AGM & Interim Management Statement

RNS Number : 2232F

Hunting PLC

20 April 2011

 



For Immediate Release

20 April 2011

Hunting PLC

("Hunting" or "the Company" or "the Group")

AGM

and

Interim Management Statement

Hunting PLC, the international energy services company, will be holding its Annual General Meeting at 10.30am today and is publishing its Interim Management Statement for the period from 1 January 2011 to 20 April 2011.

Richard Hunting, Chairman, will be making the following statement to shareholders:

"First quarter trading remains in line with the Board's expectations as the Group continues to expand its operational footprint through the commissioning of its new manufacturing facilities.

"In Well Construction, the three new Drilling Tool facilities in Conroe, Latrobe and Casper are all now fully commissioned providing greater reach into shale oil and gas drilling across North America.  Hunting Innova is also fully integrated into the Group and continues to show a good order book.

"In Well Completion, a new US$19 million facility in Houma, Louisiana has recently been sanctioned by the Board.  The facility will be completed by year end, and will service operations in the Gulf of Mexico, as activity in the region slowly resumes.  The consolidation and expansion of our Scottish operations also continues to progress with the expanded capability being operational in June 2011 and full completion targeting Q3 2011.  Our new manufacturing facility in Wuxi, China will be fully commissioned in June.

"In Well Intervention, the expansion at National Coupling progresses which will double the operational footprint of this business.  Completion of this project is scheduled for Q4 2011.

"Overall, the Company remains well funded and continues to assess a number of acquisition opportunities.  There has been no significant change in the financial position of the Group since the publication of the results for the year ended 31 December 2010."

For further information please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone]
Buchanan Communications Richard Darby Jeremy Garcia	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, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, United Arab Emirates and the United States of America.

 

END

 

 

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