REG - Hunting PLC - Restructuring of EMEA Operating Segment

HuntingAnnouncement

14/01/2025 07:15

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RNS Number : 1382T  Hunting PLC  14 January 2025

 For Immediate Release  14 January 2025

 

 

Hunting PLC

 

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

 

Restructuring of EMEA Operating Segment

 

Hunting PLC (LSE: HTG), the precision engineering group, today announces a
major restructuring of the Group's EMEA operating segment.

 

As noted in today's trading update, which has been released separately, the
Directors announce that a major restructuring of Hunting's operating presence
across the EMEA operating segment has commenced following a detailed review of
the outlook for the Group's European operations, which has taken into account
the confirmation of the tax regime of the UK North Sea oil and gas industry
and the parallel strategy of the UK government to decarbonise its energy
supply.

 

The segment currently operates from seven operating sites in the UK, the
Netherlands, Norway, Saudi Arabia and the UAE. Given the market and trading
outlook in Europe, and the previously announced consolidation in the
Netherlands where Hunting's well testing manufacturing and assembly business
is being transferred to Dubai, the Directors have now decided to extend the
restructuring to align the Group's cost base to the medium-term outlook for
the region.

 

Total cost savings to the Group, as separately announced, are likely to be in
the region of up to c.$10 million, including a contribution from a review of
sales, general and administration costs.

 

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 (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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