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Interim Results

Hunting buoyed by US onshore drilling market

24 August 2017 07:10

International energy services group Hunting's revenues from continuing operations rose by 40% to $318.9m in the six months to the end of June.

The group reported underlying EBITDA of $12.1m profit compared with a loss of $29.5m last time.

Underlying losses from operations narrowed to $9.1m - down from $50.8m.

Chief executive Dennis Proctor said: "We are pleased to report a positive EBITDA, indicating profitability within certain businesses.

"Results from Hunting's Perforating Systems business have exceeded management's expectations by some margin, thanks to the buoyant US onshore drilling market and a portfolio of industry leading products, which enables cost efficiencies to be captured by operators.

"International drilling activity is now anticipating modest improvements during H2 2017 which provide cautious optimism about the Group's performance in the final months of the year.

"Management remain disciplined on all costs across the business to ensure that Hunting exits this market downturn, a leaner and more profitable Group, while retaining its experienced workforce.

"Despite trading momentum and order book levels within most businesses improving, the outlook for the full year remains dependent on the oil price."

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Related Company: HTG

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