Hunting PLC
14 December 2006
14 December 2006
Hunting PLC
('Hunting', the 'Company')
Pre-Close Trading Update
Hunting's preliminary results for the full year to 31 December 2006 will be
announced on 1 March 2007.
Dennis Proctor, Hunting's Chief Executive, said: 'Current trading is strong and
our year end results are expected to be ahead of current market expectations.
Because commodity prices remain strong relative to historical levels, the recent
declines have not adversely impacted the Company's order books and production
backlogs.
In Gibson Energy, all divisions have seen growth through the year with Moose Jaw
Asphalt providing a significant contribution from wellsite fluids, lower
throughput costs and production efficiencies.
In Hunting Energy, the increased rig activity world wide has benefited all
products and services in well construction and well completion. Exploration and
production in the Gulf of Mexico has seen a recovery following the 2005
hurricane activity to levels at or near 100%.
Capital expenditure, committed in prior periods as well as the current year,
will provide additional opportunities for growth in 2007, following the benefits
received in 2006. For 2007, global activity is forecast to improve by
approximately 9% in drilling and production. However, exchange rates, oil
company capital expenditure increases and manpower will determine the year over
year growth level. The assets of Hunting are well positioned with long term
contracts, new more efficient equipment and strong order books to enter 2007.'
For further information, please contact:
Hunting PLC
Dennis Proctor, Chief Executive Tel: 020 7321 0123/ Tel: 001 281 442 7382
Dennis Clark, Finance Director Tel: 020 7321 0123
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Anthony Arthur
Notes to Editors:
Hunting PLC is an international oil services company providing solutions to the
world's oil and gas companies.
This information is provided by RNS
The company news service from the London Stock Exchange
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