Hunting Regulatory News (HTG)

22 Apr 2009 10:30



The headline for the announcement released at 7.01am( RNS no 9428Q) has been corrected. It should read IMS and AGM Statement.

Hunting PLC

("Hunting" or "the Company")

AGM 

and

Interim Management Statement

Hunting PLC, the international energy services company, will be holding its AGM at 10.30am today and is publishing its Interim Management Statement for the period from 1 January 2009 to 22 April 2009. Richard Hunting, Chairman, will be making the following statement to shareholders.

"For the period January through March 2009 the Company has traded in line with the Board's expectations. Hunting Energy has seen record throughput from its proprietary connections for South East Asia, Canada and accessory manufacturing divisions. Activity in the US has experienced a 40% decline in rig activity during the period or 49% since the peak of last summer resulting in a decline in our mud motor utilisation. While performance from our North Sea plants has been very good and should remain so through the first half, the balance of the year is less visible. Following a very slow start, our trenchless product line is experiencing a rebound in activity and inquiries. The new Monterrey, Mexico facility became operational in March 2009 with a healthy backlog for a full one-shift start up.

The Exploration and Production division has been impacted by lower oil and gas prices, while Gibson Shipbrokers has also seen lower results due to lower shipping rates.

The rapid decline in North America, primarily gas drilling, combined with reduced margins will impact the Company in the months ahead, however the first half of the year remains positive with good visibility and robust trading in certain businesses. Our performance in the Middle East and South East Asia has offset the declines in North America. Recovery in the US will ultimately depend on a rebound in natural gas prices. With lower industrial demand due to the recession, coupled with high storage levels, a recovery in gas drilling appears unlikely in the short term.

Under the terms of the sale of Gibson Energy, the consideration payable by the purchaser was subject to the preparation and agreement of completion accounts. These have now been prepared and agreed and result in a further cash consideration payable by the purchaser of £17.5m, which was received on Monday 20 April 2009."

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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, France, Holland, Hong Kong, Singapore, United Arab Emirates and the United States of America.