Addressing shareholders at the company’s AGM, chairman David Dix said the Stena Clyde rig would miss AED’s December drill slot due to an extension at its current campaign.

As a result, the rig is not expected on site to spud the second development well, Puffin-8, until late February, which would delay first oil until early June, he said. Production from this well and the already completed Puffin-7 had originally been expected to start early next year.

“While this is a disappointing result, your company…has concluded that the savings in installation costs and the benefit of early two-well production, far outweigh the economic loss resulting from a delay of production on the original one-well scenario,” Dix said.

Despite the setback, Dix said all other contracts for the FPSO conversion and subsea installation was in place and the company expects the field to come online at 30,000 barrels of oil per day.