Navitas has made progress on the Sea Lion NDA Phase 1 development and confirms that works in the Falkland Islands are progressing according to plan and are focused on preparing the quay and the shore base that will serve the project; constructing accommodation; and carrying out additional infrastructure works in preparation for the arrival of the drilling rig in the Falklands and commencement of drilling in early 2027.
The manufacture of the long-lead items, including flexible flowlines, wellheads, and subsea Xmas trees. is continuing, while the FPSO Aoka Mizu has been disconnected from the field it previously served and is en route to a shipyard in Southeast Asia, with its arrival expected in early September 2026.
Navitas and Rockhopper are discussing the optimal arrangement for how the acquisition of the FPSO OSX-1 might be structured between them. While these talks are ongoing, the operator’s partner has determined that it requires funding to take up its pro rata ownership of the vessel (35%) and meet any associated pre-FID costs.
The company has received strong indications of interest from existing shareholders and potential new investors to support it in the acquisition of its pro rata share of the OSX-1 and to fully participate in the consequential accelerated development of the CDA.
Samuel Moody , Chief Executive Officer of Rockhopper, commented: “ Today’s update from Navitas reflects its continued commitment to developing and accelerating Sea Lion, and the consequential significant enhancement of the project’s value.
“We are working alongside Navitas to ascertain the optimal structure for Sea Lion’s participation in OSX-1 and are planning a capital raising to secure the required financing. We have already received positive indications of support for this financing and we look forward to updating the market in due course as appropriate. “