REG - Hunting PLC - Closure of Canadian Manufacturing Facility
RNS Number : 6923VHunting PLC10 August 2020
For Immediate Release
10 August 2020
Hunting PLC
("Hunting" or "the Company" or "the Group")
Closure of Canadian Manufacturing Facility
Hunting PLC (LSE:HTG), the international energy services group, today announces that following a review of its operational footprint, coupled with an assessment of the future expectations of profitability, the Board has decided to close its manufacturing facility in Calgary, Alberta. The facility will cease operations by the end of 2020, with current and future customer requirements to be met by the Group's US operations.
The Calgary facility represents the entirety of the Group's Canada operating segment and in the year ended 31 December 2019 generated revenue of $35.7 million and a reported loss from operations of $4.3 million.
Hunting will retain a sales presence in Calgary, given its range of premium and semi-premium connections used by customers, and will continue to sell onshore completion products, predominantly manufactured by Hunting Titan, through its network of three distribution centres in Alberta, the results of which will continue to be reported within the Hunting Titan operating segment.
The Company will be reporting its 2020 Half Year Results on Thursday 27 August 2020, where further details of this strategic decision will be disclosed.
For further information, please contact:
Hunting PLC
Jim Johnson, Chief Executive
Bruce Ferguson, Finance Director
Tarryn Riley, Investor Relations
Tel: +44 (0) 20 7321 0123
Buchanan
Ben Romney
Chris Judd
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 operating segments: Hunting Titan; US; Canada; Europe, Middle East and Africa ("EMEA") and Asia Pacific.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDUPDSFEFLSESSEFA
Recent news on Hunting
See all newsREG - Hunting PLC - Payment of 2023 Final Dividend in Sterling
AnnouncementREG - Hunting PLC - Payments to Governments year ended 31 Dec 23
AnnouncementREG - Hunting PLC - Directors Shareholding/PDMR
AnnouncementREG - Hunting PLC - Results of AGM & Directorate Change
AnnouncementREG - Hunting PLC - AGM, Q1 2024 Trading Update & Directorate Change
Announcement