Sullom Voe oil terminal owner EnQuest has broken the $1 billion revenue barrier.
Revenues for 2018 were $1,201 billion (£910 million), up from $635.2 (£482 million) million.
The group's production averaged 55,447 Boepd in 2018, up 48.2% on 2017, however this was hampered by the inability of the floating production and offloading vessel in the Kraken field to process more hydro carbons.
Oil and gas companies need to spend £200 billion to unlock 15 years of potential of in North Sea
Average production is expected to grow by around 20% to between 63,000 to 70,000 Boepd; production has averaged 67,700 Boepd in the first two months of 2019.
Cash generated from operations of $788.6 million (£600 million) was up from $327 million (£250 million), reflecting higher EBITDA.
EnQuest completed the acquisition of additional interests in Magnus and the Sullom Voe Oil Terminal in December. Its UK operated assets include Thistle/Deveron, Heather/Broom, the Dons area, Magnus, the Greater Kittiwake Area, Scolty/Crathes Alma/Galia and Kraken. EnQuest also has an interest in the non-operated Alba producing oil field.
EnQuest had interests in 18 UK production licences and was the operator of 16 of these licences. 2019 production is expected to grow by around 20% to between 63,000 and 70,000 Boepd, primarily driven by Magnus.
EnQuest chief executive Amjad Bseisu, said: "In 2018, the group met its financial and operational targets. Production increased by 48%, just above the midpoint of our guidance, which, along with strong cost control, drove a significant improvement in cash generation allowing the Group to reduce net debt.
"FPSO performance has been the main limiting factor in achieving Kraken's full production potential. As such, our clear operational priority is to improve Kraken's FPSO uptime and efficiency. We are working with the FPSO operator on a number of improvement initiatives.
The company has substantial loans and net debt of $1,774.5 million (£1.35 billion), down from $1,991.4 million (£1.51 billion) in 2017.
"We are committed to further reducing our debt, and expect our net debt to EBITDA ratio to trend towards 2x this year and intend to operate within our 1-2x target in the future.
"The acquisition of Magnus has added material value to the business through significant production and reserve growth, and the application of our production enhancing capabilities are already improving performance above original expectations.
Tay and Forth alliance launched to create decommissioning hub for oil and gas giants in North Sea
"In the near term, we remain focused on investing in short-cycle projects which maximise cash flow and allow us to deliver on our plans to reduce our debt. We have opportunities for low-cost material growth in near-field, short-cycle infill and tie-back investments, particularly at Magnus, PM8/Seligi and Kraken.
“Longer term, our capital allocation will balance investment to develop our asset base, returns to shareholders and the acquisition of suitable growth opportunities.”
