Trading Statement

26 June 2002

                                  Hunting PLC                                  

                                                                               
                                Trading Update                                 

In the 2001 Annual Report the Board commented that it shared the oil industry's
diminished expectations for the first half of 2002 and optimism for the second
half.

The result for the first quarter of the current financial year was in line with
projections, supported by the order book at the end of 2001. However, the
reduced rig count in North America has caused a decline in second quarter
revenues. Gibson Energy, the Company's Canadian mid-stream subsidiary,
experienced reduced volumes and margins, partially due to a delay in the
removal of road ban restrictions which constrained the movement of drilling
rigs and truck transportation. These road bans have now been lifted and the
recent acquisition of Moose Jaw Asphalt will contribute to second half
earnings.

Hunting Oilfield Services, in the US and Canada, was adversely impacted by
lower activity due to the rig count average being currently 34% lower than this
time last year. This lower rig count is in part due to energy companies'
reduced ability to hedge activities, in turn reducing their confidence in
future cash flows. At the end of March 2002, the American Gas Association
estimated storage levels at twice the level at the same time in 2001 and this
has led to reduced activity. However, gas production declines due to depletion
and reduced drilling are approximately 10%. An additional factor is the turmoil
within the telecommunications industry which has caused lower fibre optic cable
installation resulting in a significant contraction in Hunting Iberia the
Company's trenchless drilling division. North Sea activity which accounts for
approximately 20% of Hunting Oilfield Services's turnover continues at a high
level.

Activity in the Company's business has been pushed back in this financial year
although the Board remains confident that it will improve due to the increase
in North American drilling permits, rising rig counts, a response to the gas
production declines and the recent rebound in Canadian activity. However, in
the absence of a substantial recovery in the short term, the Company's result
for this year will be significantly lower than previously anticipated. With
this lowered expectation, overheads and costs in the business have been
reduced.

Following the refocusing and acquisitions the Company has completed, the
balance sheet remains strong and the Company's strategic market positions leave
it well placed to take advantage of the expected upturn in activity.

Enquiries:

Hunting PLC                                                020 7321 0123       
                                                                               
Dennis Proctor, Chief Executive                                                
                                                                               
Dennis Clark, Finance Director                                                 
                                                                               
Brunswick Group Limited                                    020 7404 5959       
                                                                               
Tom Buchanan