Serica Energy Faces Delays in North Sea Production Amid Triton Unit Repairs

Serica Energy announced production delays from the Triton FPSO in the North Sea due to extended repair timelines. Damages from Storm Eowyn postponed operations previously expected to resume by March. The company is consulting with operator Dana Petroleum for improvements and discussing long-term solutions for operational efficiency.

Serica Energy has announced that resumed production from its Triton floating production storage and offloading (FPSO) unit in the North Sea is delayed until May due to repair setbacks. Originally, operations were slated to restart in March, following damages caused by Storm Eowyn in January.

Shares in Serica fell by 7.7% to 127.80p as of 0840 GMT. Discussions concerning repair plans are ongoing with operator Dana Petroleum, according to Serica's latest communication. "Our frustrations with the ongoing performance of the Triton FPSO have been well documented," commented CEO Chris Cox, alluding to the company's need for productive assets.

Serica is reviewing options for lasting performance enhancements of the Triton unit while acknowledging ongoing output capabilities at over 25,000 barrels of oil equivalent per day from other assets during Triton's downtime. Analyst Ashley Kelty points out recent well performance and potential upgrade opportunities, reinforcing the strategic importance of improving Triton's output for future production goals.

(With inputs from agencies.)