Serica Energy Falls 4% as Triton Restart Delay Trims 2026 Output Outlook

3-line summary

• North Sea producer Serica Energy said maintenance on its Triton FPSO, which began July 27 and required an engine replacement on one of the power-generation units, has run longer than the planned roughly two months, pushing the restart to around late November; the company now expects 2026 average production slightly below 40,000 boepd, below its prior guidance path, while maintaining post-tax operating cash flow guidance of $450-475 million.
• Serica reported January-September average production of 37,100 boepd, up 44% from 25,700 boepd a year earlier, with revenue more than doubling to $905 million from $439 million; at September 30 it held $227 million in cash against $300 million in borrowings for net debt of $73 million, after Q3 outflows including a $52 million final dividend, $27 million in tax, and $43 million tied to completing the Spirit Energy transaction.
• The company is moving its listing from AIM to the Main Market, with a prospectus due this week and listing expected four trading days later, qualifying it for December FTSE 250 inclusion; CEO Chris Cox said production is running around 40,000 boepd even before the Triton restart and targeted 65,000 boepd across the expanded portfolio by year-end, with 2027 guidance due January 20, 2027. Shares fell 4% Monday.

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