Closure of Canadian Manufacturing Facility

RNS Number : 6923V

Hunting PLC

10 August 2020

 

For Immediate Release

10 August 2020

Hunting PLC

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

Closure of Canadian Manufacturing Facility

Hunting PLC (LSE:HTG), the international energy services group, today announces that following a review of its operational footprint, coupled with an assessment of the future expectations of profitability, the Board has decided to close its manufacturing facility in Calgary, Alberta. The facility will cease operations by the end of 2020, with current and future customer requirements to be met by the Group's US operations.

The Calgary facility represents the entirety of the Group's Canada operating segment and in the year ended 31 December 2019 generated revenue of $35.7 million and a reported loss from operations of $4.3 million.

Hunting will retain a sales presence in Calgary, given its range of premium and semi-premium connections used by customers, and will continue to sell onshore completion products, predominantly manufactured by Hunting Titan, through its network of three distribution centres in Alberta, the results of which will continue to be reported within the Hunting Titan operating segment.

The Company will be reporting its 2020 Half Year Results on Thursday 27 August 2020, where further details of this strategic decision will be disclosed.

For further information, please contact:

Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director Tarryn Riley, Investor Relations	Tel: [phone]
Buchanan Ben Romney Chris Judd	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 premium 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 operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.

The Group reports in US dollars across five operating segments: Hunting Titan; US; Canada; Europe, Middle East and Africa ("EMEA") and Asia Pacific.

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

 

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