(Alliance News) - Shares in Hunting PLC soared on Wednesday after it announced a record order from Kuwait Oil Co.
Hunting shares leapt 22% to 454.00 pence each in London on Wednesday morning.
The London-based manufacturer of equipment for the energy industry said it has secured a record USD145 million order from the Kuwaiti firm for oil country tubular goods.
Subsequently, the sales order book now stands at USD665 million with revenue expected to be recognised in the final quarter and beginning of next year.
Management now anticipates earnings before interest, taxes, depreciation, and amortisation at the top end of its USD125 million to USD135 million guidance.
Chief Executive Jim Johnson: "This OCTG order win is the largest in the company's history and underscores our Hunting 2030 strategic ambitions, combining our leading premium connection technology and strong end-to-end integrated supply chain in Asia Pacific...the order enhances Hunting's order book to its highest ever backlog, which provides strong visibility on earnings."
Hunting said the order will be funded from the group's existing USD150 million asset based lending facility. Previous guidance on working capital efficiency targets remains unchanged.
By Elijah Dale, Alliance News reporter
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Hunting (HTG)