Britain's Serica Energy reported a 50 per cent fall in annual pretax profit on Thursday, hurt by lower production due to outages at the Triton floating production storage and offloading vessel and higher operating costs.
Serica is moving to offset operational hurdles at its Triton hub through aggressive North Sea expansion, having recently integrated assets from Spirit Energy and Prax Upstream to diversify its production base after last year's outages hit output.
It reaffirmed that its 2026 production would be significantly over 40,000 barrels of oil equivalent per day (boepd). Output fell to 27,600 boepd in 2025 from 34,600 boepd in 2024 due to unscheduled Triton downtime.
The company reported pretax profit of $80 million for the year ended December 31, compared with $160 million a year ago.
(Reporting by Nithyashree R B in Bengaluru; Editing by Subhranshu Sahu and Sonia Cheema)