IMS and AGM Statement

RNS Number : 5123K

Hunting PLC

21 April 2010

 



For Immediate Release

21 April 2010

Hunting PLC

("Hunting" or "the Company")

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 2010 to 21 April 2010. 

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

"With a rising oil price in the first quarter, combined with significant improvement in shale gas activity throughout North America, the Company experienced a rapid start to the new year.  Activity in Southeast Asia remains strong as well.  Europe is currently slow, however forecasts are for continued improvement throughout the year.  Capital expenditures in 2009 are producing results and a sense of optimism prevails within the service industry with the re-hiring of staff and for some companies, the reopening of manufacturing facilities.

Well Construction:  We continue to expand our US drilling tool operations with the addition of new mud motors and a new facility in Pennsylvania added during the period, primarily focused on the Marcellus shale play. 

Well Completion:   Activity towards more oil drilling has provided encouraging results and should continue as commodity prices increase or remain at current levels.

Well Intervention:  New orders have been taken for the chemical injection system and we have an improved order book for wireline and slickline tools for enhanced production of existing oil wells.

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 2009.

Overall, trading remains in line with the Board's expectations.  The Company remains well capitalised and is well placed to take advantage of acquisition opportunities, which continue to be assessed."

For further information please contact:

Hunting PLC Dennis Proctor, Chief Executive Peter Rose, Finance Director	Tel: [phone] 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, France, Holland, Hong Kong, Indonesia, Mexico, Singapore, United Arab Emirates and the United States of America.

 

END

 

 

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