Serica Energy Says Triton Restart Is Expected Around End of November

Serica Energy (LON: SQZ), the UK North Sea oil and gas producer, said its Triton platform is not expected to restart until around the end of November, after extended maintenance, and that 2026 production should average just below 40,000 boepd.

The shares were lower in early trading today. They stood at 273.2p at 8.15am London time on a delayed quote, down 2.4% from Friday’s close of 280p. That is well above the three-month closing low of 225p but short of the 283p closing high. Nothing in the update explains the move.

SQZ.LSE

Maintenance at the Triton FPSO, a floating production, storage and offloading vessel, began on the 27th of July. An engine change-out on a power generation unit was then identified, and the operator expects production to resume around the end of November.

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While the extended maintenance downtime required at the FPSO is frustrating, it is necessary, and we remain on track to hit production rates of 65,000 boepd from our enlarged portfolio by the end of the year.

Chris Cox, CEO, Serica Energy

That 65,000 barrels of oil equivalent a day (boepd) is a reiterated expectation, not a new target, and it relies on Triton coming back. Output is currently over 40,000 boepd without it, including around 12,000 boepd from the Spirit Energy southern North Sea gas portfolio.

Serica expects 2026 production to average just below 40,000 boepd. The first nine months averaged 37,100 boepd, up 44% from 25,700 a year earlier.

Guidance for post-tax cash flow from operations (CFFO) of $450-475m is unchanged, which Cox put down to the strength of the prevailing gas price.

Line chart of Serica Energy's daily closing share price over three months, ending just below its September high — Serica Energy share price, daily close in pence, 15 July to 16 October 2026

Serica is also moving from AIM to the London Stock Exchange’s Main Market, with the prospectus due later this week. The company says it would then be eligible for the FTSE 250 in the December index review.

Eligibility is not promotion. Inclusion can bring buying from funds that track an index, but FTSE Russell has not confirmed anything. Serica will give 2027 guidance on the 20th of January.