Last checked at 5 Jun 2023 07:00
For Immediate Release | 5 June 2023 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Strategic Alliance
Hunting enters wide-ranging 10-year Strategic Alliance Agreement for CRA OCTG
Secures key supply channel for carbon capture, geothermal and traditional energy markets
Hunting PLC (LSE: HTG), the international energy services group, today announces that it has entered into a 10-year Strategic Partnership with Zhejiang Jiuli Hi-Tech Metals Co., Ltd ("Jiuli") for the supply of corrosion resistant alloys ("CRA") for Oil Country Tubular Goods ("OCTG"), carbon capture, utilisation and storage ("CCUS") and geothermal applications.
CCUS and geothermal are two end-markets that Hunting is pursuing as part of its strategy to become a key supplier to these sectors by providing project developers with critical supply channels and the premium connections required for these increasingly challenging technical projects, which operate in demanding sub-surface environments. All these end-markets are believed to show robust demand and growth in the medium to long term.
The partnership brings together Hunting's Seal-Locktm premium connection technology with Jiuli's CRA, such as duplex/super duplex and high nickel-based alloys, for downhole casing and production tubing applications, which meet some of the harshest well conditions in the traditional oil and gas industry as well as the emerging CCUS and geothermal markets. The partnership also adds to Hunting's existing OCTG product portfolio and enables the supply of the widest range of premium OCTG for its client base, within the international energy and transition markets, as projects accelerate in the key areas of North America, Middle East and Africa and Asia Pacific.
Zhejiang Jiuli Hi-Tech Metals Co., Ltd., is listed in Shenzhen, China, and was established in 1987. Jiuli specialises in the research and development and production of industrial stainless steel and special alloy pipes, bars and other pipeline products. As a leading CRA supplier in China, its products export to more than 70 countries for oil and gas, photovoltaic energy, solar energy and wind energy applications.
Commenting on trading, Jim Johnson, Chief Executive, said:
"Our relationship with Jiuli has been strengthening over the past three years and this partnership provides both partners a strategic framework to move up the value chain in offering world class quality premium CRA tubing and casing with Hunting's Seal-LockTM premium connection to the oil and gas, CCUS and geothermal industries"
"Hunting continues to make strong progress in its energy transition strategy, which will be a key area of growth in the coming years."
For further information please contact:
Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director
lon.ir@hunting-intl.com
| Tel: +44 (0) 20 7321 0123 |
Buchanan Ben Romney George Pope | 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 premium 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 operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
The Group reports in US dollars across five segments: Hunting Titan, North America, Subsea Technologies, EMEA and Asia Pacific.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.