REG - Hunting PLC - $31 million Subsea Order for the Black Sea

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RNS Number : 7340R  Hunting PLC  21 July 2025

 For Immediate Release  21 July 2025

 

 

 

 

 

Hunting PLC

 

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

 

$31 million Subsea Order for the Black Sea

 

Hunting PLC (LSE:HTG), the precision engineering group, today announces that
it has been awarded an order totalling $31 million for its titanium stress
joints ("TSJs"), which forms part of a phase three deepwater gas development
in the Turkish area of the Black Sea.

 

Hunting's Subsea Spring business unit, located in Houston, Texas, will supply
six TSJs, which include the Group's patented 'Direct Pull-thru Tube'
technology, to be utilised on the second and third floating production,
storage and offloading vessels operating on this deepwater development. The
contract is anticipated to be completed over the next 24 months, with the
first delivery expected in Q1 2027.

 

The award follows Hunting's maiden contract for the phase two development
received in 2024, which is currently under production and will be completed by
2026. Together, the two awards represent c.$51.6 million of revenue for the
Group.

 

Hunting is actively pursuing additional contract opportunities in this phase
three development for its recently acquired Flexible Engineered Solutions
("FES") product portfolio, demonstrating the increased revenue potential in
the high growth deepwater sub-segment from the Group's enhanced product
offering. This is in line with Hunting's broader growth strategy, outlined at
the Group's Capital Markets Day in September 2023, which detailed the Group's
ambition to expand its subsea operations.

 

Following this contract win, Hunting's Subsea product group now carries a
sales order book totalling c.$125 million, up from $72.5 million at 31
December 2024. Further updates on the Group's order book will be presented at
the 2025 half year results on 28 August 2025.

 

Commenting on the new contract, Jim Johnson, Chief Executive said:

 

"Our continued success in the Turkish area of the Black Sea demonstrates the
international demand and strength of Hunting's titanium stress joint product
offering. This order continues the Group's run of success deploying this
product line into key offshore regions including the Black Sea, Guyana, and
the Gulf of Mexico.

 

"Our revenue opportunities have also been expanded with the acquisition of FES
in June, which forms part of our 2030 Strategy to target revenue from the
longer cycle segment of the industry, which is less impacted by short-term
commodity price volatility."

 

For further information please contact:

 

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

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Sodali & Co                        Tel: +44 (0) 79 3535 1934

 James White

 Pete Lambie

 Tilly Abraham

 

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.

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