Completion of Sale of E.A. Gibson Shipbrokers Ltd

RNS Number : 9882I

Hunting PLC

31 March 2015

 



For Immediate Release

31 March 2015

Hunting PLC

("Hunting" or "the Company")

Completion of Sale of E.A. Gibson Shipbrokers Limited

("Gibson")

Hunting PLC (LSE : HTG) announces the completion of the sale on 31 March 2015 of its wholly owned subsidiary E.A. Gibson Shipbrokers Limited.

Gibson has been acquired by E.A. Gibson Holdings Limited, a holding company which is owned by Gibsons Employee Trustee Limited, an employee benefit trust established on behalf of Gibson employees.

The consideration for the sale is approximately $3.7m (£2.5m), payable in cash, representing the net asset value of Gibson.  Hunting received $0.7m (£0.5m) following completion of the sale and will receive the balance of the consideration over the next four years in equal annual instalments.

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

"We wish the management and employees of Gibson all the best for the future, as the business enters a new phase of ownership.

"Following the sale, Hunting is now a focussed energy services group with high value products and technologies, supplying to key companies in the global energy supply chain."

For further information please visit www.huntingplc.com or contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone]
Buchanan Richard Darby Gabriella Clinkard	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 principal operations in Canada, China, Hong Kong, Indonesia, Mexico, Netherlands, Singapore, South Africa, Thailand, United Arab Emirates and the United States of America.

About E.A. Gibson Shipbrokers Ltd

Founded in 1893, E.A. Gibson Shipbrokers is a market leading broker offering a complete range of shipping services. With offices located in London, Hong Kong, Singapore and Houston, it has one of the world's largest tanker broking teams, working across the crude oil, fuel and clean products markets. Gibson's specialised tankers and dry cargo teams trade bio fuels, veg oils, lube, chemicals, iron ore, coal, grain and other major bulk commodities. The business is also a major force in LPG, petrochemical and LNG shipping and has a world class research and market intelligence department.

 

END

 

 

MSCJBMMTMBBJBMA