REG - Hunting PLC - Trading Update

HuntingAnnouncement

25/08/2022 07:16

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RNS Number : 1380X  Hunting PLC  25 August 2022

 For Immediate Release  25 August 2022

 

 

 

 

 

Hunting PLC

 

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

 

Trading Update

 

Hunting PLC (LSE:HTG), the international energy services group, provides an
update to trading, alongside its 2022 Half Year Results which have been issued
today.

 

The Group is pleased to announce that strong progress continues to be made in
building its forward sales order book, which provides further visibility on
revenue and earnings for the balance of 2022 and into 2023.

 

In August 2022, Hunting's Asia Pacific operating segment won an Oil Country
Tubular Goods ("OCTG") contract that management estimates to be worth up to
$86 million with CNOOC for an offshore project in China. The order will be
completed between August 2022 and June 2023 and will utilise Hunting's
proprietary SEAL-LOCK XD(TM) premium connection. Purchase orders have been
received in August 2022, with the Group needing to purchase OCTG raw material
in H2 2022 which will increase working capital by c.$30 million. This order is
the largest single order for Hunting's OCTG and premium connections in the
Group's recent history, and underpins the positive market sentiment globally.
Further, the revenue from this order will be recognised in 2023, as shipments
commence.

 

In August 2022, the Group's Subsea Spring business, which forms part of the
North America operating segment, also secured further orders for its titanium
stress joints for Beacon Offshore Energy's Shenandoah development in the Gulf
of Mexico. This order extends the business' good run of wins for global
offshore developments since Hunting acquired the business in 2019.

 

The Board notes that Hunting's sales order book now exceeds c.$400 million
which represents a near doubling since 31 December 2021, demonstrating that
the global energy industry continues to strengthen following the COVID-19
pandemic.

 

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

 

"The CNOOC order is a fantastic result for our Asia Pacific segment and
demonstrates the commitment of our business teams in Singapore and Wuxi,
China, to capture new opportunities as the global energy industry continues
its recovery. The new business wins at our Subsea Spring business also shows
that Hunting's portfolio of products are in strong demand."

 

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 (mailto:LON.IR@hunting-intl.com)

 Buchanan                                                   Tel: +44 (0) 20 7466 5000

 Ben Romney

 Jon Krinks

 

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 China, Indonesia,
Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and
the United States of America.

 

The Group reports in US dollars across four operating segments: Hunting Titan;
North America; Europe, Middle East and Africa ("EMEA") and Asia Pacific.

 

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

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