. However, an engine replacement in one of the power generation units has extended the downtime, now expected to conclude around the end of November. Despite the delay, Serica's chief executive, Chris Cox, maintains that production is currently at 40,000 boepd even before the Triton restart.

The company remains on track to achieve production rates of 65,000 boepd from its expanded portfolio by year-end. In the first nine months of the year, production averaged 37,100 boepd, a 44% increase from the previous year. Revenue for this period reached $905 million, compared to $439 million a year earlier. Cash at the end of September was $227 million, down from $326 million at the end of June, after paying a $52 million final dividend, a $27 million tax payment, and $43 million to Spirit Energy as part of their transaction.

Borrowings stood at $300 million, resulting in net debt of $73 million. Serica plans to release a prospectus this week for its transition from AIM to the Main Market, with the move becoming eligible for the FTSE 250 in December. The company will provide 2027 guidance on January 20, 2027.