Acquisition

RNS Number : 4851T

Hunting PLC

08 June 2009

 



For Immediate Release

8 June 2009

Hunting PLC

('Hunting' or 'the Company')

Acquisition

Hunting acquires PT SMB Industri, a premium threading operation in Indonesia for US$10.5m

Hunting PLC (LSE:HTG), the international energy services company today announces the acquisition of PT SMB Industri ('PTSMB'), a premium threading operation located in Batam, Indonesia for a cash consideration of US$10.5m.

The consideration is payable on completion which is conditional upon the receipt of regulatory clearances from the Indonesian authorities. Clearance is expected to be obtained by the end of July 2009.

PTSMB employs around 190 personnel and currently provides premium threading and machining services to Hunting's regional operations in Singapore. This acquisition will therefore strengthen Hunting's geographical presence in the market place with much needed capacity and increased reliability of supply.

PTSMB was founded in 2007 and is privately owned by two Malaysian businessmen, one of whom will be retained in the business for a period of up to 12 months.

PTSMB's 2008 profit before tax was US$1.9m with an EBITDA of US$2.4m. The net assets and gross assets as at 31 December 2008 were US$6.5m and US$6.7m respectively.

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

'This acquisition secures essential manufacturing and threading capacity for our growing Asia Pacific regional activities. PTSMB are well known to Hunting and operate to our exacting standards of quality assurance'.

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, Singapore, United Arab Emirates and the United States of America.

 

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