London, July 3, 2026, 11:02 BST
- EnQuest PLC (LON:ENQ) traded up roughly 7.7% on delayed London quotes, easily outpacing the FTSE Small Cap index which added just 0.3%-0.4%.
- Sullom Voe Terminal is set to cut around 30 jobs, about a quarter of its full-time staff, following a drop in 2024 throughput to about 5% of the peak levels seen in the 1980s.
- EnQuest’s planned Malaysia deal comes in at a maximum price of $833 million, or roughly £624 million using Friday’s sterling rate. That’s about 1.4 times EnQuest’s market cap.
EnQuest PLC (LON:ENQ) jumped in London trading on Friday, quoted at 23.63p, up 7.73% according to delayed figures from Hargreaves Lansdown. The FTSE Small Cap index rose just 0.34%, with EnQuest standing out in the group.
Shares didn’t simply track Brent crude. Brent futures were flat at $71.87 a barrel earlier Friday, Reuters said. Tim Waterer, KCM Trade’s chief market analyst, said the oil market was “hedging its bets” on Middle East peace efforts. Reuters
The bigger change is at EnQuest’s Shetland unit, where the company has started voluntary redundancy talks at the Sullom Voe Terminal. Local media say about 30 jobs are at risk, or roughly a quarter of the workforce. Unite’s Paula Buchan told STV the union is “deeply concerned” over the plan to “slash its workforce by around a quarter.” STV News
Sullom Voe is key for investors tracking the data. Shetland News reports the terminal moved more than 1.5 million barrels per day at its peak in the 1980s. In 2024, the average dropped to 76,658 barrels a day. That’s around 5.1% of the 1980s number—a drop of roughly 95%.
| Sullom Voe measure | Reported figure | Investor read-through |
|---|---|---|
| Peak throughput in the 1980s | More than 1.5 mln bpd | Infrastructure designed for much higher North Sea flows |
| 2024 average throughput | 76,658 bpd | Now running at about 5% of the 1980s peak |
| Planned job reduction | Around 30 roles | Cuts are about a quarter of the full headcount |
| Company target for terminal life | Operations to at least 2036 | Leaner operation, tries to extend life |
The move goes the other way for Malaysia’s scale-up push. EnQuest said June 10 it agreed to buy stakes in four offshore production-sharing contracts for up to $833 million. Of that, $554 million is due at close, which is targeted for Dec. 31, 2026, if all conditions are met. The size triggers a reverse takeover under UK listing rules.
| Malaysia acquisition metric | EnQuest figure |
|---|---|
| Maximum consideration | $833 mln |
| Upfront consideration | $554 mln |
| Added production | about 57.4 kboepd |
| Enlarged group production | Above 100 kboepd |
| Increase versus 2025 EnQuest production | 134% |
| South East Asia share of enlarged production | 69% |
| Enlarged group unit opex | $16/boe |
| Stated unit opex reduction | around 35% |
Based on Friday’s sterling rate of $1.3357, the $833 million purchase price comes to about £624 million. That’s about 1.4 times EnQuest’s market cap of around £441 million, using delayed London share figures. The scale makes sense for why shares with a fading UK asset can go higher: investors are pricing in a company that could be much heavier in Malaysia if the deal completes.
EnQuest CEO Amjad Bseisu said in June’s deal statement the company is building a “larger, more diversified portfolio” and wants to “strengthen cash generation.” Speaking at the AGM in May, Bseisu put year-to-date output at 41.5 kboed and kept 2026 output guidance at 41 to 45 kboe/d. EnQuest
The planned Malaysian assets would bring in about 57.4 kboepd, or about 1.38 times what EnQuest has produced so far this year, based on figures shared at the AGM. That’s what drove Friday’s move: a deal that would add more output than the current base, while Sullom Voe in the UK is being scaled back for a smaller volume profile.
Execution is the risk here. EnQuest said its Malaysia deal still needs to clear a few hurdles, including pre-emption rights on one part. The company will put out a combined prospectus and shareholder circular. For now, shares trade on deal calculations, oil prices and the bill for keeping North Sea assets running.
