Hunting PLC Major OCTG order & revised 2023 full year guidance (8964A)
May 30 2023 - 1:00AM
UK Regulatory
TIDMHTG
RNS Number : 8964A
Hunting PLC
30 May 2023
For Immediate Release 30 May 2023
Hunting PLC
("Hunting" or "the Company" or "the Group")
Major OCTG order and revised 2023 full year guidance
Hunting secures $91 million OCTG order from Cairn Oil and Gas,
Vedanta Limited
Sales order book now c. $575 million
2023 full year EBITDA revised up to $92-$94 million
Hunting PLC (LSE: HTG), the international energy services group,
today announces that its Asia Pacific operating segment has won a
new, significant Oil Country Tubular Goods ("OCTG") contract that
management estimates to be worth up to $91 million with Cairn Oil
and Gas, Vedanta Limited, for its operations in Rajasthan, India.
The contract is for an estimated 100 wells and is to extend up to
three years. The OCTG will be supplied with Hunting's proprietary
SEAL-LOCK XD (TM) premium connection.
This order, again, breaks Hunting's record for the largest
single order received for the Group's OCTG and premium connections
and supports management's belief that international market
sentiment remains extremely strong as governments and countries
address the challenges of energy security, the development of
domestic supply and post-COVID economic recovery.
With this order, Hunting's sales order book now is c.$575
million, which represents a material increase since the
year-end.
2023 Full Year Guidance
Based on the timing of the first deliveries of this order,
management now believes that 2023 full year EBITDA will be in the
range of $92-$94 million, which represents a further increase to
the guidance issued at its 2022 full year results in March 2023.
Management also believes that the year-end guidance for cash and
bank remains unchanged.
Commenting on trading, Jim Johnson, Chief Executive, said:
"Hunting's successful run of significant OCTG and Subsea orders
since H2 2022 demonstrates that our technology and global footprint
is well positioned to deliver significant growth in the medium
term. US market activity remains stable and with the orders
received for China, Guyana, Brazil and now India, Hunting continues
to see a strong growth profile given our standing and recognition
with major energy companies, coupled with the strong international
market sentiment being reported in many regions."
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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END
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