REG - Hunting PLC - New Contract Wins Totalling $38 million

HuntingAnnouncement

31/03/2025 07:15

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RNS Number : 7659C  Hunting PLC  31 March 2025

 For Immediate Release  31 March 2025

 

Hunting PLC

 

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

 

Subsea Technologies New Contract Wins Totalling $38 million

 

Hunting PLC (LSE: HTG), the precision engineering group, today announces an
update to the Group's Subsea Technologies sales order book, following a number
of new contract wins.

 

Enpro

 

The Group's Enpro business has been successful in expanding its end-markets
with the securing of decommissioning contracts with two clients in the North
Sea, totalling c.$23 million. The clients will utilise Hunting's proprietary
solutions for the attic oil recovery phase of these decommissioning projects,
which are designed to safely access fluids contained in gravity-based concrete
cell structures, which form part of the infrastructure of oil and gas fields.
These awards are part of multi-year decommissioning programmes in the North
Sea, with the possibility of further orders being awarded in 2026.

 

The awards demonstrate Enpro's ability to provide subsea solutions from
first-production to decommissioning, utilising the Company's modular product
solutions.

 

Spring

 

Hunting has secured a new order for its titanium stress joints for a project
in the Gulf of Mexico, with a major oil and gas company. The order totals
c.$15 million and represents a new client for the Group for this product line.

 

Quarter-End Sales Order Book

 

With these new order wins, totalling c.$38 million, the Subsea Technologies
sales order book has increased from $72.5 million at 31 December 2024, to
c.$85 million at 31 March 2025, with the division also executing on existing
large orders for Guyana in the quarter.

 

An update to the Group's total sales order book will be published within the
Group's planned Q1 2025 Trading Update, which is to be issued on Wednesday 16
April 2025, being the date of Hunting PLC's Annual General Meeting.

 

Commenting on this progress, Jim Johnson, Chief Executive of Hunting, said:

 

"The progress delivered by our Subsea businesses during Q1 2025 demonstrates
that our widening product offering accesses the whole lifecycle of an oil and
gas field, from first-production to abandonment. Further, with the securing of
new titanium stress joint orders with a new client in the Gulf of Mexico,
Hunting has demonstrated that our leading riser solution is increasingly being
adopted by the Majors and large Independents operating in deepwater regions."

 

For further information please contact:

 

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

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Burson Buchanan                    Tel: +44 (0) 20 7466 5000

 Ben Romney

 Barry Archer

 

or

 

lon.IR@hunting-intl.com (mailto: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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