REG - Hunting PLC - $86 million OCTG order from KOC

HuntingAnnouncement

03/06/2024 07:00

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RNS Number : 7468Q  Hunting PLC  03 June 2024

 For Immediate Release  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:

 

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

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Buchanan                           Tel: +44 (0) 20 7466 5000

 Ben Romney

 Barry Archer

 

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.

 

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