Last checked at 18 Apr 2012 07:00
For Immediate Release | 18 April 2012 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
AGM
and
Interim Management Statement
Hunting PLC, the international energy services company, 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 2012 to 18 April 2012.
Richard Hunting, Chairman, will be making the following statement to shareholders:
"First quarter trading remains in line with the Board's expectations with many of the Group's businesses benefitting from the energy industry's momentum reported at the Group's Annual Results in March 2012. Many rig units in North America are moving from dry gas to liquids and oil focused targets, resulting in continued demand for the products and services offered by the Group.
"In Well Construction, our US Manufacturing business reports strong shale related activity, while the Drilling Tools platform continues to perform well, albeit with the Canada business showing a seasonal slowing in momentum. Hunting's Advanced Manufacturing Group is trading well and this is reflected by a good order book.
"In Well Completion, Hunting Titan is performing in line with management's expectations and continues to roll out both sales and manufacturing integration initiatives across the Group. US Manufacturing's new US$19 million facility in Houma, Louisiana is due to be completed in Q3 2012, in time to service a number of contracts related to deep water drilling in the Gulf of Mexico.
"In Well Intervention, the expansion at Hunting Stafford, the Group's subsea connections and valves platform, remains on track to complete in Q3 2012 with the outlook for this business improving as activity in the Gulf of Mexico recovers.
"Overall, the Company has a strong balance sheet and there has been no significant change to the financial position of the Group since the publication of the results for the year ended 31 December 2011."
For further information please contact:
Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director
| Tel: +44 (0) 20 7321 0123 |
Buchanan Richard Darby Jeremy Garcia | 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 fully 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, United Arab Emirates and the United States of America.