3rd Jun 2024 09:21
(Alliance News) - Hunting PLC on Monday said it secured a second order from Kuwait Oil Co, increasing the total value of contracts with the state-owned oil firm to USD231 million.
The London-based manufacturer of equipment for the energy industry announced an USD86 million follow-on order for casing and connections related to an initial USD145 million order in May.
Chief Executive Jim Johnson commented: "The order supports our improving outlook for 2025, as international and offshore activity continue to accelerate."
As a result, Hunting's sales order book has increased to a record USD751 million, and Hunting expects 2025 revenue and earnings to improve on the back of the latest deal.
The company will release updated guidance for full year 2024 and 2025 in an interim trading statement planned for July 9.
Hunting shares were up 7.5% to 449.00 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
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