Serica Energy PLC (AIM:SQZ) interim financials reflect a period impacted by downtime, with the North Sea firm’s Triton floating production vessel offline since January.
It reported a loss after tax of $43.1 million for the six months to 30 June, down from compared with a $82.5 million profit a year earlier.
Revenue fell to $305 million from $462 million. Earnings (EBITDAX) was $118 million, from $279 million.
Production averaged 24,700 boepd, down from 43,700 boepd in the same period of 2024.
Chief executive Chris Cox, meanwhile, noted the robustness of Serica’s gas assets, which provided much of the remaining production, as well as its development assets, which promise to elevate output in the future.
"Serica has felt like a coiled spring in the first half of 2025,” he said.
“The resilience of our gas production from the Bruce Hub and strong Q1 gas prices, coupled with a robust contribution from our other producing assets, helped deliver a creditable financial performance despite the downtime at the Triton FPSO.
Cox added: “With the ramp-up from Triton progressing, we should soon return to production levels of around 50,000 boepd, with more to come as new wells at Guillemot and Evelyn come onstream.”
Serica had $174 million of cash at year end, up from $148 million, thanks to a $71 million tax refund; meanwhile, net debt reduced to $57 million.
The North Sea firm is paying a 6p interim dividend, down from 9p last year.