Ithaca Delays North Sea Scheme

摘要

UK North Sea producer Ithaca's shares took a hit Tuesday after it warned investors the startup date for its flagship Greater Stella Area project had slipped again. But the company also had more positive news with the announcement of a farm-in to the nearby Vorlich discovery. Ithaca now anticipates first output from Stella in the third quarter of 2016, instead of the second quarter, due to delays with delivery of a floating production unit. Sail-away of the facility from Poland is expected to be pushed back by 6-12 weeks. The company will be compensated under the terms of its recent contract with oil-field services group Petrofac (IOD Sep.29'15).