Serica sees surge in profits for 2018

Serica Energy has reported a growth in profits for 2018.

The firm saw pre-tax profits of £45 million last year, compared to £8.3m in 2017.

Sales revenues also saw a spike, growing by £11m in 2918.

However, as a group, Serica took on a greater amount of financial liabilities and currently sits with with a negative balance sheet of almost £330m.

Serica completed the acquisition of stakes in the the North Sea’s Bruce, Keith and Rhum (BKR) assets last year.

Deals with BP, Total, BHP and Marubeni, saw Serica take on more than 100 workers from BP as it acquired the northern North Sea fields in 2018.

Serica has 60 full-time staff and contractors in place at the new Hill of Rubislaw facility in Aberdeen.

Mitch Flegg, Serica’s chief executive, said: “2018 has been a year of incredible achievement. Serica has established itself as one of the leading independent UKCS operating companies and has assembled a talented and motivated operating team. We intend to use these skills to continue to optimise the value of all of our assets.

“In particular we aim to extend the field life of the BKR assets by concentrating on enhancing recovery and reducing costs through eliminating unnecessary complexity. The multi-disciplinary team is already delivering exceptional results as demonstrated by the continued strong production during the first four months of Serica BKR operatorship.

 “We also aim to expand the portfolio at all stages – exploration, appraisal, development and production. Our operating expertise is based around the Central and Northern North Sea and (coupled with tax synergies) this means that the search for new opportunities is currently focused on the UKCS.

“Serica’s growth has been supported by our commitment to identify opportunities based on value rather than volume. We will continue to look for assets (preferably operated rather than non-operated), where Serica can add value when the current operator may be unable to do so.”

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