Hunting PLC
21 June 2006
21 June 2006
Hunting PLC
TRADING UPDATE
The favourable trading conditions highlighted in the recent AGM Trading
Statement have continued. As a result, the Board now expects the Group's profit
for the full year to exceed current market expectations.
Dennis Proctor, Hunting's Chief Executive, said: 'Global drilling activity,
Canadian heavy oil deliveries, oil and gas prices continue to be strong due to
world energy demand and reserve replacement. In Gibson Energy, Truck
Transportation is benefiting from heavy oil production growth. Marketing, as
always, has increasing opportunities in a volatile market. The new Edmonton
North Terminal is now fully operational. Moose Jaw Asphalt has made a
significant contribution to Gibson earnings due to improving well site fluids
margin and rising asphalt prices.
In Hunting Energy, increased drilling activity throughout the world has
benefited all products and services in both well construction and well
completion divisions. Price increases continue as operators view delivery as a
higher priority. Order books remain strong with some deliveries extending into
2007.
Capital expenditure for new business committed in prior months combined with a
robust market is providing confidence in our outlook for 2006 and into 2007.'
The Interim Results for the six months to 30 June 2006 will be announced on
Thursday, 31 August 2006.
-ENDS-
For further information, please contact:
+-----------------------------------+-----------------------------------+
|Hunting PLC |Tel: 020 7321 0123 |
| | |
|Dennis Proctor, Group Chief | |
|Executive | |
| | |
|Dennis Clark, Group Finance | |
|Director | |
| | |
+-----------------------------------+-----------------------------------+
|Hogarth Partnership Limited |Tel: 020 7357 9477 |
| | |
|Andrew Jaques/ Anthony Arthur | |
| | |
+-----------------------------------+-----------------------------------+
Notes to Editors:
Hunting PLC is an international oil services company providing support solutions
to the world's largest oil and gas companies.
This information is provided by RNS
The company news service from the London Stock Exchange
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