Serica Energy 'frustrated' with further delay for Triton restart
Serica Energy
125.60p
16:35 20/03/25
Serica Energy announced on Wednesday that production from the Triton FPSO was now expected to remain offline until May, following delays in critical repairs.
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The AIM-traded firm said the vessel, operated by Dana Petroleum, was originally anticipated to resume production in mid-to-late March after sustaining damage from Storm Éowyn in January.
It cited ongoing maintenance issues and underperformance of the FPSO over the last year as key concerns.
Discussions were reportedly underway with Dana to explore all options for securing a lasting improvement in the vessel’s operational reliability.
“Our frustrations with the ongoing performance of the Triton FPSO have been well documented - it is not good enough for Serica, and it is not good enough for our shareholders,” said chief executive officer Chris Cox.
“Our drilling results around Triton have been tremendous, and these need to be converted into sustained production and cashflow.
“We are working closely with Dana to help support them with the current work, and to drive the change required to deliver a more predictable production performance going forward.”
At 1050 GMT, shares in Serica Energy were down 9.24% at 125.7p.
Reporting by Josh White for Sharecast.com.