Company posted revenue of $305 million for six months, down from $462 million in the same period last year
LONDON: Serica Energy plc (AIM: SQZ), a British independent oil and gas company operating in the UK North Sea, reported a resilient financial performance for the first half of 2025, despite a significant production impact from the Triton FPSO shutdown.
The company posted revenue of $305 million for the six months ended June 30, down from $462 million in the same period last year. Production averaged 24,700 barrels of oil equivalent per day (boepd), compared to 43,700 boepd in H1 2024, largely due to the Triton facility being offline from January 28 through the end of the period.
CEO Chris Cox described the company as “a coiled spring,” citing strong gas prices in Q1 and continued optimization at the Bruce Hub. “With ramp-up from Triton progressing, we expect to return to production levels of around 50,000 boepd,” Cox said. “New wells at Guillemot and Evelyn will further support output, while Belinda is on track to come online in early 2026.”
Serica’s five-well drilling campaign at Triton concluded ahead of schedule and $31 million under budget, with all wells exceeding pre-drill expectations. The BE01 well at Belinda tested at 7,500 boepd.
Despite the production shortfall, Serica maintained a strong cash position of $174 million, bolstered by a $71 million tax refund. Capital expenditure reached $138 million, and net debt was reduced to $57 million. The company declared an interim dividend of 6 pence per share, payable on November 20.
Looking ahead, Serica forecasts full-year production of 33,000 to 35,000 boepd. Capital expenditure is expected to reach the top end of the $220–250 million range, driven by accelerated investment in Belinda. Operating costs are projected to remain steady at approximately $330 million.
The company is also preparing to transition from AIM to the Main Market of the London Stock Exchange in early Q4 2025, signaling its growth ambitions.
Serica continues to evaluate M&A opportunities in the UK North Sea and is advancing plans for the Kyle redevelopment, targeting a final investment decision in H1 2026.