Britain's Serica Energy cut its 2025 production outlook on Wednesday, after a hit from a temporary slowdown in output at the Triton floating production storage and offloading vessel, sending its shares down nearly 14%.
Serica said production from the Triton vessel has been curtailed due to "vibration issues in the compression trains," adding that normal operations are expected to resume around the end of September once repairs are completed.
The oil and gas producer now expects annual production of 29,000–32,000 barrels of oil equivalent per day, down from its previous projection of 33,000-35,000 boepd.
It said production from Triton had reached over 25,000 boepd in August, while it works to ramp up production.
In January, Serica had reported that the Triton vessel resumed production towards the end of last year, following an issue with a single gas compressor in late October.
Jefferies analysts said the troubles at the Triton vessel were "negative but manageable," with no material financial impact, but "operational consistency must be achieved" at Triton.
The production setbacks come amid a volatile oil market, with prices pressured by slowing demand in major economies and ongoing geopolitical uncertainties.
Serica also said that pipeline work on the Bittern field, which is scheduled for November and will last for about three weeks, would temporarily halt production from the company's wholly owned Evelyn and Gannet fields.
(Reuters - Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich and Mrigank Dhaniwala)