REG - Hunting PLC - EMEA Restructuring Update

HuntingAnnouncement

18/03/2025 16:00

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RNS Number : 1736B  Hunting PLC  18 March 2025

 

 For Immediate Release  18 March 2025

 

Hunting PLC

 

("Hunting" or the "Company")

 

EMEA Restructuring Update

 

Hunting PLC (LSE: HTG), the precision engineering group, today issues an
update regarding the restructuring of the EMEA operating segment, which was
previously announced in January 2025.

 

The review of the segment included a detailed analysis of the medium-term
outlook for the European region, in terms of future oil and gas drilling
activity and an assessment of the longer-range operating footprint
requirements of the wider Hunting Group.

 

The conclusions of the review, which the senior leadership team is now
considering, include the following proposals:

 

·     the closure of the OCTG operating site in the Netherlands, with
any future orders in relation to geothermal activity being fulfilled by the
Group's UK operating sites;

·       the consolidation of OCTG threading and accessories manufacturing
activity into the Fordoun operating site in Aberdeen, UK;

·       the consolidation and transfer of all well intervention
manufacturing activities into the Group's Dubai operating site, which remains
on track for full commissioning in Q2 2025; and

·         a reduction in the total headcount of the EMEA operating
segment, which includes a proposed rationalisation of support functions in the
UK.

 

Workforce consultations have now commenced in the relevant jurisdictions.

 

Once complete, these actions are expected to realise annualised cost savings
of c.$10 million per annum, with the aim of restoring the EMEA operating
segment to profitability by Q1 2026.

 

Further details will be provided as part of the Q1 2025 Trading Update, which
is due to be issued on Wednesday 16 April 2025.

 

For further information please contact:

 

 Hunting PLC                        Tel: +44 (0) 20 7321 0123

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Buchanan                           Tel: +44 (0) 20 7466 5000

 Ben Romney

 Barry Archer

 

or

 

lon.IR@hunting-intl.com

 

About Hunting PLC

 

Hunting is a global, precision engineering group that provides
precision-manufactured equipment and premium services, which add value for our
customers. Established in 1874, it is a listed public company, quoted on the
London Stock Exchange in the Equity Shares in Commercial Companies ("ESCC")
category. The Company maintains a corporate office in Houston and is
headquartered in London. As well as the United Kingdom, the Company has
operations in China, India, 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;
North America; Subsea Technologies; Europe, Middle East and Africa ("EMEA"),
and Asia Pacific.

 

The Group also reports revenue and EBITDA financial metrics based on five
product groups: OCTG, Perforating Systems, Subsea, Advanced Manufacturing and
Other Manufacturing.

 

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

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