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29 Oct 2010 07:00
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For Immediate Release | 29 October 2010 |
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Hunting PLC
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("Hunting" or "the Company" or "the Group")
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Interim Management Statement
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Hunting PLC (LSE: HTG), the international energy services group today announces its Interim Management Statement for the period 1 July 2010 to 28 October 2010.
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Dennis Proctor, Hunting's Chief Executive said,
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"Following our comments at the interims, trading through the period has remained very strong with Hunting now positioned to exceed current full year market expectations. Rig counts within the Company's various operating regions continue to improve and the demand for high pressure, high temperature products is robust. Due to the continued strength of horizontal and directional drilling, the Company's latest acquisition, Innova-Extel, is performing better than expected."
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Well Construction
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Mud motor activity continues to rebound from 2009 levels as onshore oil related activity and shale gas drilling expands. With the addition of Innova products and services, the Company is able to provide a complete drilling system from mud motors, shock tools, non-magnetic drill collars, and components for LWD and MWD tools.
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Well Completion
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Despite issues related to the Gulf of Mexico, this Division has seen improved revenues in North America with continuing strong markets in Southeast Asia and the Middle East. North Sea activity levels remain busy with expectations for a good fourth quarter.
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Well Intervention
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This Division continues to outperform expectations and has built a significant backlog. The majority of well intervention components are shipped to international regions of West Africa, Brazil, Australia and the Middle East. The acquisition of National Coupling and Welltonic in 2009 has significantly strengthened this Division.
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There has been no significant change in the financial position of the Group since the publication of the results for the six months ended 30 June 2010.
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Outlook
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Strong oil prices and shale drilling activity, investment in new manufacturing facilities and the positive impact from recent acquisitions have combined to produce an excellent performance in the year to date. Our balance sheet remains strong with a net cash position of approximately Β£215m at 30 September 2010. New capacity, advanced proprietary technology, stable commodity prices, order intake from the large OEMs and operator contract renewals provide management with confidence over performance through to the year end.
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For further information please visit www.huntingplc.com or contact:
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Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director Β | Β Tel: +1 713 595 2950 Tel: +44 (0) 20 7321 0123 Β |
Buchanan Communications Richard Darby Jeremy Garcia | Tel: +44 (0) 20 7466 5000 |
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Notes to Editors:
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About HuntingΒ PLC
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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 in Canada, China, Holland, Hong Kong, Indonesia, Mexico, Singapore,Β United Arab EmiratesΒ and theΒ United States of America.
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