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For
Immediate Release
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14 January
2025
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Hunting PLC
("Hunting" or "the Company" or "the Group")
Restructuring of EMEA
Operating Segment
Hunting PLC (LSE: HTG), the
precision engineering group, today announces a major restructuring of the Group's EMEA
operating segment.
As noted in today's trading update,
which has been released separately, the Directors announce that a
major restructuring of Hunting's operating presence across the EMEA
operating segment has commenced following a detailed review of the
outlook for the Group's European operations, which has taken into
account the confirmation of the tax regime of the UK North Sea oil
and gas industry and the parallel strategy of the UK government to
decarbonise its energy supply.
The segment currently operates from
seven operating sites in the UK, the Netherlands, Norway, Saudi
Arabia and the UAE. Given the market and trading outlook in Europe,
and the previously announced consolidation in the Netherlands where
Hunting's well testing manufacturing and assembly business is being
transferred to Dubai, the Directors have now decided to extend the
restructuring to align the Group's cost base to the medium-term
outlook for the region.
Total cost savings to the Group, as
separately announced, are likely to be in the region of up to c.$10
million, including a contribution from a review of sales, general
and administration costs.
For further information please
contact:
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Hunting PLC
Jim Johnson, Chief
Executive
Bruce Ferguson, Finance
Director
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Tel: +44 (0) 20 7321
0123
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|
Buchanan
Ben Romney
Barry Archer
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Tel: +44 (0) 20 7466
5000
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or
lon.IR@hunting-intl.com
About Hunting PLC
Hunting is a global, precision
engineering group that provides precision-manufactured equipment
and premium services, which add value for our customers.
Established in 1874, it is a listed public company, quoted on the
London Stock Exchange in the Equity Shares in Commercial Companies
("ESCC") category. The Company maintains a corporate office in
Houston and is headquartered in London. As well as the United
Kingdom, the Company has operations in China, India, Indonesia,
Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab
Emirates and the United States of America.
The Group reports in US dollars
across five operating segments: Hunting Titan; North America;
Subsea Technologies; Europe, Middle East and Africa ("EMEA"), and
Asia Pacific.
The Group also reports revenue and
EBITDA financial metrics based on five product groups: OCTG,
Perforating Systems, Subsea, Advanced Manufacturing and Other
Manufacturing.
Hunting PLC's Legal Entity
Identifier is 2138008S5FL78ITZRN66.
