Enquest Plc

EnQuest reported higher first-half production and cash flow for 2026 while advancing its planned acquisition of offshore Malaysian assets, which management says will more than double the company's production scale. Cash revenue rose 18% to $609 million, adjusted EBITDA increased 13% to $273 million, and operating cash flow climbed 31% to $281 million, despite a deferred Magnus cargo and third-party production disruptions. The Malaysian acquisition, expected to close on December 31, is projected to lift net working-interest production by 134% to over 100,000 barrels of oil equivalent per day, increase 2P reserves to roughly 300 million barrels, and reduce group operating costs by about 35%. EnQuest narrowed its full-year production guidance to 41,000–43,000 Boepd from 41,000–45,000 Boepd, following a loss of more than 4,000 Boepd at Magnus due to Ninian Central Platform downtime. The company maintains its 2026 cost guidance of $670 million and continues advancing the Magnus bypass project and Kraken enhanced oil recovery plans.

CB&I's Asset Solutions business has been awarded a contract extension by EnQuest to continue as duty holder for the Kittiwake platform in the UK North Sea, carrying responsibilities through to cessation of production and asset decommissioning. The agreement expands CB&I's remit from late-life management to overseeing the final phases of the asset's operations, including preparations for eventual removal. The Asset Solutions team, previously part of Petrofac, has delivered the outsourced duty holder role on the Kittiwake platform since 2003, with EnQuest as operator since 2014. CB&I Asset Solutions chief operating officer John Pearson said the extension is testament to the productive and long-standing relationship with EnQuest and the team's nearly 23 years of experience as outsourced duty holder. The Kittiwake platform functions as a hub for multiple subsea tie-backs in the Greater Kittiwake Area.