Rockhopper agreed USD 44 million for Sea Lion: what it means for Navitas Petroleum stock
Published on 10/08/2026 at 13:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Rockhopper Exploration had agreed on October 7, 2026, to subscribe USD 44.0 million for a 35% interest in the OSX-1 floating production, storage and offloading vessel alongside Navitas Petroleum Development and Production Ltd, the operator of the Sea Lion project, according to Morningstar. The agreement links Navitas Petroleum Limited Partnership stock to a development plan with a second FPSO.
Revenue reaches USD 517.2 million
Navitas reported USD 517.2 million of revenue in the first half of 2026, versus USD 35.8 million in the first half of 2025, according to EdgeChat. The same source reported EBITDA of USD 424.2 million and net income attributable to participation unit holders of USD 80.4 million for the first half of 2026.
The revenue comparison reflects the contribution from Shenandoah, which entered production in 2025, while the partnership continues to build its longer-term Sea Lion portfolio. For investors, the combination of current production and future offshore development is the central financial tension.
OSX-1 expands Sea Lion capacity
Rockhopper's USD 44.0 million commitment represents its 35% share of the special purpose vehicle owning OSX-1. Navitas had exercised the option for the second FPSO in August 2026, with the vessel intended to accelerate the Central Development Area, according to Morningstar. The additional unit could add production capacity of 125,000 barrels of oil equivalent per day.
Navitas operates Sea Lion with a 65% interest, while Rockhopper holds 35%, OE Digital reported on October 5, 2026. The project carries political and contractor risk because Halliburton ruled out work after Argentine authorities raised potential criminal and civil enforcement issues.
Sea Lion exposure sets the next test
The operating structure gives Navitas a majority position in a project with material future production potential, but execution depends on contractor replacement, regulatory support and financing. The current figures show the contrast clearly: H1 2026 revenue was USD 517.2 million, while Sea Lion remains a development asset whose value depends on future production milestones.
Navitas Petroleum facts
- Company: Navitas Petroleum, Limited Partnership
- ISIN: IL0011419699
- Ticker: NVPT
- Primary exchange: Tel Aviv Stock Exchange
- Sector / Industry: Energy / Oil and Gas Exploration and Production
- Index membership: TA-35
