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13 Nov 2008 07:00
|
Immediate Release |
13 November 2008 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Trading Update
and
Interim Management Statement
Hunting PLC (LSE:HTG), the international energy services company, today published its second half Interim Management Statement for the period 1 July 2008 to 13 November 2008, as required by the UK Listing Authority's Disclosure and Transparency Rules.
Trading update
Results from operations within Hunting Energy Services remain strong against excellent order book positions. Within Well Completion, North Sea facilities are reporting stronger results compared to the first half of 2008 and in Well Construction demand for our mud motors continues to increase on the back of the new Shale discoveries in the USA. The recent hurricane activity in the Gulf of Mexico impacted our US operations with a number of facilities shutting down for several weeks due to the absence of power. In addition, production from our oil and gas facilities within our E&P business were shut-in while the pipeline infrastructure was checked. At this stage we expect to be able to catch up lost production by the year end.
Our new manufacturing facility in Mexico is on schedule to be commissioned by the end of the year and additional production facilities are targeted for the Middle and Far East.
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 2008.
Subject to our ability to catch up lost production, trading remains in line with the Board's expectations. We remain uniquely positioned and resourced to capitalise on the growing trends within the global oil and gas industry and continue to view the future with confidence.
For further information please contact:
|
Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director |
Tel: 020 7321 0123 |
|
Buchanan Communications Ben Willey Richard Darby Chris McMahon |
Tel: 020 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, France, Holland, Hong Kong, Singapore, United Arab Emirates and the United States of America.
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