Ithaca Energy has this morning announced its 2025 Rosebank spending amounted to an estimated $224million (£164.42million) as the FPSO is set to move into the North Sea this quarter.
Posting a full-year 2025 trading update this morning, Ithaca executive chairman Yaniv Friedman hailed "great progress" made over the year to December 31.
Highlights included increasing average production from 80 kboe/d in 2024 to 119 kboe/d, aided by the completion of acquisitions from JAPEX and Spirit Energy of further interests in the Seagull and Cygnus fields.
On Rosebank, Ithaca's estimated net capital spend for 2025 was $224million (£164.42million), falling below the bottom end of guidance of $230-270million (£168.83-198.19million).
The update states a "critical milestone" is also expected in Q1 2026 with the FPSO sail away, supporting progression of the project towards first production.
Yaniv Friedman, executive chairman, commented: "2025 was a year of great progress as we continued to deliver on our value creation strategy.
"We fully integrated a number of accretive acquisitions, increased our financial firepower for growth and built on our robust hedge book to secure future investments and distributions.
"We also delivered meaningful increases in production, revenue and EBITDAX whilst reducing costs, all of which drove increased free cashflow, supporting our $500million (£367million) dividend commitment.
"We're excited by our prospects for the year ahead and beyond, and we enter the year with a significantly increased production rate."