Hunting PLC
18 August 2005
18 August 2005
Hunting PLC ('Hunting' or the 'Group')
Acquisition of Cromar Limited
Hunting PLC, the international energy services company, announces the
acquisition of Cromar Limited ('Cromar' or the 'Company') for a total
consideration of approximately £9.6 million.
Cromar specialises in providing equipment and support to well service operations
for multi-national oil and gas operators and field service companies worldwide.
Cromar employs 66 people at its operations in Aberdeen, Houston and Singapore.
The Company's turnover for the 12 months to 31 March 2005 was £10 million, with
operating profit of £1.8 million and profit before tax of £1.6 million. The
gross assets of Cromar at 31st March 2005 were £7.5 million.
The acquisition represents a further broadening of Hunting's range of service
capabilities adding new product lines such as wireline pressure control,
specialised tools and perforating equipment. The acquisition of Cromar is
expected to be immediately earnings enhancing to Hunting.
The total cash consideration for the acquisition of Cromar will amount to around
£9.6m payable in cash of which £1.5m is subject to the achievement of certain
performance targets during the 18 month period following completion.
Commenting on the acquisition, Dennis Proctor, Chief Executive of Hunting, said:
'The acquisition of Cromar gives Hunting the opportunity to add to the
significant product range and services we provide to multi-national oil and gas
operators and conforms to our proprietary, strategic, geographic and asset
synergies.'
- ENDS -
Enquiries:
Hunting PLC
Dennis Proctor, Chief Executive 001 281 820 3838
Dennis Clark, Finance Director 020 7321 0123
Hogarth Partnership Limited
Andrew Jaques 020 7357 9477
Edward Westropp
Notes to Editors:
Hunting PLC is an international energy services company providing support
solutions to multi-national oil and gas companies.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.