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31 Mar 2025 07:00
For Immediate Release | 31 March 2025 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Subsea Technologies New Contract Wins Totalling $38 million
Hunting PLC (LSE: HTG), the precision engineering group, today announces an update to the Group's Subsea Technologies sales order book, following a number of new contract wins.
Enpro
The Group's Enpro business has been successful in expanding its end-markets with the securing of decommissioning contracts with two clients in the North Sea, totalling c.$23 million. The clients will utilise Hunting's proprietary solutions for the attic oil recovery phase of these decommissioning projects, which are designed to safely access fluids contained in gravity-based concrete cell structures, which form part of the infrastructure of oil and gas fields. These awards are part of multi-year decommissioning programmes in the North Sea, with the possibility of further orders being awarded in 2026.
The awards demonstrate Enpro's ability to provide subsea solutions from first-production to decommissioning, utilising the Company's modular product solutions.
Spring
Hunting has secured a new order for its titanium stress joints for a project in the Gulf of Mexico, with a major oil and gas company. The order totals c.$15 million and represents a new client for the Group for this product line.
Quarter-End Sales Order Book
With these new order wins, totalling c.$38 million, the Subsea Technologies sales order book has increased from $72.5 million at 31 December 2024, to c.$85 million at 31 March 2025, with the division also executing on existing large orders for Guyana in the quarter.
An update to the Group's total sales order book will be published within the Group's planned Q1 2025 Trading Update, which is to be issued on Wednesday 16 April 2025, being the date of Hunting PLC's Annual General Meeting.
Commenting on this progress, Jim Johnson, Chief Executive of Hunting, said:
"The progress delivered by our Subsea businesses during Q1 2025 demonstrates that our widening product offering accesses the whole lifecycle of an oil and gas field, from first-production to abandonment. Further, with the securing of new titanium stress joint orders with a new client in the Gulf of Mexico, Hunting has demonstrated that our leading riser solution is increasingly being adopted by the Majors and large Independents operating in deepwater regions."
For further information please contact:
Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director
| Tel: +44 (0) 20 7321 0123 |
Burson Buchanan Ben Romney Barry Archer | Tel: +44 (0) 20 7466 5000 |
or
lon.IR@hunting-intl.com
About Hunting PLC
Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ("ESCC") category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ("EMEA"), and Asia Pacific.
The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG, Perforating Systems, Subsea, Advanced Manufacturing and Other Manufacturing.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.
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