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For
Immediate Release
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3 June 2024
|
Hunting PLC
("Hunting" or "the Company" or "the Group")
$86 million OCTG order from
KOC
Hunting secures second OCTG
order totalling $86 million from Kuwait Oil
Company
Highlights
· Follow-on order from Kuwait Oil Company ("KOC") valued at $86
million to be delivered and recognised in 2025.
· Group
sales order book has increased to a record c.$751 million
(including this new order).
· Further increases visibility of 2025 revenue and
EBITDA.
Hunting PLC (LSE:HTG), the global
engineering group, is delighted to announce that it has secured a
second OCTG order with KOC, through our distributor in Kuwait, with
an order value totalling $86 million. The OCTG casing and
connections related to this order are similar to those announced on
15 May 2024.
This second order continues to
strengthen Hunting's relationship with KOC and supports key
initiatives in-country by KOC to increase annual hydrocarbon
production, in addition to further developing natural gas
output.
With this order, Hunting has now
been awarded contracts with a total value of $231 million from KOC
for OCTG casing and its premium connections.
Including this new order, the
Group's sales order book has increased to c.$751 million, which
including other Subsea and Advanced Manufacturing orders, extends
Hunting's revenue visibility into 2025 and 2026, supporting the
strong outlook for the Company.
As noted in the announcement on 15
May 2024, more detailed revenue and working capital guidance for
full year 2024 and 2025 will be provided in the Company's H1 2024
Trading Statement to be announced on Tuesday 9 July
2024.
Commenting on this second KOC order
win, Jim Johnson, Hunting's Chief Executive, said:
"We would again like to thank KOC for this order and the
confidence shown in Hunting's proprietary premium connection
technologies and strategic OCTG supply chains.
"The order supports our improving outlook for 2025, as
international and offshore activity continue to
accelerate."
For further information please
contact:
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Hunting PLC
Jim Johnson, Chief
Executive
Bruce Ferguson, Finance
Director
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Tel: +44 (0) 20 7321
0123
|
|
Buchanan
Ben Romney
Barry Archer
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Tel: +44 (0) 20 7466
5000
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or
lon.IR@hunting-intl.com
Notes to Editors:
About Hunting PLC
Hunting is a global engineering
group that provides precision-engineered equipment and premium
services, which add value for our customers. 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 five operating segments: Hunting Titan; North America;
Subsea Technologies; Europe, Middle East and Africa ("EMEA") and
Asia Pacific.
Hunting PLC's Legal Entity
Identifier is 2138008S5FL78ITZRN66.