REG - Hunting PLC - Sale of Associate Co. Rival Downhole Tools L.C.

HuntingAnnouncement

03/03/2025 07:15

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RNS Number : 0097Z  Hunting PLC  03 March 2025

 For Immediate Release  3 March 2025

 

Hunting PLC

 

("Hunting" or the "Company")

 

Sale of Associate Company Rival Downhole Tools L.C.

 

Hunting PLC (LSE: HTG), the precision engineering group, today announces the
completion of the sale of its 23% equity investment in Rival Downhole Tools
L.C. ("Rival"), an associate company, to a third party, for a consideration of
$13.1 million.

 

Following adjustments for working capital, Hunting will receive $12.0 million
in cash. It has been agreed with the purchaser that an escrow account of $1.1
million will be established, which will remain in place until any outstanding
matters are resolved, which is expected to be within 12 months.

 

Commenting on the sale, Jim Johnson, Chief Executive of Hunting, said:

 

"In line with the Hunting 2030 Strategy, we are committed to focusing on and
strengthening our core businesses. With the proceeds from the sale of Rival,
Hunting has additional funds to pursue strategic acquisitions, with management
continuing to review accretive opportunities."

 

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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