Last checked at 17 Apr 2013 07:00
For Immediate Release | 17 April 2013 |
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 2013 to 17 April 2013.
Richard Hunting, Chairman, will be making the following statement to shareholders:
"First quarter trading remains in line with the Board's expectations as reported in the Group's Annual Results in March 2013. While activity in the Gulf of Mexico and internationally continues to improve, North American onshore drilling activity remains slow. The overall sentiment of the energy industry remains positive, with customers continuing to indicate that capital expenditures will accelerate in the second half of the year.
"In Well Construction, the Premium Connections business remains busy with activity in Asia Pacific and the Gulf of Mexico driving a positive performance in the period. Demand for Drilling Tools has been subdued driven by lower land rig counts reported since the final quarter of 2012.
"In Well Completion, Hunting Titan continues to perform in line with expectations, with perforating gun manufacturing capability now established in China and ready to support the anticipated demand in that region. Hunting's Manufacturing and Accessories business unit continues to deliver good results, with further investment in plant and machinery underway across the Group's global footprint to support further growth.
"In Well Intervention, Hunting Subsea's order book remains strong and the pressure control business has performed in line with expectations, continuing with its expansion programme in North America.
"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 2012."
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.