Last checked at 29 Jun 2011 07:00
For Immediate Release | 29 June 2011 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Trading Update
Hunting PLC (LSE:HTG) the international energy services group today provides an update on trading ahead of its Half Year Results to be announced on Thursday 25 August 2011.
Dennis Proctor, Hunting's Chief Executive said,
"Since the start of 2011, the business environment for oil services and products has seen an increase in momentum with oil prices remaining near US$100 per barrel and rig counts increasing over 8% as we reach the half way point. Activity is recommencing in the Gulf of Mexico, which will see new orders being placed, while our European businesses remain resilient despite the increase in taxation on North Sea activities. With the momentum seen during H1 2011, the Board remains confident of trading in line with its expectations for the year as a whole.
Well Construction
Within the Well Construction division, the majority of our business units are performing well, with a notably strong demand for our premium connections. Hunting Innova reports a strong order book for its products and the Group's three new Drilling Tool facilities in Conroe, Latrobe and Casper are now fully commissioned providing greater reach into shale oil and gas drilling across North America.
Well Completion
Within the Well Completion division, our manufacturing unit is showing good momentum, despite a challenging market, as we reach the end of the half year. Construction of a new facility in Houma, Louisiana to serve the Gulf of Mexico is proceeding on schedule and the grand opening of the Group's 300,000 sq. ft. facility in Wuxi, China took place on 22 June.
Well Intervention
Within the Well Intervention division, activity is gaining momentum with National Coupling benefiting from the increasing offshore drilling activity levels throughout the world. The expansion at National Coupling, which will see a doubling of capacity, also remains on schedule for completion in Q4 2011.
Overall Outlook
With an operational footprint of over 30 sites globally positioned and an increasing range of products and services, Hunting remains well placed to take advantage of the increased investment in new oil and gas resources around the globe.
Following receipt of the £84.5m from the Gibson Energy Warrant redemption, the company continues to be well capitalised with a strong balance sheet and net cash of approximately £280m. The Group continues to assess a number of acquisition opportunities."
For further information please contact:
Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director
| Tel: +44 (0) 20 7321 0123
|
Buchanan Communications 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.