Hunting reports first quarter in line with expectations

Hunting, the FTSE 250 international energy services company, has said that first quarter trading has been in line with its expectations, with an improvement seen in the Gulf of Mexico and a continued slow pace of drilling activity onshore North America.

Hunting, the FTSE 250 international energy services company, has said that first quarter trading has been in line with its expectations, with an improvement seen in the Gulf of Mexico and a continued slow pace of drilling activity onshore North America.

The group said the overall sentiment of the energy industry remains 'positive', and that customers have continued to indicate that their capital expenditure will accelerate in the second half of 2013.

The Chairman of the group, Richard Hunting, said: "In Well Construction, the Premium Connections business remains busy with activity in Asia Pacific and the Gulf of Mexico driving a positive performance in the period. Demand for Drilling Tools has been subdued driven by lower land rig counts reported since the final quarter of 2012.

"In Well Completion, Hunting Titan continues to perform in line with expectations, with perforating gun manufacturing capability now established in China and ready to support the anticipated demand in that region. Hunting's Manufacturing and Accessories business unit continues to deliver good results, with further investment in plant and machinery underway across the Group's global footprint to support further growth.

"In Well Intervention, Hunting Subsea's order book remains strong and the pressure control business has performed in line with expectations, continuing with its expansion programme in North America."

The company reported that overall it has a strong balance sheet and its financial position has seen little change since the publication of its results for 2012.

The share price fell 1.27% to 817p by 09:20.

NR

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