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Navitas Reports Record Quarter and Acquires Second Production Facility for Sea Lion Project in Falklands
Navitas Petroleum reported a record second quarter in 2026 with a 15-fold revenue increase and net profit turnaround, driven by full production at its Shenandoah project. The company acquired a $125 million FPSO facility for its Sea Lion project near the Falkland Islands, aiming for production by 2030.
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What happened
- 01Navitas’ Q2 2026 revenues surged 15-fold to $279 million, with net profit of $77 million.
- 02Shenandoah project contributed $690 million EBITDA in its first production year, yielding 60% ROI.
- 03Navitas acquired a $125 million FPSO for Sea Lion project near Falklands, targeting 2030 production.
- 04Sea Lion project’s discounted cash flow rose 39% to $5.16 billion, total portfolio at $9.7 billion.
- 05Tiberius and Logan discoveries in Gulf of Mexico expected to start production in Q3 2028.
- 06Navitas forecasts EBITDA growth to $3.3 billion by 2031 with production of 183,000 barrels per day.
Updated resource reports show significant increases in project valuations, with EBITDA expected to grow substantially by 2031.
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