LONDON (Reuters) - North Sea-focused oil producer EnQuest (ENQ.L) on Thursday reported a sharp drop in first-half profits on lower production and delays in ramping up its flagship Kraken oilfield.
EnQuest’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2017 fell to $151 million million (115.73 million pounds) from $243 million a year earlier, broadly in line with the $153 million expected by analysts polled by Reuters.
EnQuest kept its previous full-year production guidance, which calls for a fall of as much as 18 percent to 10 percent above or below 37,015 barrels of oil equivalent per day (boed).
The London-listed company’s shares have traded near a 10-month low since it forecast the fall in production due to delays in bringing Kraken’s floating production, storage and offloading (FPSO) vessel into operation and lower production from some of its other North Sea oilfields.
Other operational issues and the lack of recent drilling in other existing fields will also impact production, it said.
Reporting by Ron Bousso; editing by Jason Neely