REG - Hunting PLC - Strategic Alliance

HuntingAnnouncement

05/06/2023 07:00

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RNS Number : 5487B  Hunting PLC  05 June 2023

 For Immediate Release  5 June 2023

Hunting PLC

 

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

 

Strategic Alliance

 

Hunting enters wide-ranging 10-year Strategic Alliance Agreement for CRA OCTG

 

Secures key supply channel for carbon capture, geothermal and traditional
energy markets

 

Hunting PLC (LSE: HTG), the international energy services group, today
announces that it has entered into a 10-year Strategic Partnership with
Zhejiang Jiuli Hi-Tech Metals Co., Ltd ("Jiuli") for the supply of corrosion
resistant alloys ("CRA") for Oil Country Tubular Goods ("OCTG"), carbon
capture, utilisation and storage ("CCUS") and geothermal applications.

 

CCUS and geothermal are two end-markets that Hunting is pursuing as part of
its strategy to become a key supplier to these sectors by providing project
developers with critical supply channels and the premium connections required
for these increasingly challenging technical projects, which operate in
demanding sub-surface environments. All these end-markets are believed to show
robust demand and growth in the medium to long term.

 

The partnership brings together Hunting's Seal-Lock(tm) premium connection
technology with Jiuli's CRA, such as duplex/super duplex and high nickel-based
alloys, for downhole casing and production tubing applications, which meet
some of the harshest well conditions in the traditional oil and gas industry
as well as the emerging CCUS and geothermal markets. The partnership also adds
to Hunting's existing OCTG product portfolio and enables the supply of the
widest range of premium OCTG for its client base, within the international
energy and transition markets, as projects accelerate in the key areas of
North America, Middle East and Africa and Asia Pacific.

 

Zhejiang Jiuli Hi-Tech Metals Co., Ltd., is listed in Shenzhen, China, and was
established in 1987. Jiuli specialises in the research and development and
production of industrial stainless steel and special alloy pipes, bars and
other pipeline products. As a leading CRA supplier in China, its products
export to more than 70 countries for oil and gas, photovoltaic energy, solar
energy and wind energy applications.

 

Commenting on trading, Jim Johnson, Chief Executive, said:

 

"Our relationship with Jiuli has been strengthening over the past three years
and this partnership provides both partners a strategic framework to move up
the value chain in offering world class quality premium CRA tubing and casing
with Hunting's Seal-Lock(TM) premium connection to the oil and gas, CCUS and
geothermal industries"

 

"Hunting continues to make strong progress in its energy transition strategy,
which will be a key area of growth in the coming years."

 

For further information please contact:

 

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

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 lon.ir@hunting-intl.com

 Buchanan                           Tel: +44 (0) 20 7466 5000

 Ben Romney

 George Pope

 

Notes to Editors:

 

About Hunting PLC

 

Hunting PLC is an international energy services provider to the world's
leading upstream oil and gas companies. Established in 1874, it is a premium
listed public company traded on the London Stock Exchange. The Company
maintains a corporate office in Houston and is headquartered in London. As
well as the United Kingdom, the Company has operations in Canada, China,
Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab
Emirates and the United States of America.

 

The Group reports in US dollars across five segments: Hunting Titan, North
America, Subsea Technologies, EMEA and Asia Pacific.

 

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

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