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10 Dec 2009 09:37
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Β For Immediate Release |
10Β DecemberΒ 2009 |
Hunting PLC
("Hunting" or "the Company")
Acquisition
Hunting acquiresΒ theΒ Welltonic Group of Companies for Β£9m
HuntingΒ PLCΒ (LSE:HTG), the international energy services company today announces the acquisition ofΒ theΒ WelltonicΒ Group ofΒ CompaniesΒ ("Welltonic"),Β a provider ofΒ well interventionΒ services.
The considerationΒ will compriseΒ an upfrontΒ cash considerationΒ ofΒ Β£7.0mΒ payableΒ on completion,Β followed byΒ aΒ deferredΒ considerationΒ of Β£2.0mΒ payable on the achievement ofΒ certainΒ performance conditionsΒ measured over an 18 month period.
WelltonicΒ employs aroundΒ 45Β personnelΒ globallyΒ andΒ providesΒ well intervention servicesΒ through a range of downhole toolsΒ with operations in theΒ UK, Middle East andΒ Asia. AnΒ in houseΒ engineering and design group allowsΒ for the further growthΒ and developmentΒ ofΒ Welltonic'sΒ productΒ offeringΒ through established facilities inΒ Aberdeen,Β DubaiΒ andSingapore.Β This acquisitionΒ complementsΒ Hunting'sΒ existingΒ well interventionΒ wireline operationsΒ andΒ strengthensΒ the Company's globalΒ geographical presenceΒ in this important growthΒ market.
WelltonicΒ was founded in 2001Β andΒ isΒ privately owned byΒ fourΒ UKΒ businessmen,Β twoΒ of whom willΒ remain withΒ the business.
For the year endedΒ 30 September 2009,Β Welltonic'sΒ profit before taxationΒ wasΒ Β£1.2m with EBITDA ofΒ Β£2.0m.Β Β Welltonic'sΒ net assets and gross assetsΒ asΒ at 30 September 2009Β wereΒ Β£4.0mΒ andΒ Β£6.1mΒ respectively.
Commenting on the acquisition,Β Dennis Proctor,Β Chief Executive Officer of Hunting said:
"This acquisitionΒ is another bolt-on transaction which strengthens our international presence whileΒ providingΒ increased exposure to the high margin well interventionΒ market.Β WelltonicΒ complements our existing activities inΒ whatmanagementΒ and wider market commentators believe to be aΒ high growth sector."
For further information please contact:
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Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director |
Tel: 020 7321 0123 |
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Buchanan Communications Ben Willey Richard Darby |
Tel: 020 7466 5000 |
Notes to Editors:
About HuntingΒ PLC
HuntingΒ PLCΒ is an international energy services provider to the world's leadingΒ upstreamΒ oil and gas companies. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. The Company maintains a corporate office inΒ HoustonΒ and is headquartered inΒ London. As well as theΒ United Kingdom, the Company has principal operations inΒ Canada,Β China,Β France,Β Holland,Β Hong Kong,Β Indonesia,Β Mexico,Β Singapore,Β United Arab EmiratesΒ and theΒ United States of America.
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