Trading Update

RNS Number : 9546X

Hunting PLC

01 July 2008

 



For Immediate Release

1 July 2008

Hunting PLC

('Hunting' or 'the Company')

Trading Update

Trading conditions continue to be robust. The Board remains confident on the outlook for the year as performance is in line with internal expectations.

Dennis Proctor, Hunting's Chief Executive, said:

'Energy, and the demand for it, continues to dominate the media, political agendas and public awareness. The result is a continuing challenge for the oil and gas industry to provide increased production from worldwide exploration with assistance from a capacity constrained service industry. Therefore, Hunting's strategically located assets in the Canadian tar sands and the global drilling arena continue to see excellent growth opportunities.

In Gibson Energy, the Truck Transportation division has experienced strong demand as a result of the high levels of heavy oil project activity in Canada. The recent acquisition of Chief Hauling for approximately £7.4m will add additional capacity to the fleet especially in sulphur hauling. With the increasing price of crude, the Marketing division has benefited from the volatility and has captured further gains at its Edmonton North facility. Terminals and Pipelines have seen a continuation of excellent results due to increased volumes and rates. Due to higher feed stock prices, Moose Jaw is behind expectations but should see improvement as the year progresses. Canwest Propane is performing to expectations.

In Hunting Energy, all 14 global facilities have seen improvement over the prior period. Exploration and production spending forecasts have risen from an 11% increase over 2007 to 20%. Order books remain strong, especially in the North Sea, Asia and the United States. Expectations are for a strong second half in upstream activity due to new rigs being delivered and the increase in natural gas drilling in Canada and the United States. Expansion plans developed late last year should also benefit the division primarily in well completion. Exploration and production activities are strong due to the increase in oil and gas prices.

Capital expenditure will once again exceed prior year levels as customer demand is providing new opportunities.'

Hunting's Half Year Results for the six months to 30th June 2008 will be announced on Thursday 28th August 2008.

For further information please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone]
Buchanan Communications Ben Willey Nick Melson	Tel: [phone]

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading oil and gas companies in the upstream and midstream sectors. 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, Singapore, United Arab Emirates and the United States of America.

 

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