The company said the contractors would not work on the Falkland Islands development. La Nación reported a sharp share-price drop, while citing figures for different trading periods.
British oil and gas company Rockhopper Exploration said two contractors would not work on the Sea Lion project off the Falkland Islands. In a company update, Rockhopper said operator and partner Navitas Petroleum was seeking replacements and that adjustments to the project might be needed.
Argentina’s La Nación reported that Rockhopper shares fell by as much as 20% during trading in London after the news. It also cited a decline of more than 30% over a month. Those figures cover different periods and should not be read as a single measure of the share move.
Navitas holds a 65% interest in the consortium and Rockhopper 35%. The companies have previously set out plans to begin drilling in 2027 and start commercial production in 2028. The contractors’ departure raises questions about scheduling and execution, but does not itself establish that the project timetable has changed.
Rockhopper said it did not expect a material adverse impact on the initiative and would work with the operator to replace the contractors. The company also said adjustments to the project could be required.
The development is subject to a dispute with Argentina, which contests British sovereignty over the Falkland Islands and opposes hydrocarbon development in the area. Rockhopper’s update confirms the search for replacement contractors; potential effects on costs and timing remain risks rather than established outcomes.