Ithaca Energy reported record quarterly production of 131 kboe/d in the second quarter of 2026 and said the Rosebank field is entering the final stages of execution, with the Operator narrowing the first production window to the first half of 2027 and ramp-up to plateau levels expected from summer 2027, subject to regulatory approval.

The North Sea producer, one of the largest operators on the UK Continental Shelf by production and resources, said average production in the first half was 128 kboe/d, up from 124 kboe/d a year earlier, supported by increased contributions from the Cygnus and Seagull gas fields. Adjusted EBITDAX was $1.1 billion, net cash flow from operating activities was $1.0 billion and profit for the period was $127 million, against a loss of $217 million in the first half of 2025.

The company declared a first interim 2026 dividend of $255 million, payable in September, and upgraded full-year dividend guidance to $500–530 million from $470–520 million. Full-year production guidance of 120–130 kboe/d was reaffirmed and net operating cost guidance was reduced to $800–840 million. Available liquidity at 30 June stood at $1.9 billion and adjusted net debt was $1.0 billion, giving a pro forma leverage ratio of 0.49x.

Executive chairman Yaniv Friedman said: “Ithaca Energy delivered another strong quarter and first half performance in 2026, demonstrating the strength of our business. Record quarterly production in Q2, continued safe and efficient operations, robust cash generation and disciplined capital allocation have enabled us to reaffirm full year production guidance, reduce operating cost guidance and increase our dividend outlook for the year.”

Net Rosebank project capital cost guidance for 2026 was cut to $250–280 million from $280–320 million, reflecting the rephasing of drilling activity and final FPSO commissioning scopes from 2026 into 2027. The Rosebank FPSO arrived and was moored on station in June following a short dock in Bergen; hook-up and commissioning remain on the critical path to first oil. A rig contractor equipment handling incident in April took the drilling rig off-hire; it returned to service in July and well activities have restarted.

Ithaca said Cambo, described as the largest pre-FID undeveloped discovery on the UKCS, has entered a value engineering and pre-execution phase and is progressing towards sanction in 2027, subject to regulatory approvals. The Group also completed a 50% farm-in to licences P2629 and P2630 on 1 May, adding the Tobermory discovery to its West of Shetland position, and Harbour Energy’s 45% farm-in to the Fotla discovery in the Greater Britannia Area completed on 1 July.

EQ Chartered Accountants, the Dundee-headquartered Scottish hub of the Sumer Group, has merged with Inverness and Livingston-based Innes & Partners, extending its footprint into the north of Scotland and adding a 20-strong team. The deal, announced on 21 August 2026, lifts EQ’s headcount by 7% from 290 to 310. That compares with 140 staff when EQ joined Sumer Group in January 2024.

Innes & Partners, established in 2013, is a chartered certified accountancy practice serving private individuals, business owners and non-profit entities including charities, social enterprises and charitable trusts across its Inverness and Livingston offices. Both offices will continue to operate, and director Jonathan Innes will stay on as a partner in the Inverness team.

Innes & Partners’ clients will gain access to Sumer Group’s wider UK network of more than 70 offices and over 3,000 personnel, including audit, tax, advisory and business support services, while continuing to work with their existing local team.

Craig Nicol, chief executive of EQ, said: “Innes & Partners excellent reputation and strong client relationships in Inverness and Livingston perfectly complement our mission to champion SMEs throughout the UK. This merger represents another significant step in our ambitious growth strategy and we welcome them on board enthusiastically.”

Jonathan Innes, director at Innes & Partners, said: “Joining EQ, and the Sumer Group, marks an exciting new chapter for our firm. Our clients will benefit from enhanced service capabilities while maintaining the personal relationships and local knowledge they value. We’re proud to join an organisation that shares our commitment to supporting SME businesses and the communities they serve, alongside continuing to support all the not for profit work that we currently do and more.”

The Innes deal is the third EQ merger since it joined Sumer Group as the group’s Scottish hub, following earlier tie-ups with Douglas Home & Co and McDonald Gordon & Co, which extended the firm across Tayside, Fife and Scotland’s central belt. EQ is now among Scotland’s 20 largest accounting firms.