Acquisition

RNS Number : 9029D

Hunting PLC

10 December 2009

 



For Immediate Release

10 December 2009

Hunting PLC

("Hunting" or "the Company")

Acquisition

Hunting acquires the Welltonic Group of Companies for £9m

Hunting PLC (LSE:HTG), the international energy services company today announces the acquisition of the Welltonic Group of Companies ("Welltonic"), a provider of well intervention services.

The consideration will comprise an upfront cash consideration of £7.0m payable on completion, followed by a deferred consideration of £2.0m payable on the achievement of certain performance conditions measured over an 18 month period.

Welltonic employs around 45 personnel globally and provides well intervention services through a range of downhole tools with operations in the UK, Middle East and Asia.  An in house engineering and design group allows for the further growth and development of Welltonic's product offering through established facilities in Aberdeen, Dubai and
Singapore. This acquisition complements Hunting's existing well intervention wireline operations and strengthens the Company's global geographical presence in this important growth market.

Welltonic was founded in 2001 and is privately owned by four UK businessmen, two of whom will remain with the business.

For the year ended 30 September 2009, Welltonic's profit before taxation was £1.2m with EBITDA of £2.0m.  Welltonic's net assets and gross assets as at 30 September 2009 were £4.0m and £6.1m respectively.

Commenting on the acquisition, Dennis Proctor, Chief Executive Officer of Hunting said:

"This acquisition is another bolt-on transaction which strengthens our international presence while providing increased exposure to the high margin well intervention market. Welltonic complements our existing activities in what
management and wider market commentators believe to be a high growth sector."

For further information please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	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.

 

END

 

 

ACQCKKKNCBDKPBD