REG - Hunting PLC - EMEA Restructuring Update

HuntingAnnouncement

21/08/2025 16:30

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RNS Number : 3188W  Hunting PLC  21 August 2025

 For Immediate Release  21 August 2025

 

 

 

 

 

Hunting PLC

 

("Hunting" or "the Company" or "the Group")

 

EMEA Restructuring Update

And

Relocation of UK OCTG Manufacturing

 

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.

 

In January 2025, the Group announced that, due to the projected activity in
the UK North Sea and likely drilling outlook into the medium term, a facility
consolidation and cost reduction plan was required to restore profitability to
the segment, focusing future investment and capital into growth regions
including the Middle East and Africa. As the restructuring plan has been
implemented throughout H1 2025, it has become clear that further cost cutting,
and rationalisation of the Group's European operating footprint is required to
ensure long-term profitable operations.

 

Therefore, Hunting today announces the relocation and consolidation of its
manufacturing footprint from the existing Fordoun Oil Country Tubular Goods
("OCTG") facility into its Badentoy site, Portlethen, as part of this broader
strategic consolidation.

 

As part of this change, yard services currently offered at the Fordoun site -
including storage and inspection - will cease upon the completion of existing
customer contracts. Hunting remains committed to ensuring a smooth and
transparent transition for all stakeholders.

 

Hunting anticipates that this further restructuring will deliver annualised
cost savings of c.$2 million of which c.50% is expected to be retained as
improved profitability. The transfer of production and winding down of
services will likely be completed within 12 months. Total annualised savings
from the EMEA restructure are now expected to be c.$11 million by June 2026.

 

Further details will be provided as part of the 2025 Half Year Results, which
are due to be issued on Thursday 28 August 2025.

 

For further information please contact:

 

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

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Sodali & Co                        Tel: +44 (0) 7855 432 699

 James White

 Pete Lambie

 Tilly Abraham

 

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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