Interim Management Statement

RNS Number : 4202A

Hunting PLC

08 October 2009

 



For Immediate Release

8 October 2009

Hunting PLC

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

Trading update

and

Interim Management Statement

Hunting PLC (LSE: HTG), the international energy services company, today announces its Interim Management Statement for the period 1 July 2009 to 8 October 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules.

Trading update

Hunting Energy Services began the period with lower levels of activity.  However, as the period progressed, order books have improved.  

Within Well Completion, our Asian facilities continue to have the strongest results within the Group with the expectation that those facilities will continue to perform well during the remainder of the year.  North Sea facilities are performing above expectations, but the final quarter of the year may see some weaknesses due to customer delays.

In Well Construction, the US and Canadian gas markets remain challenging, impacting results for mud motors, tubulars and trenchless drilling.

The Exploration and Production division and Gibson Shipbrokers are also affected by lower commodity prices and shipping rates.

Management is pleased with the performance of Well Intervention including the first three months of earnings from the recently acquired National Coupling Company.  

There has been no significant change in the financial position of the Group since the publication of the results for the six months ended 30 June 2009.

Overall trading remains in line with the Board's expectations. We continue to seek and review opportunities for expansion within existing facilities, geographies and to build on current platforms through acquisition. As the global economies recover, our assets are uniquely positioned and combined with a strong balance sheet should maximise future earnings.

For further information please visit www.hunting.plc.uk or contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone] Tel: [phone]
Buchanan Communications Ben Willey Richard Darby	Tel: [phone]

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 fully 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 principal operations in Canada, China, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America.

 

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