REG - Hunting PLC - Completion of Sale of E.A. Gibson Shipbrokers Ltd <Origin Href="QuoteRef">HTG.L</Origin>

HuntingAnnouncement

31/03/2015 12:10

RNS Number : 9882I
Hunting PLC
31 March 2015
For Immediate Release
31 March 2015
Hunting PLC
("Hunting" or "the Company")
Completion of Sale of E.A. Gibson Shipbrokers Limited
("Gibson")
Hunting PLC (LSE : HTG) announces the completion of the sale on 31 March 2015 of its wholly owned subsidiary E.A. Gibson Shipbrokers Limited. 
Gibson has been acquired by E.A. Gibson Holdings Limited, a holding company which is owned by Gibsons Employee Trustee Limited, an employee benefit trust established on behalf of Gibson employees. 
The consideration for the sale is approximately $3.7m (2.5m), payable in cash, representing the net asset value of Gibson. Hunting received $0.7m (0.5m) following completion of the sale and will receive the balance of the consideration over the next four years in equal annual instalments.
Commenting on the sale, Dennis Proctor, Chief Executive of Hunting, said:
"We wish the management and employees of Gibson all the best for the future, as the business enters a new phase of ownership.
"Following the sale, Hunting is now a focussed energy services group with high value products and technologies, supplying to key companies in the global energy supply chain."
For further information please visit www.huntingplc.com or contact:
Hunting PLC
Dennis Proctor, Chief Executive
Peter Rose, Finance Director
Tel: +44 (0) 20 7321 0123
Buchanan
Richard Darby
Gabriella Clinkard
Tel: +44 (0) 20 7466 5000
Notes to Editors:
About HuntingPLC
HuntingPLCis an international energy services provider to the world's leadingupstreamoil 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 inHoustonand is headquartered inLondon. As well as theUnited Kingdom, the Company has principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore,South Africa, Thailand, United Arab Emiratesand theUnited States of America.
About E.A. Gibson Shipbrokers Ltd
Founded in 1893, E.A. Gibson Shipbrokers is a market leading broker offering a complete range of shipping services. With offices located in London, Hong Kong, Singapore and Houston, it has one of the world's largest tanker broking teams, working across the crude oil, fuel and clean products markets. Gibson's specialised tankers and dry cargo teams trade bio fuels, veg oils, lube, chemicals, iron ore, coal, grain and other major bulk commodities. The business is also a major force in LPG, petrochemical and LNG shipping and has a world class research and market intelligence department.

This information is provided by RNS
The company news service from the London Stock Exchange
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