Storm Eowyn Halts Serica Energy's North Sea Operations

Serica Energy has halted production at its Triton FPSO platform in the North Sea due to Storm Eowyn and anticipates resuming mid-to-late March. The company reviewed its 40,000 boepd outlook after shares fell 14%. Repairs were necessary following damage after a brief restart in January.

Serica Energy has suspended operations at its Triton FPSO platform in the North Sea due to Storm Eowyn, the company confirmed on Tuesday. Production is expected to resume by mid-to-late March, although Serica's stock fell dramatically following the announcement.

After shutting down on January 24 and briefly restarting on January 28, Serica discovered damage that has kept the platform offline for repairs. The shutdown follows a year of disruptions that impacted annual output, according to CEO Chris Cox.

Despite these challenges, a study indicated Triton FPSO's potential longevity beyond its original design, sparking discussions of operational integrity but also noting Serica's other assets and consistent dividend provision, said Jefferies.