Last checked at 16 Apr 2014 07:00
For Immediate Release | 16 April 2014 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
AGM
and
Interim Management Statement
Hunting PLC (LSE:HTG), the international energy services group, will be holding its Annual General Meeting at 10.30a.m. today and is publishing its Interim Management Statement for the period from 1 January 2014 to 16 April 2014.
At the AGM Richard Hunting, Chairman, will be making the following statement to shareholders:
"The Board remains comfortable with the outlook for the Group for the full year, although trading in the first quarter of the year has been slower than expected due to the adverse weather conditions reported in North America and some project delays occurring in Asia Pacific. Activity levels within the Gulf of Mexico continue to drive good demand for Hunting's broad product portfolio and new international opportunities continue to show positive momentum. Overall, there remains a positive outlook for the energy industry for the year as a whole, with customers continuing to indicate that capital expenditures will increase.
"The Group's capital investment program in new manufacturing facilities continues with construction underway at Houma, Louisiana as part of the final phase of expansion, while in Houston, Texas, design and construction tenders will shortly be finalised and issued for the new threading and test facility at AmeriPort. In South Africa, design and construction of the new facility in Cape Town is progressing, with multi-country sales visits and new opportunities being pursued throughout the sub-Sahara region. All new facilities remain on schedule for completion in early 2015.
"In Well Construction, the Premium Connections business remains busy with activity in the Gulf of Mexico driving a positive performance in the period. Demand for Drilling Tools has been impacted in the quarter due to the adverse weather across North America. Within the Advanced Manufacturing Group, Hunting Dearborn has benefitted from good international sales, while Hunting Electronics remains subdued.
"In Well Completion, Hunting Titan continues to report good results, although these have also been affected by adverse weather in North America in the first quarter. Hunting's Manufacturing and Accessories business unit continues to deliver positive results, while in Europe and the Middle East, the Group's completion businesses remain in line with expectations.
"In Well Intervention, Hunting Subsea's order book remains strong and Hunting's pressure control business is gaining further international market traction.
"Overall, the Company has a strong balance sheet, with no significant change to the financial position of the Group since the publication of the results for the year ended 31 December 2013.The Group's net debt position as at 4 April 2014 was approximately $225 million."
For further information please contact:
Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director
| Tel: +44 (0) 20 7321 0123 |
Buchanan Richard Darby Gabriella Clinkard | Tel: +44 (0) 20 7466 5000 |
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, South Africa, Thailand, United Arab Emirates and the United States of America.