Last checked at 4 Jul 2012 07:00
For Immediate Release | 4 July 2012 |
Hunting PLC
("Hunting" 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 30 August 2012.
Dennis Proctor, Hunting's Chief Executive said,
"Trading in the first six months of the year has been underpinned by an adequate oil price, a year on year increase in the worldwide rig count and strong shale-related drilling activity within North America. Complemented by the acquisitions completed in 2011, Hunting remains well positioned in its global markets with a broad product offering. As a consequence of this, the Board remains confident of trading in line with its expectations."
Well Construction
Within Well Construction, Hunting's Drilling Tools platform has seen steady demand for its products in the reporting period. Its facilities in Conroe, Latrobe and Casper commissioned in early 2011 are now established and capturing business in the major US shale plays. Hunting's newly branded Advanced Manufacturing Group, which brings together the Group's product and manufacturing capabilities to offer a single source solution for MWD/LWD tools is also attracting interest. At Premium Connections, the product line continues to benefit from shale activities in the US and gathering momentum in the Gulf of Mexico and South East Asia.
Well Completion
Hunting Titan is delivering results in line with management's expectations with a number of initiatives underway to broaden its sales reach through the Group's global footprint. Hunting's US Manufacturing facilities have reported an increase in activity levels since Q4 2011 with strong year on year growth driven by shale related product demand and an increase in order flow to service the Gulf of Mexico.
Construction of the new facility in Houma, Louisiana to service the Gulf of Mexico is nearing completion. This follows the project to expand and consolidate our Scottish facilities completed in Q1 2012 which support our customers in Europe, Middle East and Africa.
Well Intervention
Within Well Intervention, the Subsea platform at Stafford, Texas continues to be adversely affected by delays in the recertification of subsea equipment for the Gulf of Mexico. However, Hunting's pressure control and other well intervention product lines have reported good growth in the period.
Overall Outlook
Subject to continued levels of drilling activity and no further deterioration in the global macroeconomic environment, the trading outlook for the remainder of 2012 remains encouraging. Activity levels across our geographic markets reflect steady demand for the Group's portfolio of products.
The Group remains well capitalised with a strong balance sheet and net debt as at 30 June 2012 of approximately £190 million.
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 |
MWD/LWD - measurement while drilling/logging while drilling
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.