Ithaca Energy has confirmed plans to commence a major subsea construction campaign at the contentious Rosebank oil field in the North Sea in April 2026, marking a significant step forward in one of the region’s most closely watched energy projects.
The announcement follows a period of robust financial performance for Ithaca, which recently reported pre-tax profits more than doubling to $367.2 million (£273 million) in the first quarter of the year, buoyed by record production levels of 127,400 barrels of oil equivalent per day in the first three months of 2025.
The Rosebank development is progressing according to a multi-year timeline, with the subsea infrastructure installation campaign now scheduled to begin in April 2026.
This update comes as Ithaca continues to integrate its North Sea assets with those of Italian energy giant Eni, a move that executive chairman Yaniv Friedman describes as “transformational” for the business.
In addition to Rosebank, Ithaca is advancing its Cambo project, located west of Shetland. The technical refresh for Cambo is nearing completion, leveraging Eni’s expertise, and is expected to support the ongoing farm-out process and progress towards a final investment decision. However, this remains subject to fiscal and regulatory certainty.
Ithaca has also secured approval from the North Sea Transition Authority (NSTA) to proceed with development plans for the Fotla field in the central North Sea, following its acquisition of Spirit Energy’s 40% stake last year.
The company submitted a draft field development plan to the NSTA in April and is currently awaiting guidance on the environmental impact assessment before issuing a formal environmental statement.
The company’s recent strategic moves include increasing its stake in the Seagull asset to 50% through the acquisition of JAPEX UK and acquiring a further 46.25% interest in the Cygnus gas field from Spirit Energy, raising its operated working interest to 85%.
Executive Chairman, Yaniv Friedman, commented: “Our Q1 results demonstrate the transformational nature of the Eni UK combination, the successful integration, and operational efficiency across the portfolio.
“In the period we increased our interest in the high-quality, long-life Seagull asset to 50% via the acquisition of JAPEX UK, in line with our low-risk inorganic strategic growth ambitions.
“Yesterday, we announced a further acquisition of a 46.25% stake in the Cygnus field from Spirit Energy taking our operated working interest to 85%, increasing the gas weighting of our portfolio and strengthening our position as one of the largest gas producers in the UKCS.
“With a strong balance sheet, a record quarterly EBITDAX of $653.2 million and material hedging in place through to 2027, we are well placed to continue to grow the business and support shareholders through continued shareholder returns.”
These acquisitions have strengthened Ithaca’s position as one of the largest gas producers on the UK Continental Shelf.
With a record quarterly EBITDAX of $653.2 million and substantial hedging in place through to 2027, Ithaca’s leadership believes the company is well positioned for continued growth and to deliver sustained returns to shareholders.