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21 Dec 2009 07:00
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For Immediate Release |
21Β DecemberΒ 2009 |
Hunting PLC
("Hunting" or "the Company")
Trading Update
HuntingΒ PLCΒ (LSE:HTG)Β today issues a trading update in advance of entering its close period.
Dennis Proctor, Hunting's Chief Executive, said:
"The Company anticipatesΒ aΒ tradingΒ performanceΒ for 2009Β towardΒ the high end of market expectationsΒ despite recessionary global markets, volatile commodity prices andΒ depressedΒ drilling activity, primarily in natural gas. Trading in the Middle East andΒ SouthΒ East AsiaΒ has remainedΒ steadyΒ with contracts in these regions continuing into 2010. Elsewhere, inΒ CanadaΒ and theΒ United States, drilling and exploration for natural gas remainsΒ depressedΒ relative to prior year activity, with smaller operators continuingΒ to experience difficultyΒ inΒ obtaining adequate credit toΒ commenceΒ new projects.
The Well Construction and Completion DivisionsΒ areΒ bothΒ expected toΒ experience aΒ lower performance compared to last year,Β whileΒ the newly createdΒ Well InterventionΒ DivisionΒ will see an improvementΒ as a result ofΒ acquisitions made during theΒ year. Exploration andΒ Production, due to commodity prices andΒ production, will report results well belowΒ theΒ prior year and Gibson Shipbrokers, withΒ lowΒ pricing in globalΒ shipping marketsΒ are also expected toΒ report results well downΒ on the prior year. Field Aviation is having an excellent year and should report results well ahead of those in 2008.
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In addition toΒ the acquisitions of PTΒ SMBΒ IndustriΒ inΒ IndonesiaΒ and National Coupling Company inΒ HoustonΒ announced earlier in the year,Β the acquisition of Welltonic completed onΒ 10Β DecemberΒ 2009, will further strengthen the Group's Well Intervention operations. We continue to review potential acquisitions and hope to make further announcementsΒ when appropriate.
EarlyΒ sectorΒ forecastsΒ anticipateΒ an approximate 6% increase in exploration and production activitiesΒ duringΒ 2010. Much of this improvement is due to oil demand growth inΒ China,Β IndiaΒ and other SouthΒ East AsianΒ countries,Β while the rest of the world may see only modest,Β if any,Β growth. However, the acquisitions made in the secondΒ halfΒ ofΒ 2009 combined with completed capital projects shouldΒ positionΒ the CompanyΒ to take advantage of growth opportunities in 2010."
The full year results for 2009 will be reported onΒ ThursdayΒ 25 February 2010.
For further information please contact:
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Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director |
Tel: 020 7321 0123 |
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Buchanan Communications Ben Willey Richard Darby |
Tel: 020 7466 5000 |
Notes to Editors:
About HuntingΒ PLC
HuntingΒ PLCΒ is an international energy services provider to the world's leadingΒ upstreamΒ 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 inΒ HoustonΒ and is headquartered inΒ London. AsΒ well as theΒ United Kingdom, the Company has principal operations inΒ Canada,Β China,Β France,Β Holland,Β Hong Kong,Β Indonesia,Β Mexico,Β Singapore,Β United Arab EmiratesΒ and theΒ United States of America.
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